Why Information Grows

"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.

"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.

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.

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 summary of Why Information Grows – The Evolution of Order, from Atoms to Economies presented here include a short review of the book at the start followed by quick overview of main points and a list of important take-aways at the end of the summary. The Summary of The book "Why Information Grows," published in 2015, delves deep into the conflict between entropy and order by investigating the process by which information spreads and its influence on life, civilization, and the cosmos. As a result of this, the book presents a compelling and thought-provoking explanation for the achievements of human beings on earth. Why Information Grows summary includes the key points and important takeaways from the book Why Information Grows by César Hidalgo. Disclaimer: 1. This summary is meant to preview and not to substitute the original book. 2. We recommend, for in-depth study purchase the excellent original book. 3. In this summary key points are rewritten and recreated and no part/text is directly taken or copied from original book. 4. If original author/publisher wants us to remove this summary, please contact us at [email protected].

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.

"Enchanting . . . An absorbing narrative of politics, ecology, and economics."--New York Times Book Review (Editor's Choice) Located between the Great Rift Valley and the Nile, the cloud forests in southwestern Ethiopia are the original home of Arabica, the most prevalent and superior of the two main species of coffee being cultivated today. Virtually unknown to European explorers, the Kafa region was essentially off-limits to foreigners well into the twentieth century, which allowed the world's original coffee culture to develop in virtual isolation in the forests where the Kafa people continue to forage for wild coffee berries. Deftly blending in the long, fascinating history of our favorite drink, award-winning author Jeff Koehler takes readers from these forest beginnings along the spectacular journey of its spread around the globe. With cafés on virtually every corner of every town in the world, coffee has never been so popular--nor tasted so good. Yet diseases and climate change are battering production in Latin America, where 85 percent of Arabica grows. As the industry tries to safeguard the species' future, breeders are returning to the original coffee forests, which are under threat and swiftly shrinking. "The forests around Kafa are not important just because they are the origin of a drink that means so much to so many," writes Koehler. "They are important because deep in their shady understory lies a key to saving the faltering coffee industry. They hold not just the past but also the future of coffee." "A must-read for coffee enthusiasts."--Smithsonian (Best of the Year) "Reads like an engaging multimystery detective novel."--Wall Street Journal "Fascinating . . . How a local crop transformed into a global commodity."--Real Simple (Best of the Month) Coffee is one of the largest and most valuable commodities in the world. This is the story of its origins, its history, and the threat to its future, by the IACP Award–winning author of Darjeeling.