SPECIFICS OF THE MARKET OF KNOWLEDGE

• Main Author: Perica Macura, PhD
• Format: Article
• Language: English
• Published: University of Banja Luka, Faculty of Economics 2005-09-01
• Series: Acta Economica
• Subjects: market, knowledge, exchange, participants, structure, transaction expenses.
• Online Access: http://ae.ef.unibl.org/index.php/AE/article/view/296

The essence of the market is exchange, and its purpose is an object of exchange. A market of knowledge has heterogeneous character of its object of exchange. The knowledge, as an object of exchange, has many various forms, so it is not easy to describe its general character. Its specificity is reflected in the fact that in exchange knowledge is only transferred to new user, while at the same time it remains in the possession of the bearer of knowledge. An exchange process is followed by transformation of knowledge into language of logical symbols understandable for the user. A market of knowledge represents an initial market, i.e. without it other markets would become dysfunctional, because in great deal they depend on its functioning. Present structure of the market of knowledge causes high transactional expenses for participants, reflected in the efficiency of economy in total. A market of knowledge should be more precisely defined in regard to its structure, and it is necessary to define an adequate institutional frame for its regular functioning and development. This work presents certain suggestions in order to define levels of aggregation of the market, and based on them to increase transactional efficiency and to avoid potential danger of informational overloading in the market of knowledge.