Malthus was right about something? | Bleader

Monday, October 1, 2007

Malthus was right about something?

Posted By on 10.01.07 at 06:37 AM

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Hat tip to Adrian Monck for linking to a decade-old paper by Hal Varian called "Markets for Information Goods":

"I would like to coin a 'Malthus's law' of information. Recall that Malthus noted that number of stomachs grew geometrically but the amount of food grew linearly. Pool (1984) noted that the supply of information (in virtually every medium) grows exponentially whereas the amount that is consumed grows at best linearly. This is ultimately due to the fact that our mental powers and time available to process information is constrained. This has the uncomfortable consequence that the fraction of the information produced that is actually consumed is asymptoting towards zero."

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