Aug 24, 2026 · 32 min · 10 segments
*Professor David McAdams explores how information overload changes what we know, with lower-quality ideas receiving less scrutiny before spreading* Every day, people decide which headlines to read…
David McAdamsGuest
Cassie BeddickHost
Why is it useful to think about attention? And attention in economics was really brought into the world of economics by this guy named Herbert Simon, who won the Nobel Prize back in the 70s.

And And, cause at that time, you know, computers were just coming online and there was just like this explosion of information.

It's like, oh wow, this will allow us to live in a utopia, like people were thinking.

And Simon is like, you know, it's great to have all this information out there, but this creates a new dilemma.

He said, when there's an abundance of information, there's a scarcity of attention.

And what he meant by that is like, we don't have this infinite capacity to have, to just think about everything.

It's like what you really need is not like someone to go out there and collect gazillions of bits of data.

What you need is someone to take existing data and turn it into something simpler and more actionable.

Why does attention matter so much in determining which ideas survive, spread, or get ignored?

But then you might think to yourself, well, as technology is changing kind of the cost of attending to lots of information is also changing.

So, so maybe the utopia world, it could come about like maybe as, um, uh, the cost of attention goes down, we could end up living in a world that's approximately the marketplace for ideas where everyone can pick and choose and figure out.

But the problem is is that people are making choices and the choices they make will change as the environment changes.

So in game theory we have this concept called equilibrium or Nash equilibrium.

So we need to think about how our choices are engaging and interacting with each other.

And so it could be that as the cost of attention goes down, we get closer to the utopia.

Why is it useful to think about attention? And attention in economics was really brought into the world of economics by this guy named Herbert Simon, who won the Nobel Prize back in the 70s.

And And, cause at that time, you know, computers were just coming online and there was just like this explosion of information.

It's like, oh wow, this will allow us to live in a utopia, like people were thinking.

And Simon is like, you know, it's great to have all this information out there, but this creates a new dilemma.

He said, when there's an abundance of information, there's a scarcity of attention.

And what he meant by that is like, we don't have this infinite capacity to have, to just think about everything.

It's like what you really need is not like someone to go out there and collect gazillions of bits of data.

What you need is someone to take existing data and turn it into something simpler and more actionable.

Why does attention matter so much in determining which ideas survive, spread, or get ignored?

But then you might think to yourself, well, as technology is changing kind of the cost of attending to lots of information is also changing.

So, so maybe the utopia world, it could come about like maybe as, um, uh, the cost of attention goes down, we could end up living in a world that's approximately the marketplace for ideas where everyone can pick and choose and figure out.

But the problem is is that people are making choices and the choices they make will change as the environment changes.

So in game theory we have this concept called equilibrium or Nash equilibrium.

So we need to think about how our choices are engaging and interacting with each other.

And so it could be that as the cost of attention goes down, we get closer to the utopia.
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