Information is one of the most important key of the future. Diplomacy in general and in particular, the Eco-Bio-Diplomacy, Multilateral and the Commercial Diplomacy can open new forms of expression also considering the Theory on Economics of Information of Dr. Joseph Stiglitz, Nobel Prize winner in economy in 2001, even taking into account the importance of information, the costs of information and the quality and reliability of information connected to the “smart power” syntagm. In his work “The Contributions of the Economics of Information to Twentieth Century Economics”[1], dr. Stiglitz presented that „…in the .field of economics, perhaps the most important break with the past—one that leaves open huge areas for future work—lies in the economics of information. It is now recognized that information it is imperfect, obtaining information can be costly, there are important asymmetries of information, and the extent of information asymmetries it is affected by actions of forms and individuals. But while there is a debate about the preferable system of corporate governance, there is little debate that weak corporate governance can lead to real problems—the problems in the economies in transition have been attributed in  no small measure to inadequacies in the legal infrastructure underlying corporate governance, leading managers to have incentives directed more at ‚stripping assets’[2] and ‘‘tunnelling[3]’’ than in creating wealth.

But perhaps the most important advances will be in two areas in which only limited progress has been made so far: on dynamics and on organizations, on how and how well organizations and societies absorb new information, learn, adapt their behavior, and even their structures; and how different economic and organizational designs affect the ability to create, transmit, absorb, and use knowledge and information.” Dr. Stiglitz concludes that what economists believed to be true after researches of almost a century, are not solid at all when even slight imperfections of various information. ”Information economics has made us realize that much of standard economics is based on foundations resting on quicksand.

“…Increased access to Information, brought about by the demand for freedom of information unparalleled rise of the internet as a medium, have been important drivers of this, allied with raised awareness of personal responsibility for health.”[4]

 

[1] Stiglitz, Joseph E., 2000. “The Contributions of the Economics of Information to Twentieth Century Economics,” Quarterly Journal of Economics, 115 (4), pp. 1441-1478.
[2] http://www.economics-dictionary.com/definition/asset-stripping.html
[3] http://www.nber.org/papers/w9949.pdf
[4] EFSA- European Food Safety Authority/www.efsa.europa.eu, Strategic plan of the European Food Safety Authority for 2009-2013