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Why Information Grows: The Evolution of Order, from Atoms to Economies Paperback – February 14, 2017
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"An impassioned argument for the advantages of an information-centric view of economic growth, and for understanding the different capacities of nations to provide solutions to human problems... Hidalgo persuasively demonstrates the value of this approach by placing the ideas firmly in their historical context, both in information theory and in physics... Hidalgo's perspective on economic wealth is wildly fresh and creative. Physicists will enjoy reading about familiar ideas in new ways, and will also find value in learning how these ideas can be applied fruitfully in areas seemingly far away from physics. Economists and other social scientists will find new concepts ripe for profitable use."
~b~>"Hidalgo invites us to understand the economy in an entirely different way.... [A] novel, holistic take on the dismal science."
About the Author
- Publisher : Basic Books; Reprint edition (February 14, 2017)
- Language : English
- Paperback : 256 pages
- ISBN-10 : 0465096840
- ISBN-13 : 978-0465096848
- Item Weight : 8.8 ounces
- Dimensions : 5.5 x 0.83 x 8.25 inches
- Best Sellers Rank: #800,621 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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“In the next chapter I will show that the mix of products a country exports are highly predictive of its future level of income, indicating that the knowhow that is embodied in a society helps pin down its level of prosperity.” Really? That still needs to be shown? As if all of that has not already been shown in the countless Economics 101 books since times immemorial?
In sum, a very boring and unoriginal book. About 90% of the text is basic economics, written by someone who was learning economics as he was writing this book.
I always said that not every product has a 100% chance of being produced in any economy at a moment in time. So maybe Nairobi has a higher chance of creating Africa's MacDonalds than the next Google in the next 5 years, despite our optimism about the software scene in the country the moment.
Great industrial ecosystems are created by (1) accidents of history/rare events, (2) emergent compound interest, and emergent networks (3)
This book does a great job of explaining point 3 and how networks convert information into economic goods.
5 stars because we don't have enough books that discuss networks as emergent building blocks of future economic growth. This is important for Africa's 10 year prospects.
Part III and IV of the book ("The Quantization of Knowhow" and "The Complexity of the Economy", respectively) were the most bewitching and absorbing ones for me. A lot of economic notions and models are defied there, and new economic conceptions arise.
Why Information Grows is a major contribution to any economist trying to escape from the traditional paradigms of the discipline. This amazing book will help you to create new synapsis, connecting fascinating disciplines and ideas once separated in your mind. Then, armed with a new toolkit of concepts -the crystallization of imagination, a new theory of ‘exploitation’, the personbyte and firmbyte theory, etc.-, you’ll be able to start thinking in innovative ways some proposals to improve the dismal science and -why not-, the future of our world.
Top reviews from other countries
Read in combination with 'Windows of Opportunity' to understand how this perspective can be brought to bear on practical economic problems.