The Economic Sciences and the Information Age: Lessons from the Nobel Laureates

Since its inception Information Systems has relied heavily on older, more established, reference disciplines for much of its theory development and practical application. The relationship between the economic sciences and information quality has been the subject of much of the work recognized through the Nobel Prize in Economic Sciences. Beginning with Simon’s decision-making model published before a discipline known as Information Systems existed, this paper reviews this relationship and the parallel development of information quality and computing capability from an Information System perspective and changing paradigms in economics as recognized in the works of the Nobel laureates. From economic theories based on assumed knowledge, the paradigm is shifting to methods of empirical testing and experimentation. Organizations continue to make operational and strategic decisions. Additionally, now information is being aggregated, warehoused, mined, and analyzed to make a host of societal decisions and to understand economic behaviors through experimentation and empirical analysis.