Table 2 Knowledge-based production attributes
Non-rivalry | Possession and use of a good by an agent does not consume it and therefore does not prevent possession and use of the same good by another agent |
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Non-excludability | Access to a good by an agent does not prevent access by another agent |
Non-scarcity | A good can be replicated indefinitely at no extra cost |
Non-decrementality | The rent value of successive product units xi, xii, …, xn, may not diminish as a function of iterations of the production cycle |
Capital/labor convertibility | Labor may simultaneously operate as capital and become the most critical factor (e.g., talent-intensive companies) |
Ubiquity | A good may be simultaneously available to anyone, anywhere |
Time and context dependency | A good may decrease in value as a function of time and sometimes may become obsolete soon after it is being released |
Connectivity | The sum value of a network increases as the square of the number of members |
Intangibility | The market value of a firm can (largely) surpass that of its book value |
Externalities | Unintended consequences, both positive and negative, can (largely) surpass the value of producing a good |