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Kenneth Boulding

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It [knowledge] is clearly related to information, which we can now measure; and an economist especially is tempted to regard knowledge as a kind of capital structure, corresponding to information as an income flow. Knowledge, that is to say, is some kind of improbable structure or stock made up essentially of patterns — that is, improbable arrangements, and the more improbable the arrangements, we might suppose, the more knowledge there is.
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p.142

 
Kenneth Boulding

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The idea of knowledge as an improbable structure is still a good place to start. Knowledge, however, has a dimension which goes beyond that of mere information or improbability. This is a dimension of significance which is very hard to reduce to quantitative form. Two knowledge structures might be equally improbable but one might be much more significant than the other.

 
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Knowledge is theory. We should be thankful if action of management is based on theory. Knowledge has temporal spread. Information is not knowledge. The world is drowning in information but is slow in acquisition of knowledge. There is no substitute for knowledge.

 
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What was the Sherlock Holmes principle? 'Once you have discounted the impossible, then whatever remains, however improbable, must be the truth.'
I reject that entirely. The impossible often has a kind of integrity to it which the merely improbable lacks. How often have you been presented with an apparently rational explanation of something that works in all respects other than one, which is just that it is hopelessly improbable? Your instinct is to say 'Yes, but he or she simply wouldn't do that.'

 
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Knowledge is not something which exists and grows in the abstract. It is a function of human organisms and of social organization. Knowledge, that is to say, is always what somebody knows: the most perfect transcript of knowledge in writing is not knowledge if nobody knows it. Knowledge however grows by the receipt of meaningful information - that is, by the intake of messages by a knower which are capable of reorganising his knowledge.

 
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The Information Age offers much to mankind, and I would like to think that we will rise to the challenges it presents. But it is vital to remember that information — in the sense of raw data — is not knowledge, that knowledge is not wisdom, and that wisdom is not foresight. But information is the first essential step to all of these.

 
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