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MARGINAL PRODUCT: The change in the quantity of total product resulting from a unit change in a variable input, keeping all other inputs unchanged. Marginal product, usually abbreviated MP, is found by dividing the change in total product by the change in the variable input. Marginal product lies at the very foundation of the analysis of short-run production and the subsequent explanation of the law of supply and the upward-sloping supply curve, using the law of diminishing marginal returns.

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REDUNDANT INFORMATION:

Information received by the five senses (sight, sound, taste, touch, and smell) that is old, familiar, and usual. Because redundant information is not presumed to be threatening it can be largely ignored by the automatic response that is commonly termed the "fight or flight" reaction. The alternative is novel information, which is unfamiliar and potentially threatening.
Redundant information is familiar information. A common sight. A routine sound. A ordinary touch. A recognized taste. An everyday smell. The human brain is wired to largely ignore this information. Because it is familiar, it is not threatening. It is the background canvas upon which novel information is displayed.

Novel information, in contrast, is new information. An unusual sight. A strange sound. An unexpected touch. A bizarre taste. An uncommon smell. The human brain takes immediate note of this information. Because it is unfamiliar, it might be threatening. This is information that needs to be identified quickly. It needs to stand out from the ordinary and familiar. A self-preservation reaction (fight or flight) might be needed.

Fight or Flight

An understanding of redundant information is intertwined with the fundamental, physiological response to potential threat, what is called fight or flight. The human body automatically prepares itself to fight off a potential threat or to flee away from it. Respiration increases. Pupils dilate. Brain wave activity increases. Adrenalin is pumped through the body. Heart rate increases. The human body is primed and ready to recognize the threat and to respond.

The key to this automatic response is achieved by distinguishing between what's new and different and what's old and familiar. The old and familiar is less threatening than the new and different. The human brain sorts between novel and redundant information that comes through the five senses (sight, hearing, touch, taste, and smell), attempting to discern the potential for danger.

Enjoyment Abounds

Redundant and novel information are both intrinsically satisfying. A little bit of excitement is satisfying (think a roller coaster ride). But so too is a little bit of piece and quiet (think resting after a hectic vacation). However, nothing but redundant information is incredibly boring and not particularly satisfying. And nothing but novel information is anxiety inducing, and also not very satisfying. Too much of one or the other is not a pleasant situation. A combination of the two is most enjoyable. It can maximize satisfaction.

However, different people have different preferences over the proper mix of novel and redundant information. Some prefer relatively more new and less old. Others prefer relatively more old and less new.

These individual differences give rise to entrepreneurial and managerial behavior. Those who prefer relatively more redundant information and relatively less novel information tend to pursue managerial behavior. Others who prefer relatively more novel information and relatively less redundant information tend to pursue entrepreneurial (and innovative) behavior.

Managerial Behavior

Managerial behavioral is based in large part on the satisfaction generated by, and relative preference for, redundant information. Those who are pleased by the old and familiar tend to pursue managerial behavior.

Managerial behavior is a preference for maintaining the status quo over changing it. Managerial types resist innovation. A change in institutions does not generate satisfaction for managerial types. On the contrary, satisfaction is best achieved from keeping things structured and orderly. Managerial behavior displays a relative preference for redundant information over novel information.

This behavioral alternative is well suited for keeping an existing business running smoothly and efficiently. As the name suggests, managerial types are inclined to manage, to administer, to apply existing rules and procedures. They are not absolutely opposed to change, but the change needs to be orderly and within the rules.

While managerial behavior is not conducive to creating an invention or launching an innovation throughout society, once the innovation has taken hold and becomes part of the fabric of society, it takes hold. It promotes the now "old" innovation, getting the most benefit possible. Those who are managerial inclined might not favor product innovations (new products), but process innovations (new ways of making existing products) are acceptable.

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Recommended Citation:

REDUNDANT INFORMATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2022. [Accessed: May 19, 2022].


Check Out These Related Terms...

     | novel information | behavioral alternatives | managerial behavior | entrepreneurial behavior | innovation | institution | innovation profit | technology | process innovation | product innovation |


Or For A Little Background...

     | entrepreneurship | risk | scarce resources | rational behavior |


And For Further Study...

     | economics of information | economics of uncertainty | risk preferences | alternative business cycles | creative destruction | good types | public goods | innovation and entrepreneurship | political views |


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