What is value about? and how do we measure value? Traditionally, the way of measuring value has been not been through measures of value, but actually through measures of appropriation: measures of the amount of money that you can appropriate through that business, not the value that it generates in society. We're starting to see this difference.Reinventing Society In The Wake Of Big Data
With Big Data we can now begin to actually look at the details of social interaction and how those play out, and are no longer limited to averages like market indices or election results. This is an astounding change. The ability to see the details of the market, of political revolutions, and to be able to predict and control them is definitely a case of Promethean fire -- it could be used for good or for ill, and so Big Data brings us to interesting times. We're going to end up reinventing what it means to have a human society.more on 'data science'
In his famous 1945 article, "The Use of Knowledge in Society," F. A. Hayek argued that despite their inequity and inefficiency, free markets were necessary in order to allow the incorporation of information held by dispersed individuals into social decisions. No central planner could hope to collect and process all the information necessary for social decisions; only markets allowed and provided the incentives for disaggregated information processing. Yet, increasingly, information technology is leading individuals to delegate their most "private" decisions to automated processing systems... While these information systems are [currently] mostly nongovernmental, they are sufficiently centralized that it is increasingly hard to see how dispersed information poses the challenge it once did to centralized planning.The Optimist's Case For Information Technology
Schools have poured a ton of money into ICT and tech-focused startups are circling the education sector aiming to disrupt it. Something's going to change here. IBM built a supercomputer that can win at Jeopardy which is cool but useless and now they're trying to turn it into a medical diagnostic engine. Computer-driven cars are already a real thing. Right now, price is a big barrier to adoption but if there's anything we know about ICT hardware it's that the price will fall... I don't know that doing a medical consult with your home computer and then having your prescription automatically disatched by autonomous vehicle equals a change comparable to indoor plumbing, but it's a big deal.Two Types of Knowledge: Human Capital and Information - "Human capital is knowledge that is hard to transfer. Information is knowledge that is easy to transfer."
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