In today’s WSJ, David Wessels outlines some systemic social problems that can arise as information becomes widely available at lower costs.
I like the description of the problem in a quote by Kenneth Arrow: “socially useless but privately valuable” information, which can provide individual benefits, but at an overall cost to society at large.
This is the inverse of the dynamics driving “web 2.0″, which thrives on the sharing of “privately useless but socially valuable” information such as click streams, tagging, location awareness, presence awareness, etc.
Computer and communications technology is making more and better information available ever more quickly. This is a good thing — usually.
But there are some things we don’t want to do more efficiently. Doing them better adds neither to the U.S. national psyche nor to the gross domestic product. Figuring out which is which is a growing challenge to society as technology makes gathering and analyzing information easier and cheaper.