Open AccessIntroduction: Economics of knowledge organization systems
Author(s) -
Hlava Marjorie M.K.
Publication year - 2014
Publication title -
bulletin of the association for information science and technology
Language(s) - English
Resource type - Journals
ISSN - 2373-9223
DOI - 10.1002/bult.2014.1720400409
Subject(s) - metadata , asset (computer security) , value (mathematics) , knowledge organization , commodity , intangible asset , government (linguistics) , analogy , information economics , computer science , data science , sociology , knowledge management , economics , world wide web , accounting , epistemology , neoclassical economics , finance , linguistics , philosophy , computer security , machine learning
EDITOR'S SUMMARY The special section of this ASIS&T Bulletin addresses the economic value of knowledge organization systems (KOS), including taxonomies and metadata. Denise Bedford notes that the value of taxonomies is not universally recognized and discusses their economic characteristics as well as some potential liabilities. Gail Hodge focuses on the economics and value of government‐funded information as it affects the economics of KOS, considering open access and the public good as well as public concern for return on investment. Jane Greenberg targets metadata as capital, a valued asset or commodity. She poses the challenge of gathering empirical evidence to quantify the value of metadata. Taxonomist Barbara Gilles indulges in a thought experiment by digging into an analogy between data mining and mineral mining. As a professor of economics, Rick Szostak notes the ubiquity of knowledge organization systems despite the lack of understanding of their importance. Szostak proposes a synthetic approach to KOS by combining terms for fuller concept expression and muses that KOS may achieve the importance of Cutter's and Dewey's knowledge classification systems.