Networked information economy

Networked information economy is a term coined by Yochai Benkler. In his book Wealth of Networks the networked information economy is defined as:

A system of production, distribution, and consumption of information goods characterized by decentralized individual action carried out through wildly distributed, nonmarket means that do not depend on market strategies.

During a talk at Pop!Tech 2005 Benkler offered the following definition:

So what is the networked information economy? We always think of the information economy. I think we need to start thinking about the industrial age information economy that is one which is organised around capital and around the needs of the industrial information economy. And the networked information economy - central to it is radically decentralised capitalisation, computation, storage and communications capacity are all radically distributed in the population. We now have somewhere, depending on whose numbers you believe, between six hundred million to a billion people around the planet who have all the necessary physical means in order to make and communicate information, knowledge and culture. So here is a curious situation that we find ourselves in. The most important inputs into the core economic activities, of the most advanced economies, are now widely distributed in the population. That is to say computation, communications and storage on the one hand, and human experience, creativity, capacity to connect, wisdom and insight…