Around that time, other academics inspired by Simon's perspective such as Michael H. Simon died in 2001, having won the Turing Award and the Nobel Prize in Economics over the course of his life. He noted that in an information-rich world, a wealth of information results in a poverty of attention. Simon receives credit as perhaps the first person to describe the dynamics at work in the attention economy. Who Coined the Phrase "Attention Economy"?Īmerican psychologist and economist Herbert A. From newspaper salespeople shouting on street corners to commercials we can't skip and news feeds determined by algorithms, the efforts to capture our attention are ever-changing. Non-profits and political organizations alike also compete for our focus. Our attention is a scarce resource, and the question facing many businesses is how to obtain it. We all have a limited set of time to walk this earth, which makes our time inherently precious. We're offered information that may be financially free, but we pay with our attention. In the attention economy, the currency is our attention.
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