Herbert Simon and Bounded Rationality
Editor [The Dialogues]
1

What’s the ratio of attention to information? By all accounts the world has a lot more information today than it had yesterday. Then again, the world has more people today than it had yesterday. But I’m pretty sure that information is growing a lot faster than the population is.

Any given individual today can’t have more attention than any given individual a thousand years ago. Attention is fixed/constant. Information is not! But is efficiently allocating attention more important today than it was 1000 years ago?

What nobody argues… realizes… is that attention can only be efficiently allocated when we know people’s willingness to pay for information. How much money are people willing to pay for your stories? We don’t know. We know how many people recommend your stories… but recommending really isn’t the same thing as spending. Recommending is FREEEEEEEEEEEEE!!!!!