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The Attention Economy

Will Schoder | 10:59

Transcript

That's not a bad photo Laura posted a new our new video from John all good all these other videos a new follower on Twitter you hot takes from the debate last this guy has a Wikipedia page oh he grew up near New York I grew up near New SketchUp on Instagram extra mom text from Dad Hey dad, watch this kid shoot a firework at his dad. Send Holy shit. It's been 40 minutes. Every time I look up after being stuck in my phone like this, I know it's going to happen again. And most of the time I don't feel great about it. This is what it's like being a part of the attention economy.


In his famous 1997 Wired article Attention, shoppers, theoretical physicist Michael Goldhaber states that the economics of industrialized nations, especially that of the United States, have dramatically shifted, an increasing number of workers are no longer involved directly in the production, transportation and distribution of material goods and instead are in their living, managing or dealing with information in some form, most called this an information economy. 


But he rejects that label. 


By definition, Economics is the study of how a society uses its scarce resources. And with the internet, our scarcity is definitely not information, any piece of information you want, what products should you buy, what restaurant should you go to? Who's this guy, all of that is literally seconds away. So what does Goldhaber think flows through cyberspace and is scarce and desirable? As he explains, no one would put anything on the internet without the hope of obtaining some it's called attention and the economy of attention, not information is the natural economy of cyberspace. 


And he's right information consumes our attention, making it a scarce resource. 


We only have so many hours that we can glue ourselves to technology and the infinity of information it presents we live in this attention economy where you succeed by getting people to spend the most time to allocate their attention to you or your product, and you dominate the economy.


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