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
    sales and data analytics
    How Data Analytics Improves Lead Management and Sales Results
    9 Min Read
    data analytics and truck accident claims
    How Data Analytics Reduces Truck Accidents and Speeds Up Claims
    7 Min Read
    predictive analytics for interior designers
    Interior Designers Boost Profits with Predictive Analytics
    8 Min Read
    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
  • 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

World’s Smallest LED Is a Single Molecule
Seven Faces of Data – Rethinking the Basic Characteristics of Data
Quality vs. Quantity
Who are more effective – Specialists or Generalists?
Top Technology Considerations When Opening a New Office

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

sales and data analytics
How Data Analytics Improves Lead Management and Sales Results
Analytics Big Data Exclusive
ai in marketing
How AI and Smart Platforms Improve Email Marketing
Artificial Intelligence Exclusive Marketing
AI Document Verification for Legal Firms: Importance & Top Tools
AI Document Verification for Legal Firms: Importance & Top Tools
Artificial Intelligence Exclusive
AI supply chain
AI Tools Are Strengthening Global Supply Chains
Artificial Intelligence Exclusive

Stay Connected

1.2kFollowersLike
33.7kFollowersFollow
222FollowersPin

You Might also Like

Melissa Hathaway Op-Ed on Cyber Security

9 Min Read

3 Things that Are Still Preventing Businesses from Adopting the Cloud

5 Min Read
cloud ERP implementation
Uncategorized

When Does Cloud ERP Start Saving Money?

6 Min Read

Carbon Footprints (Across your Inbox)

4 Min Read

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

AI and chatbots
Chatbots and SEO: How Can Chatbots Improve Your SEO Ranking?
Artificial Intelligence Chatbots Exclusive
data-driven web design
5 Great Tips for Using Data Analytics for Website UX
Big Data

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?