The Radford Free Press – Page 46 – All life is problem solving.

Economics / business firms, complexity, Douglass North, economic theory, institutions /

Complexity, Institutions and Firms

February 18, 2021

Are they associated? We all know that one of the central problems of economics is the existence of uncertainty. At least since Frank Knight’s work in the 1920s, uncertainty has been something of concern to economists. Knight’s description of uncertainty as being a condition in which no probability distribution existed, or could exist, has led […]

Commentary / Design, Hidalgo, information, Shannon, Weaver /

Information Take Two

February 16, 2021

Keeping the conversation going. Let’s start with Shannon, from his personal papers published in 1993 … “The word ‘information’ has been given different meanings by various writers in the general field of information theory. It is likely that at least a number of these will prove sufficiently useful in certain applications to deserve further study and permanent recognition. It is […]

Commentary / algorithms, complexity, economic theory, information, Kolmogorov, Shannon, utopia /

The Information Conundrum

February 15, 2021

Kolmogorov, I think, hit the nail on the head when he said: “At each given moment there is only a fine layer between the ‘trivial’ and the impossible. Mathematical discoveries are made in this layer.” He might just as well have said that life itself is discovered in this layer. But let’s not get ahead […]