Thomas Sowell follows British economist Lionel Robbins in defining economics as "the study of the use of scarce resources which have alternative uses" (Applied Economics, 1).
Knowledge is one such resource.
No surprise then that Nobel-prize winning economist Becker and federal judge and author Posner have the following insight:
Blogging is a major new social, political, and economic phenomenon.
It is a fresh and striking exemplification of Friedrich Hayek’s thesis
that knowledge is widely distributed among people and that the
challenge to society is to create mechanisms for pooling that
knowledge. The powerful mechanism that was the focus of Hayek’s work,
as as of economists generally, is the price system (the market). The
newest mechanism is the “blogosphere.” There are 4 million blogs. The
internet enables the instantaneous pooling (and hence correction,
refinement, and amplification) of the ideas and opinions, facts and
images, reportage and scholarship, generated by bloggers [SOURCE].
