Will Information have a Currency in the Future?
Short Answer. Yes.
“We are drowning in information but are starved for knowledge.”
— John Naisbitt
It’s again, no surprise that the age of information is in plentiful galore. Smartphones are becoming the new flip phones of the past. People across the newly globalized world have access to the internet. And, quite frankly even if you live in some remote village in India, the internet is something that IS available to you if you know the right people and where to find it. That being said, with all this information, how do we filter the trash from the treasure?
This is the biggest challenge millenials will face as they mature in an information boom. How is a child supposed to value what he or she may read, hear, and take in to their beliefs WHILE the brain is still maturing?
Information is so valuable nowadays that its dissemination can alter the economy and financial institution in drastic ways. Financial traders are extremely aware of information asymmetry, where if one party has more information about a transaction than another, then they will be more efficient and win out. Such examples include adverse selection, information monopoly, as well as moral hazard.
Lets face it. Information is Power…when the intent is clear.
When Malcom X was thrown in jail for larsony, he had a lot of time. Obviously. But he chose to utilize that time to build his knowledge through information by reading a lot of books about the world. It opened his eyes to the world he lived in. Later on when a reporter asked him about where he went to school, he said:
“My alma mater is books, a good library…I could spend the rest of my life reading, just satisfying my curiosity.”
Warren Buffet also spends most of his days reading to acquire information power over valuable companies to invest in.
Just imagine for a second, that you’re a Billionaire! All of your wealth stems from the amount of valued information you have accumulated throughout the years. One can argue that in this context, information is more valuable than money and has even more influence over achieving the status of billionaire. Why? Because the amount of time you have invested towards that acquiring information, outweighs the productivity of influence. If you are still trying to acquire information asymmetry despite achieving the vast amount of wealth, then information is vital to your entire modus operandi.
Business behemoths like Google, FB, MSFT cannot stay afloat unless they are constantly parsing together information asymmetry to ride the tide of the curve of technological innovation.
How will information be valued in the future? Well, its priceless right now. We have achieved the accessibility to information, now its up to us to sort the trash from the treasure. We are lucky enough to live in a society where information is not censored like it is in other countries. Most people are deprived of information and are kept ignorant so that others can enjoy at the expense of them. That is tyranny. It is also a crucial function that sustains capitalism. I will leave with another quote from the most popular billionaire: Bill Gates, “the internet is becoming the town square for the global village of tomorrow.”