Cookies help us display personalized product recommendations and ensure you have great shopping experience.

By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
SmartData CollectiveSmartData Collective
  • Analytics
    AnalyticsShow More
    image fx (67)
    Improving LinkedIn Ad Strategies with Data Analytics
    9 Min Read
    big data and remote work
    Data Helps Speech-Language Pathologists Deliver Better Results
    6 Min Read
    data driven insights
    How Data-Driven Insights Are Addressing Gaps in Patient Communication and Equity
    8 Min Read
    pexels pavel danilyuk 8112119
    Data Analytics Is Revolutionizing Medical Credentialing
    8 Min Read
    data and seo
    Maximize SEO Success with Powerful Data Analytics Insights
    8 Min Read
  • Big Data
  • BI
  • Exclusive
  • IT
  • Marketing
  • Software
Search
© 2008-25 SmartData Collective. All Rights Reserved.
Reading: The Macroeconomics of Information and Attention
Share
Notification
Font ResizerAa
SmartData CollectiveSmartData Collective
Font ResizerAa
Search
  • About
  • Help
  • Privacy
Follow US
© 2008-23 SmartData Collective. All Rights Reserved.
SmartData Collective > Uncategorized > The Macroeconomics of Information and Attention
Uncategorized

The Macroeconomics of Information and Attention

Daniel Tunkelang
Daniel Tunkelang
3 Min Read
SHARE

Note: this post is cross-posted at the Panjiva blog, which discusses issues affecting the global trade community. I’ve recently joined Panjiva’s advisory board (alongside Panjiva investor and reknowned economist Larry Summers), and I’m proud to be helping this new venture transform global trade by providing an unprecedented level of transparency about the strengths and weaknesses of companies engaged in it. Learn more about Pan…

Note: this post is cross-posted at the Panjiva blog, which discusses issues affecting the global trade community. I’ve recently joined Panjiva’s advisory board (alongside Panjiva investor and reknowned economist Larry Summers), and I’m proud to be helping this new venture transform global trade by providing an unprecedented level of transparency about the strengths and weaknesses of companies engaged in it. Learn more about Panjiva at their web site or blog.


 

More Read

If I Text You Tonight, Will Your Analytics Text Me Back in the Morning?
Careful: Don’t Drown in Your Data Lake!
Interview with Scott Berkun, Author of Confessions of a Public Speaker
How to Get Management to Pay Attention to Your Research Results
13 Tips for a Better Web Site

While I’m a neophyte on matters of global trade (fortunately fellow MIT alum and Panjiva investor Larry Summers is a bit more qualified on those matters), I do know a thing or to about how people interact with information. So it’s my delight to share a short series of posts on the macroeconomics of information and attention.

In Brief Principles of Macroeconomics, Greg Mankiw lists ten principles of economics that he divides into three groups:

How People Make Decisions

  • People Face Tradeoffs.
  • The Cost of Something is What You Give Up to Get It.
  • Rational People Think at the Margin.
  • People Respond to Incentives.

How the Economy Works as A Whole

  • Trade Can Make Everyone Better Off.
  • Markets Are Usually a Good Way to Organize Economic Activity.
  • Governments Can Sometimes Improve Market Outcomes.

How People Interact

  • A Country’s Standard of Living Depends on Its Ability to Produce Goods and Services.
  • Prices Rise When the Government Prints Too Much Money.
  • Society Faces a Short-Run Tradeoff Between Inflation and Unemployment. .

Nobel Laureate Herb Simon articulated the concept of an attention economy in his 1971 article, “Designing Organizations for an Information-Rich World”:

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.

In the next few posts, I’ll try to apply Mankiw’s principles to Simon’s conception of an attention economy to establish a macroeconomics of information and attention.

Link to original post

Share This Article
Facebook Pinterest LinkedIn
Share

Follow us on Facebook

Latest News

power supplies for ATX for data scientists
Why Data Scientists Should Care About SFX Power Supplies
Big Data Exclusive
AI for website optimization
Free Tools to Test Website Accessibility
Artificial Intelligence Exclusive
Generative AI models
Thinking Machines At Work: How Generative AI Models Are Redefining Business Intelligence
Artificial Intelligence Business Intelligence Exclusive Infographic Machine Learning
image fx (2)
Monitoring Data Without Turning into Big Brother
Big Data Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Santa’s List from a BI Consultant

6 Min Read

Social Networking Guidelines

2 Min Read

Change Management: The No. 1 Contributor to Successful Change

4 Min Read

No Wait in Kuwait – But Some Weight

6 Min Read

SmartData Collective is one of the largest & trusted community covering technical content about Big Data, BI, Cloud, Analytics, Artificial Intelligence, IoT & more.

giveaway chatbots
How To Get An Award Winning Giveaway Bot
Big Data Chatbots Exclusive
ai chatbot
The Art of Conversation: Enhancing Chatbots with Advanced AI Prompts
Chatbots

Quick Link

  • About
  • Contact
  • Privacy
Follow US
© 2008-25 SmartData Collective. All Rights Reserved.
Go to mobile version
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?