Emergic: Rajesh Jain's Blog

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Information Value

September 25th, 2005 · No Comments

David Wessel writes in the WSJ:

Most of the time, speedier, cheaper information allows the economy to produce more from less, often by eliminating mistakes, cutting wasted effort and shrinking doubt. Uncertainty is costly. Information is the antidote to uncertainty, as Harvard psychologist Donald Cox put it 40 years ago.

Thirty years ago, Mr. Arrow said the fundamental problem for companies trying to get and use information for profit was “the limitation on the ability of any individual to process information.” Computers remove that limit, and force society to wrestle with practical issues that seemed only theoretical a generation ago.

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