Theory
Much information models the world. But the world changes. So the informational model gets out of sync with reality. It becomes a record of what was, not what is. We then call it ‘history‘. The modeling of the world is a two-step process: first, someone models some aspect of the world (by writing an article, for example). This is a first-order model. Typically, thousands or millions of copies of this model are made (via publishing, in print or online). The second step is when we read the article (model) and create a model inside our brains of the world described by the first-order model. This is a second-order model.
If the aspect of the world being modeled changes significantly, then the model must be refreshed.
One reason we sometimes feel overwhelmed with information is that it is increasingly difficult to create models in our minds that accurately reflect the world. This is because the rate at which the world is changing has increased. Thus, models get out of sync with reality sooner and need to be refreshed more frequently.
Why is the world changing more rapidly? Because so much of the Western word is constructed by people. And increasingly, the structures we build are made from information itself (AutoCAD plans, computer programs, websites, databases, and so forth). Computers have made information very easy to manipulate. Therefore, informational structures can be changed very rapidly.
In Taoist philosophy, there is a fundamental belief that everything is constantly changing. the goal is to be open and adaptable to this change, since it will occur anyway.
The world changes more and more quickly, and thus our mental models grow obsolete more and more quickly and we must spend more and more time reading to keep them in sync with reality. So how can we escape from this trap? One way is to try to model those parts of the world that do not change, or at least do not change as rapidly. Knowledge of the natural world (unlike that of the built world) for example, stays current for a very long time. Also, instead of modelling individual objects (the latest computer chip, the latest PDA, the latest line of MP3 players) we can focus of modelling processes and systems. This would be analogous to modeling waves (and the principles by which waves travel and interact), rather than each individual particle that moves as a wave passes through it.
For example, we could develop a thorough understanding of the principles of economics and competitive strategy, rather than learn all the details of the least dot-com company to spring into existence on the business pages of the newspaper.
In effect, this is exactly what science does. It collects a number of individual cases, and then uses inductive reasoning to derive general principles that describe them all. You can then in turn use these same principles to make predictions about entirely new cases.
So if we model individual objects or states, it should be with an eye toward seeing a larger pattern and deriving general principles. Even better is to find a model that someone else has already developed that explains the larger processes and systems into which the individual states can fit.
What Makes Information Valuable
In some ways, the quality of your life depends on the efficiency with which you process and manage information. It determines whether and how quickly you can find music or movies you enjoy, or investments that will increase in value, or a life partner who will be compatible. It determines, to a degree, how your relationship will develop (Can you remember her birthday? Can you think of creative date and gift ideas?) It determines whether you will find a home you like, how good of a loan you can find, and so on. It affects all your purchases: how well you choose and how much you pay.
Some information is intrinsically valuable because it is beautiful. For example, music you like, artwork you like, or pictures of beautiful things.
Some information is valuable because it can be applied in a way that moves you closer to some goal. For example, it helps you make better investment decisions, or helps you make better career decisions.
Some information is valuable because it helps you predict the future.
In a general sense, information represents or models some portion of the world. By incorporating it into your mental model, you can develop a plan that will work when applied to the real world. That is, provided the information is accurate and complete.
The value of such information is determined by its applicability to your goals, but if but you’re unclear about your goals, it will be difficult to evaluate any given piece of information.
One problem is, you only have so much time, energy, and money. That means you can only make good progress toward a few goals at time. If you try to achieve too many goals at once, you can devote only a small share of your resources to each of them. Which means each one takes longer to reach. But the world is constantly changing. So if your progress is too slow, then the information you’ve collected to help you reach your goals will go become obsolete. That is, it will no longer reflect reality.
For example, let’s say you’re trying to simultaneously reach 10 different goals, one of which is to select and purchase a cell phone. So while you’re out shopping, you pick up some brochures describing various phones and calling plans. But because you’re trying to reach so many goals at once, you can devote only a small portion of time to selecting a phone. Months pass, and the phones in your brochure are replaced by newer models, the calling plans are changed, and the information you’ve collected is now obsolete.
This is an important point: time and information are interrelated. The more time passes, the more information tends to lose its value, because (usually) the less and less it describes the current state of the world.
The value of information is highly situational and context-dependent. And situations are often changing rapidly.
Examples of information that is valuable in context:
Knowing the way back to Camp 4. Had Jon Krakauer’s climbing partners known the way back to Camp 4 after summiting Everest, one of them would not have died and another would not have had his arm amputated after frostbite. They were only a few hundred meters from the safety of the tents, but in the snowstorm they were disoriented and visibility was very poor. This is an example of how geographic or locational information can be very valuable.
Knowing which company’s earnings are likely to rise faster than analysts’ expectations. This is an example of using information to make accurate predictions, in fact more accurate than most others are able to make.
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More aspects of information:
Who. Who is the best person to get information from? Who can you rely on? Who should I date and marry?
Where. Where is Camp 4? Where is the on ramp to the highway? Where are the emergency exits? Where should I take my date?
How. How do I design a relational database schema? How do I improve my decision-making? How do I get rid of the clutter in my home? How do I improve my appearance? How do I find a compatible partner? How can I be more effective?
Why. Why is getting rid of clutter so difficult? Why does my energy slack off?
When. When should I sell my stock? When should I get back into the market? When will the economy recover?
What.
Types of Information
Magazines
Mail Processing
Note Management
Periodical Management
Weekly Process