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Extra info for A New Interpretation of Information Rate
Anonymous A lthough human beings face scarcity and can’t have everything they want (as we discuss in Chapter 2), they do have a lot of options. Productive technology is now so advanced that people can convert the planet’s limited supply of resources into an amazing variety of goods and services, including cars, computers, aeroplanes, cancer treatments, video games and even totally awesome For Dummies books like this one. In fact, thanks to advanced technologies, people (in developed economies, at least) are spoiled for choice.
So, thinking of technology as being a constraint that limits choices is quite natural. Fortunately, though, technology does improve over time – meaning that if we just wait, more and better choices become available. Time constraints Time is a precious resource. Worse yet, time is a resource in fixed supply. So, the best that technology can do is to allow people to produce more in Chapter 2: Cake or Ice Cream? Tracking Consumer Choices the limited amount of time that they have, or to grant a few more years of life through better medical technology.
The exception is the last section, where we talk about how economists use charts and graphs. If you need to brush up on how to read charts and graphs, read that section before jumping into other chapters. Framing Economics as the Science of Scarcity Scarcity is the fundamental and unavoidable phenomenon that creates a need for the science of economics. Without scarcity of time, scarcity of resources, 13 14 Part I: Economics: The Science of How People Deal with Scarcity scarcity of information, scarcity of consumable goods and scarcity of peace and goodwill on earth, human beings would lack for nothing.
A New Interpretation of Information Rate by J.L.Kelly.