This paper presents a theoretical framework of the relationships between certain phenomena attendant to an information society, i.e. information explosion, societal information overload, etc. It also attempts to explain and predict the possible effects of these phenomena on information generation, utilization and wastage. A theory of rates of information generation and utilization as well as a wastage ratio is proposed. The initial propositions, axioms and postulates which form the bases of this theory are described in their logical sequence. Hypotheses and conceptual models are also included.