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There have been more words written about the iPhone “phenomenon” than perhaps any other single piece of technology. So it might seem like another blog would be just one more for the pile.

But the iPhone presents a perfect example of technology making its mark on consumer behavior. A recent article in the LA Times discusses the overwhelming accessibility of information for iPhone users. The article primarily explores the possibility that this accessibility could become a social liability – the phone can “in seconds change a lighthearted conversation into the Pursuit of Truth”.

It is true that easy access to information via the iPhone may make it all too easy to beat a dead horse, but access to information has important – and interesting – economic consequences. A well-known problem in economics is that of asymmetric information. In a typical exchange of goods or services, one party will usually have more information than the other. In theory, this information would either cause the seller to demand a higher price for the item or the buyer to offer less.

Have you ever suspected you were being had by a used car salesman? Hand your iPhone over to your buddy to pull up Kelly Blue Book while you test drive. Not sure that first edition at the Rare Books Emporium is actually all that rare? Hop on Amazon and see if copies are going for three cents plus shipping. Can’t understand why on earth your friend would pay $80 for those shoes? Hop on Facebook and read her review, detailing her five years in the same pair.

Indeed, some say that social networking – the ability to see what people you trust think about something before you shell out cash – is the most powerful aspect of the iPhone. Jared Kelley-Hudgins, a design student from the Atlanta area, says the phone has opened up a “huge opportunity for people to check on a certain product, be it a pair of jeans, a computer, or car, with their peers.” Jared is holding out for the new iPhone, in particular for the expected 3G feature, which if introduced would make accessing the internet outside of Wi-Fi networks up to 10 times faster than speeds on EDGE networks.

For some people, it seems, almost instantaneous is not quite fast enough.

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