The key importance of the amount of information available and the frequent lack of relevant information have been dealt with only in the last decades. L. von Mises and F. A. von Hayek can rightly be regarded as pioneers in this connection.
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Jan Tinbergen, in 1979, as quoted in Recollections of Eminent Economists (1988) by J. A. Kregel, Vol. 1, p. 90Friedrich Hayek
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Did Iraq invade Kuwait because of a lack of information? If a hideous war should ensue between Iraq and the U.S., will it happen because of a lack of information? If children die of starvation in Ethiopia, does it occur because of a lack of information? ...If you and your spouse are unhappy together, and end your marriage in divorce, will it happen because of a lack of information? If your children misbehave and bring shame to your family, does it happen because of a lack of information? If someone in your family has a mental breakdown, will it happen because of a lack of information?
Neil Postman
A group may have more group information or less group information than its members. A group of non-social animals, temporarily assembled, contains very little group information, even though its members may possess much information as individuals. This is because very little that one member does is noticed by the others and is acted on by them in a way that goes further in the group. On the other hand, the human organism contains vastly more information, in all probability, than does any one of its cells. There is thus no necessary relation in either direction between the amount of racial or tribal or community information and the amount of information available to the individual.
Norbert Wiener
Claude Shannon, the founder of information theory, invented a way to measure 'the amount of information' in a message without defining the word 'information' itself, nor even addressing the question of the meaning of the message.
Hans Christian von Baeyer
[Hayek] made a quite fruitful suggestion, made contemporaneously by the psychologist Donald Hebb, that whatever kind of encounter the sensory system has with the world, a corresponding event between a particular cell in the brain and some other cell carrying the information from the outside word must result in reinforcement of the connection between those cells. These day, this is known as a Hebbian synapse, but von Hayek quite independently came upon the idea. I think the essence of his analysis still remains with us.
Friedrich Hayek
Q. [McCallum] … are there other economists who have had a really major influence on your thinking? A. [Melzer] Well I mentioned Hayek. There are two ways. One is because of my interest in political economy. The other way is that Hayek was a pioneer in the use of information in economics. One of the papers that Karl and I wrote together that I continue to like was a paper called "The Uses of Money". In that paper we tried to incorporate information and the cost of information to explain why people use money. One of Hayek's most basic ideas is that institutions are a way of reducing uncertainty. Man struggles to find institutional arrangements which on average make life a bit more predictable. Our "Uses of Money" is not so much about money as we conventionally think about it, it's about the idea of a medium of exchange, the function of an institution called the medium of exchange and how the medium of exchange as an institution resolves a part of peoples uncertainty about the future.
Friedrich Hayek
Hayek, Friedrich
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