“I think the basic misconception is to speak of the so-called “best” allocation of resources. What is the best? In common economics it is defined as what would be if we knew everything. Economists operate with the fictitious assumption that all the relevant data is known, but this is totally unrealistic. Nobody knows all the data. What we have is widely dispersed knowledge, which cannot be concentrated in one mind. To call the situation—which would use all the knowledge available—“optimal” is nonsense because it is by definition a non-achievable solution. Our problem is not the full utilization of all knowledge but the best use we can achieve with any known institutional structure. In that sense, some oligopolistic (and even monopolistic situations), represent the best possible utilization of knowledge that we can achieve. Even the action of a monopolist can be extremely beneficial.”

1960s–1970s, A Conversation with Professor Friedrich A. Hayek (1979)

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Friedrich Hayek79

Austrian and British economist and Nobel Prize for Economic… 1899–1992

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“We are thus led to a somewhat vague distinction between what we may call "hard" data and "soft" data. This distinction is a matter of degree, and must not be pressed; but if not taken too seriously it may help to make the situation clear. I mean by "hard" data those which resist the solvent influence of critical reflection, and by " soft " data those which, under the operation of this process, become to our minds more or less doubtful.”

Bertrand Russell (1872–1970) logician, one of the first analytic philosophers and political activist

Source: 1910s, Our Knowledge of the External World (1914), p. 70

“We really haven't got any great amount of data on the subject, and without data how can we reach any definite conclusions? All we have — everything — favors the idea of what religionists call the "Hereafter."”

Thomas Edison (1847–1931) American inventor and businessman

Science, if it ever learns the facts, probably will find another more definitely descriptive term.

As quoted in Thomas A. Edison, Benefactor of Mankind : The Romantic Life Story of the World's Greatest Inventor (1931) by Francis Trevelyan Miller, Ch. 25 : Edison's Views on Life — His Philosophy and Religion, p. 295
1930s

“The best data we have are exactly what I would have predicted, had I nothing to go on but the five books of Moses, the Psalms, the Bible as a whole.”

Arno Allan Penzias (1933) American physicist

New York Times, March 12, 1978, as cited in Bergman 1994, 183.

““You know, old books are a big problem for us. Old knowledge in general. We call it OK. Old knowledge, OK. Did you know that ninety-five percent of the internet was only created in the last five years? But we know that when it comes to all human knowledge, the ratio is just the opposite—in fact, OK accounts for most things that most people know, and have ever known.”…
“So where is it, right? Where’s the OK? Well, it’s in old books, for one thing…—and it’s also in people’s heads, a lot of traditional knowledge, that’s what we call TK. OK and TK.” He’s drawing little overlapping blobs, labeling them with acronyms. “Imagine if we could make all that OK/TK available all the time, to everyone. On the web, on your phone. No question would go unanswered ever again.””

Robin Sloan (1979) American writer

Source: Mr. Penumbra's 24-Hour Bookstore (2012), Chapter 11 “The Spider” (p. 86; ellipses represent minor elisions of description)

“And I don't pretend to know what you know
no no
now please don't pretend to know what's on my mind
if we already knew everything that everybody knows
we would have nothing to learn tonight
and we would have nothing to show tonight
oh but everybody thinks
that everybody knows
about everybody else
nobody knows
anything about themselves
cause they're all worried about everybody else.”

Jack Johnson (musician) (1975) American musician

Wasting Time.
Song lyrics, On and On (2003)

“A person not familiar with all of the special knowledge about a particular instrument should not try to draw too many conclusions from printed data. Such data typically contains certain assumptions about the equipment not necessarily known to outsiders.”

Jerry R. Ehman American astronomer and astrophysicist

The Big Ear Wow! Signal : What We Know and Don't Know About It After 20 Years (1 September 1997); section: Vast Conclusions from "Half-Vast" Data http://www.bigear.org/wow20th.htm

“In the nuclear age we are all interdependent. The Earth is our only common home which we cannot abandon. The new suicidal situation calls for the new thinking.”

Yevgeniy Chazov (1929) Russian physician

Tragedy and Triumph of Reason (1985)
Context: Nuclear war, unless it is prevented, would lead to the extinction of life on Earth and possibly in the Universe. Can we take such a risk?
In our medical practice when we deal with a critical patient in order to save him, we mobilize all our energies and knowledge, sacrifice part of our hearts and enlist the cooperation of our most experienced colleagues. Today we face a seriously ill humanity, torn apart by distrust and fear of nuclear war. To save it we must arouse the conscience of the world's peoples, cultivate hatred for nuclear weapons, repudiate egoism and chauvinism, and create favorable atmosphere of trust. In the nuclear age we are all interdependent. The Earth is our only common home which we cannot abandon. The new suicidal situation calls for the new thinking. We must convince those who take political decisions.
Our professional duty is to protect life on Earth. True to the Hippocratic Oath, physicians will dedicate their knowledge, their hearts and their lives to the happiness of their patients and the well-being of the peoples of the world.

“The Information Age offers much to mankind, and I would like to think that we will rise to the challenges it presents. But it is vital to remember that information — in the sense of raw data — is not knowledge, that knowledge is not wisdom, and that wisdom is not foresight. But information is the first essential step to all of these.”

Arthur C. Clarke (1917–2008) British science fiction writer, science writer, inventor, undersea explorer, and television series host

As quoted in "Humanity will survive information deluge — Sir Arthur C Clarke" in OneWorld South Asia (5 December 2003) http://southasia.oneworld.net/article/view/74591/1 <br class="br">2000s and attributed from posthumous publications

“We have all been affected as composers, as teachers, as musicians by recordings to an extent that cannot possibly be calculated as yet or predicted for the future. The music which is being most widely disseminated and most widely discussed, and therefore most widely imitated and influential, is that music which is available on records. The music that is only published is very little known. I don't think one can possibly exaggerate the extent to which the climate of music today is determined by the fact that the total Webern is available on records, that the total Schoenberg is becoming available.”

Milton Babbitt (1916–2011) American composer

Quoted in Classic Essays on Twentieth-Century Music, ISBN 0028645812.

“All knowledge, the totality of all questions and all answers, is contained in the dog. If one could but realize this knowledge, if one could but bring it into the light of day, if we dogs would but own that we know infinitely more than we admit to ourselves!”

Franz Kafka (1883–1924) author

"Investigations of a Dog"
The Complete Stories (1971)
Source: The Great Wall of China and Other Stories

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