On Digitization of Everything

The reading made me realize just how much digitization has changed our world socially and economically. It’s interesting that today’s technology challenges the entire traditional economic notion of scarcity. Information, once produced, can be used and shared again and again with zero additional cost, which fosters innovation and science. Not only are today’s innovations non-rivalrous, but they’re also self-sustaining – their consumption produces information that can be fed back into the system to continuously improve themselves (Waze is a great example of this). Such characteristics of digital information is critical to our age – to quote the reading, it’s a “fundamental force shaping the second machine age.”

It’s also fascinating that users are constantly contributing to this large pool of information for free without even realizing, whether that be through posts on blogs or simple updates on social media. But it’s even more fascinating that we’re able to use this information to innovate and predict – especially with very high accuracy and speed. The reading describes it perfectly as an “untapped resource,” that has great potential to produce new information solely from existing information.

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