How many times have you read a non-fiction book and you were left amazed with reality ? Well, “The Power Law of Information” is one of those books. We are all so busy with the day-to-day happenings in our life that sometimes we fail to see how some things affect us so powerfully and literally change our lives. One of those things is “information”. 2.7 Zetabytes of data exists in the digital universe today and it is growing at a very fast rate. Earlier information was not available so easily and effortlessly. But today the easy availability of information has transformed our lives. This book shows how the huge availability (and sometimes the unavailability) of information affects us in different ways.
The book has been written in lucid and easy-to-understand manner. For the technical people, there are mathematical equations and lots of graphs for a better and in-depth understanding. However the best thing which i liked was that, even if one is not familiar with the mathematical stuff, one can easily get the gist of what the author wants to convey. There are lots of practical, real life examples and anecdotes. There are some case studies to validate the point. All this makes the book an interesting read and an eye-opener about the impact of information in our life. This book can be specially useful for the people who are intrigued by the Internet, the world wide web, the social networks or about information in general
Earlier it was believed that information networks are similar to physical or material networks. However it is clearly shown here that information networks have unique and different properties like information can be reused, it can be easily replicated etc which are not found in the material network. Information follows the power law, i.e. a small number of entities have a high value and a large number of entities have a small value. It is such a unique and important property that it has its place in the title of the book. Information networks are non-linear since people in the network interact with each other and may be connected in loops. It is also friction-less since the feedback fully affects the information network. Studying and predicting outcomes in such networks can be extremely complex but that’s the way reality is !
In this book, ‘information’ has been analyzed from all the perspectives. Firstly information itself and its properties and how it affects us is discussed. Various parameters which affect information and different ways to model information are studied. Also how we as humans can make beneficial use of this information despite our fallacies, biases and bounded rationality makes an interesting read. Other social factors like herd mentality and satisficing behavior are analyzed with some interesting examples. Money is also in some sense, information. The book concludes on the topic how money affects the world. There is a detailed bibliography and further reading for the interested readers. Overall it’s an amazing book filled with lots of practical examples and a great read over the weekend.