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Fritz Machlup

Fritz Machlup (December 15, 1902 – January 30, 1983) was an Austrian-American economist. He was notable for being one of the first economists to examine knowledge as an economic resource. Fritz Machlup's approach to information science is that it is a cluster of many disciplines where in the central core is 'Information'. In the book "The Production and Distribution of Knowledge in the United States" (1962), Fritz Machlup introduced the concept of the "knowledge industry". Machlup distinguishes five types of knowledge: practical knowledge, intellectual knowledge, pastime knowledge, spiritual or religious knowledge and unwanted knowledge. The "half-life of knowledge" concept is attributed to Fritz Machlup (1962).
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