What are knowledge markets, and what is their impact in the field of ICT?

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Knowledge markets are mechanisms for trading (or sometimes more generally distributing) knowledge. It is no exaggeration to say that Information and Communication Technology (ICT) has completely revolutionized knowledge markets and, in some fields, even created them. Suppose that, in the pre-digital era, you wanted the answer to a specialist legal...

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Knowledge markets are mechanisms for trading (or sometimes more generally distributing) knowledge. It is no exaggeration to say that Information and Communication Technology (ICT) has completely revolutionized knowledge markets and, in some fields, even created them. Suppose that, in the pre-digital era, you wanted the answer to a specialist legal question. Your principal choices would be to make an appointment with a lawyer, an expensive and time-consuming business, to find someone among your contacts likely to know the answer, or to know someone with that knowledge. This would also be time-consuming, and the answer might well be wrong, particularly if passed on by a third party.

The use of ICT allows you to turn to a platform such as the one you are using now. Question and answer sites like eNotes.com are some of the clearest examples of knowledge markets, since they allow users to ask specific questions about matters that concern them, and receive answers from experts in the field.

The impact of ICT on knowledge markets has clearly been crucial, but knowledge markets, in their turn, have also had an impact on ICT. Since this is one of the fields which changes most quickly, and since it is also extremely complex, knowledge markets have been crucial in allowing ICT users and professional to work more efficiently, sharing their expert knowledge and benefiting from that of others. This trend is likely to increase as ICT becomes ever more ubiquitous and complicated.

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