I work as an economist at Netcore Solutions in Mumbai.
You can contact me by writing to me atanudey at gmail.
Information, Not Plastics
The world has come a long way since the 1960s when the future was defined by one word – “plastics” – as Mr McGuire advised the young graduate Ben. Now the future is defined by another word and the word is “information.” Plastics was a wonder product of the world of industrial technology which fundamentally transformed the world of objects. Information is the new thing, the product of information technology, which is going to transform the world of ideas. Actually, information is not a “thing” in the usual sense of the term. So it is the new non-thing which defines the new and exciting future.
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Perhaps you have read it before on this blog. Now “The Age of Profound Ignorance” is available to a wider readership on LiveMint.com. (If the previous link does not work, please use this one.)
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I am a big fan of using technology in education. Information and communications technology (ICT) is tailor-made for application in education. What I don’t understand is why some people are going on about the use of “wireless, low-orbiting satellite, fiber-optic” communications in the context of education. Those hi-tech channels are clearly required when the information is dynamic and real-time, such as in the case of market information and sports events. But what does one gain by beaming down static information — say, history or physics content — as opposed to delivering it as a book (if the information is purely text and pictures), as a DVD if it is audio-video-text, or as content on a hard drive (if the content is rich as well as interactive)?
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Everything has a cost and this arises from the basic fact that we are mortals. We are given a finite amount of time. Time is the limiting constraint, not money or stuff. The more stuff out there that clamors for our attention, the more acutely we wish “had we but world enough, and time.”[1] Aside from material stuff, we are also drowning in information. They call it the “attention economy.”[2] The result of a surfeit of things to attend to is the premium on attention.
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The total volume of information available in the world is unbelievably large and is increasing exponentially. Much of this information is becoming available on the world wide web. I refer to this subset as the WAC, or “Wide Area Content.” WAC includes everything from journals on quantum physics to home videos on YouTube, and everything in between. One just has to do a Google search to be overwhelmed by the sheer volume of the information available at the click of a mouse.
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At the risk of being branded a Luddite, I maintain that the world wide web is the single most distracting thing ever invented by humans. The internet is immensely useful for practical matters of course but aside from its utilitarian functions, it is also capable of providing a device for pure play. It can be, in the hands of an appropriately interested and educated human, a virtually (sic) inexhaustible source of joy, the intellectual equivalent of Kubla Khan’s “miracle of rare device, a sunny pleasure dome with caves of ice.” Continue reading
Sorting and searching through information are uniquely human activities because only humans have an external store of information which needs to be accessed and acted upon. The notion of acting on information stored externally is not associated with non-human animals.
The larger the stock of information, the more expensive it is to search through it to locate the precise bit that is relevant at any particular instance. To make the task of searching more tractable, ordering the information in some fashion—called sorting—becomes paramount. Computer scientists have worked on the problem of sorting and searching for decades with phenomenally successful advancement in our understanding in this regard.
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“There is no more dangerous mistake than the mistake of supposing that we cannot have too much of a good thing.” Thus spake George Bernard Shaw. Excess is as damaging as shortage in most things that are considered good. More is better but only up to a point of satiation. Beyond the satiation point, the marginal utility of a good is negative, as an economist may put it. Particular instances of that generalization are not hard to find.
Food, for instance, is a good that in excessive quantities is a bad as the success of the dieting industry so starkly demonstrates. Yet tens of millions poor people around the world dying of malnutrition and starvation every year is the horrible demonstration of the problem at the other extreme.
The same holds for information. Continue reading
One of the rewards of writing a blog is the occasional detailed comment that readers (yes, this blog has more than one casual reader) send in. One such comment was elicited by my earlier post “The World is (Information) Fat.”
“Knowledge is of two kinds. We know a subject ourselves, or we know where we can find information upon it.”
— Samuel Johnson quoted in Boswell’s “Life of Johnson.”
If you come to think about it for a moment, what we really want is knowledge, not information. (Recall what the business school guru said: what people want is not a quarter-inch drill but rather a quarter-inch hole.) The good news is that there is a lot of information out there. The better news is that the cost of accessing that information has been dropping exponentially. But the bad news is that the cost of searching through the vast stock of information to satisfy your knowledge needs is increasing.
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