A Quote by Joseph Stiglitz
As I noted in my Nobel lecture, an early insight in my work on the economics of information concerned the problem of appropriability - the difficulty that those who pay for information have in getting returns.
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The 1970s was the decade of developments in the new area of information economics. Search theory, which emphasized the need to gather information, was joined by models that featured asymmetric information, the case in which information differed across individual agents.
Students and scholars of all kinds and of every age aim, as a rule, only at information, not insight. They make it a point of honour to have information about everything, every stone, plant, battle, or experiment and about all books, collectively and individually. It never occurs to them that information is merely a means to insight, but in itself is of little or no value.
I don't think we should have less information in the world. The information age has yielded great advances in medicine, agriculture, transportation and many other fields. But the problem is twofold. One, we are assaulted with more information than any one of us can handle. Two, beyond the overload, too much information often leads to bad decisions.
The goal is to turn data into information, and information into insight.
The problem in the 19th century with information was that we lived in a culture of information scarcity, and so humanity addressed that problem beginning with photography and telegraphy and the - in the 1840s. We tried to solve the problem of overcoming the limitations of space, time, and form.
The more information that's out there, the greater the returns to just being willing to sit down and apply yourself. Information isn't what's scarce; it's the willingness to do something with it.
I think it is an anarchistic idea to have information on the front and the back. Normally if you add information to information, you have more information.
Every physical system registers information, and just by evolving in time, by doing its thing, it changes that information, transforms that information, or, if you like, processes that information.
Mike Flynn is a fine person, and I asked for his resignation. He respectfully gave it. He is a man who there was a certain amount of information given to Vice President Mike Pence. And I was not happy with the way that information was given. He didn't have to do that, because what he did wasn't wrong - what he did in terms of the information he saw. What was wrong was the way that other people were given that information, because that was classified information that was given illegally. That's the real problem.
The thing about information is that information is more valuable when people know it. There's an exception for business information and super timely information, but in all other cases, ideas that spread win.
Well, there's a question as to what sort of information is important in the world, what sort of information can achieve reform. And there's a lot of information. So information that organizations are spending economic effort into concealing, that's a really good signal that when the information gets out, there's a hope of it doing some good.
Well, there's a question as to what sort of information is important in the world, what sort of information can achieve reform. And there's a lot of information. So information that organizations are spending economic effort into concealing, that's a really good signal that when the information gets out, there's a hope of it doing some good...
Data isn't information. ... Information, unlike data, is useful. While there's a gulf between data and information, there's a wide ocean between information and knowledge. What turns the gears in our brains isn't information, but ideas, inventions, and inspiration. Knowledge-not information-implies understanding. And beyond knowledge lies what we should be seeking: wisdom.
I recognized that information was, in many respects, like a public good, and it was this insight that made it clear to me that it was unlikely that the private market would provide efficient resource allocations whenever information was endogenous.
Normally if you add information to information, you have more information. In case of my art, I destroy information, I would say, because the image is disturbed by the writings. In a way, they become pure imagery. For me it's really fun because it's an idealistic approach to images, to just play around with information and see what's happening.
A journalist and an information architect face exactly the same problem - how to give shape to the pile of information in front of you in a way that will make it easy and natural for people to comprehend. I can't imagine any better preparation for the work I do now.
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