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When action grows unprofitable, gather information; when information grows unprofitable, sleep.
--
Chapter 3 “The Mad King” (p. 42)

 

Ursula K. Le Guin

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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.

 

Kenneth Boulding

 

But what started out as a liberating stream has turned into a deluge of chaos. ...matters have reached such proportions today that for the average person, information no longer has any relation to the solution of problems. ...The tie between information and action has been severed. ...It comes indiscriminately, directed at no one in particular, disconnected from usefulness; we are glutted with information, drowning in information, have no control over it, don't know what to do with it.

 

Neil Postman

 

The approach and strategies are very similar in that you gather all the information you can and then keep adding to that base of information as things develop. You do whatever the probabilities indicated based on the knowledge that you have at that time, but you are always willing to modify your behaviour or your approach as you get new information. In bridge, you behave in a way that gets the best from your partner. And in business, you behave in the way that gets the best from your managers and your employees.

 

Warren Buffett

 

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

 

"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