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She still believes in classical economics, the allocation of resources under conditions of scarcity. Information doesn’t work that way.
--
Chapter 2 (“Troubadour”), p. 72

 

Charles Stross

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In the Middle Ages, there was a scarcity of information but its very scarcity made it both important and usable. This began to change, as everyone knows, in the late 15th century when a goldsmith named Gutenberg, from Mainz, converted an old wine press into a printing machine, and in so doing, created what we now call an information explosion. ...Nothing could be more misleading than the idea that computer technology introduced the age of information. The printing press began that age, and we have not been free of it since.

 

Neil Postman

 

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.

 

Joseph E. Stiglitz

 

"In an information-rich world, the wealth of information means a dearth of something else: a scarcity of whatever it is that information consumes. What information consumes is rather obvious: it consumes the attention of its recipients. Hence a wealth of information creates a poverty of attention and a need to allocate that attention efficiently among the overabundance of information sources that might consume it."

 

Herbert Simon

 

Just in terms of allocation of time resources, religion is not very efficient. There's a lot more I could be doing on a Sunday morning.

 

Bill Gates

 

Since I shall be indicating my disagreement with some of the points made by Professor IsraelKirzner, let me stress that I am in complete sympathy with his point of departure, namely, the emphasis on the dispersion of information among economic decision-making units (called by him, "Hayek's knowledge problem") and the consequent problem of transmission of information among those units.
Much of my own research work since the 1950s has been focused on issued in welfare economics viewed from an informational perspective. The ideas of Hayek (whose classes at the London School of Economics I attended during the academic year 1938-39) have played a major role in influencing my thinking and have been so acknowledged.

 

Friedrich Hayek