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Why Information Grows

Why Information Grows
Author: Cesar Hidalgo
Publisher: Hachette UK
Total Pages: 256
Release: 2015-06-02
Genre: Business & Economics
ISBN: 0465039715

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"Hidalgo has made a bold attempt to synthesize a large body of cutting-edge work into a readable, slender volume. This is the future of growth theory." -- Financial Times What is economic growth? And why, historically, has it occurred in only a few places? Previous efforts to answer these questions have focused on institutions, geography, finances, and psychology. But according to MIT's antidisciplinarian Cér Hidalgo, understanding the nature of economic growth demands transcending the social sciences and including the natural sciences of information, networks, and complexity. To understand the growth of economies, Hidalgo argues, we first need to understand the growth of order. At first glance, the universe seems hostile to order. Thermodynamics dictates that over time, order-or information-disappears. Whispers vanish in the wind just like the beauty of swirling cigarette smoke collapses into disorderly clouds. But thermodynamics also has loopholes that promote the growth of information in pockets. Although cities are all pockets where information grows, they are not all the same. For every Silicon Valley, Tokyo, and Paris, there are dozens of places with economies that accomplish little more than pulling rocks out of the ground. So, why does the US economy outstrip Brazil's, and Brazil's that of Chad? Why did the technology corridor along Boston's Route 128 languish while Silicon Valley blossomed? In each case, the key is how people, firms, and the networks they form make use of information. Seen from Hidalgo's vantage, economies become distributed computers, made of networks of people, and the problem of economic development becomes the problem of making these computers more powerful. By uncovering the mechanisms that enable the growth of information in nature and society, Why Information Grows lays bear the origins of physical order and economic growth. Situated at the nexus of information theory, physics, sociology, and economics, this book propounds a new theory of how economies can do not just more things, but more interesting things.


Why Information Grows

Why Information Grows
Author: César Hidalgo
Publisher: Penguin UK
Total Pages: 256
Release: 2015-06-04
Genre: Business & Economics
ISBN: 0141978031

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In Why Information Grows, rising star César Hidalgo offers a radical interpretation of global economics While economists often turn to measures like GDP or per-capita income, César Hidalgo turns to information theory to explain the success or failure of a country's economic performance. Through a radical rethinking of what the economy is, Hidalgo shows that natural constraints in our ability to accumulate knowledge, knowhow and information explain the evolution of social and economic complexity. This is a rare tour de force, linking economics, sociology, physics, biology and information theory, to explain the evolution of social and economic systems as a consequence of the physical embodiment of information in a world where knowledge is quite literally power. César Hidalgo leads the Macro Connections group at the MIT Media Lab. A trained statistical physicist and an expert on Networks and Complex Systems, he also has extensive experience in the field of economic development and has pioneered research on how big data impacts economic decision-making.


How an Economy Grows and Why It Crashes

How an Economy Grows and Why It Crashes
Author: Peter D. Schiff
Publisher: John Wiley & Sons
Total Pages: 415
Release: 2013-11-14
Genre: Business & Economics
ISBN: 111877020X

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Straight answers to every question you've ever had about how the economy works and how it affects your life In this Collector's Edition of their celebrated How an Economy Grows and Why It Crashes, Peter Schiff, economic expert and bestselling author of Crash Proof and The Real Crash, once again teams up with his brother Andrew to spin a lively economic fable that untangles many of the fallacies preventing people from really understanding what drives an economy. The 2010 original has been described as a “Flintstones” take economics that entertainingly explains the beauty of free markets. The new edition has been greatly expanded in both quantity and quality. A new introduction and two new illustrated chapters bring the story up to date, and most importantly, the book makes the jump from black and white to full and vivid color. With the help of colorful cartoon illustrations, lively humor, and deceptively simple storytelling, the Schiff's bring the complex subjects of inflation, monetary policy, recession, and other important topics in economics down to Earth. The story starts with three guys on an island who barely survive by fishing barehanded. Then one enterprising islander invents a net, catches more fish, and changes the island’s economy fundamentally. Using this story the Schiffs apply their signature take-no-prisoners logic to expose the glaring fallacies and gaping holes permeating the global economic conversation. The Collector’s Edition: Provides straight answers about how economies work, without relying on nonsensical jargon and mind-numbing doublespeak the experts use to cover up their confusion Includes a new introduction that sets the stage for developing a deeper, more practical understanding of inflation and the abuses of the monetary system Adds two new chapters that dissect the Federal Reserve’s Quantitative easing policies and the European Debt Crisis. Colorizes the original book's hundreds of cartoon illustrations. The improved images, executed by artist Brendan Leach from the original book, add new vigor to the presentation Has a larger format that has been designed to fit most coffee tables. While the story may appear simple on the surface, as told by the Schiff brothers, it will leave you with a deep understanding of How an Economy Grows and Why It Crashes.


Big Data

Big Data
Author: Viktor Mayer-Schönberger
Publisher: Houghton Mifflin Harcourt
Total Pages: 257
Release: 2013
Genre: Business & Economics
ISBN: 0544002695

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A exploration of the latest trend in technology and the impact it will have on the economy, science, and society at large.


How Humans Judge Machines

How Humans Judge Machines
Author: Cesar A. Hidalgo
Publisher: MIT Press
Total Pages: 257
Release: 2021-02-02
Genre: Computers
ISBN: 026236252X

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How people judge humans and machines differently, in scenarios involving natural disasters, labor displacement, policing, privacy, algorithmic bias, and more. How would you feel about losing your job to a machine? How about a tsunami alert system that fails? Would you react differently to acts of discrimination depending on whether they were carried out by a machine or by a human? What about public surveillance? How Humans Judge Machines compares people's reactions to actions performed by humans and machines. Using data collected in dozens of experiments, this book reveals the biases that permeate human-machine interactions. Are there conditions in which we judge machines unfairly? Is our judgment of machines affected by the moral dimensions of a scenario? Is our judgment of machine correlated with demographic factors such as education or gender? César Hidalgo and colleagues use hard science to take on these pressing technological questions. Using randomized experiments, they create revealing counterfactuals and build statistical models to explain how people judge artificial intelligence and whether they do it fairly. Through original research, How Humans Judge Machines bring us one step closer tounderstanding the ethical consequences of AI.


The Limits of Growth

The Limits of Growth
Author: D. H. Meadows
Publisher:
Total Pages: 205
Release: 1974
Genre:
ISBN: 9780330241694

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A Culture of Growth

A Culture of Growth
Author: Joel Mokyr
Publisher: Princeton University Press
Total Pages: 424
Release: 2018
Genre: BUSINESS and ECONOMICS
ISBN: 0691180962

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Why Enlightenment culture sparked the Industrial Revolution During the late eighteenth century, innovations in Europe triggered the Industrial Revolution and the sustained economic progress that spread across the globe. While much has been made of the details of the Industrial Revolution, what remains a mystery is why it took place at all. Why did this revolution begin in the West and not elsewhere, and why did it continue, leading to today's unprecedented prosperity? In this groundbreaking book, celebrated economic historian Joel Mokyr argues that a culture of growth specific to early modern Europe and the European Enlightenment laid the foundations for the scientific advances and pioneering inventions that would instigate explosive technological and economic development. Bringing together economics, the history of science and technology, and models of cultural evolution, Mokyr demonstrates that culture--the beliefs, values, and preferences in society that are capable of changing behavior--was a deciding factor in societal transformations. Mokyr looks at the period 1500-1700 to show that a politically fragmented Europe fostered a competitive "market for ideas" and a willingness to investigate the secrets of nature. At the same time, a transnational community of brilliant thinkers known as the "Republic of Letters" freely circulated and distributed ideas and writings. This political fragmentation and the supportive intellectual environment explain how the Industrial Revolution happened in Europe but not China, despite similar levels of technology and intellectual activity. In Europe, heterodox and creative thinkers could find sanctuary in other countries and spread their thinking across borders. In contrast, China's version of the Enlightenment remained controlled by the ruling elite. Combining ideas from economics and cultural evolution, A Culture of Growth provides startling reasons for why the foundations of our modern economy were laid in the mere two centuries between Columbus and Newton.


Physics in a New Era

Physics in a New Era
Author: National Research Council
Publisher: National Academies Press
Total Pages: 203
Release: 2001-07-15
Genre: Science
ISBN: 0309073421

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Physics at the beginning of the twenty-first century has reached new levels of accomplishment and impact in a society and nation that are changing rapidly. Accomplishments have led us into the information age and fueled broad technological and economic development. The pace of discovery is quickening and stronger links with other fields such as the biological sciences are being developed. The intellectual reach has never been greater, and the questions being asked are more ambitious than ever before. Physics in a New Era is the final report of the NRC's six-volume decadal physics survey. The book reviews the frontiers of physics research, examines the role of physics in our society, and makes recommendations designed to strengthen physics and its ability to serve important needs such as national security, the economy, information technology, and education.


How Knowledge Grows

How Knowledge Grows
Author: Chris Haufe
Publisher: MIT Press
Total Pages: 347
Release: 2022-11-01
Genre: Science
ISBN: 026237160X

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An argument that the development of scientific practice and growth of scientific knowledge are governed by Darwin’s evolutionary model of descent with modification. Although scientific investigation is influenced by our cognitive and moral failings as well as all of the factors impinging on human life, the historical development of scientific knowledge has trended toward an increasingly accurate picture of an increasing number of phenomena. Taking a fresh look at Thomas Kuhn’s 1962 work, The Structure of Scientific Revolutions, in How Knowledge Grows Chris Haufe uses evolutionary theory to explain both why scientific practice develops the way it does and how scientific knowledge expands. This evolutionary model, claims Haufe, helps to explain what is epistemically special about scientific knowledge: its tendency to grow in both depth and breadth. Kuhn showed how intellectual communities achieve consensus in part by discriminating against ideas that differ from their own and isolating themselves intellectually from other fields of inquiry and broader social concerns. These same characteristics, says Haufe, determine a biological population’s degree of susceptibility to modification by natural selection. He argues that scientific knowledge grows, even across generations of variable groups of scientists, precisely because its development is governed by Darwinian evolution. Indeed, he supports the claim that this susceptibility to modification through natural selection helps to explain the epistemic power of certain branches of modern science. In updating and expanding the evolutionary approach to scientific knowledge, Haufe provides a model for thinking about science that acknowledges the historical contingency of scientific thought while showing why we nevertheless should trust the results of scientific research when it is the product of certain kinds of scientific communities.


Knowledge and the Wealth of Nations: A Story of Economic Discovery

Knowledge and the Wealth of Nations: A Story of Economic Discovery
Author: David Warsh
Publisher: W. W. Norton & Company
Total Pages: 449
Release: 2007-05-17
Genre: Biography & Autobiography
ISBN: 0393329887

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Chronicling the story of what has come to be called the new growth theory, this text helps to explain dominant first-mover firms like IBM or Microsoft, underscores the value of intellectual property, and provides essential advice to those concerned with the expansion of the economy.