Just came across the following blog post/essay which I found very nice to read:
Tyranny of the Power Law (and Why We Should Become Eclectic)
“(…) However, as a normative or prescriptive approach to how things shouldwork, I believe that the gaining popularity of the power law holds some dangers as well as benefits. After all, should we find it acceptable — even if it is an accurate description of how things really are — that the top 20% of people control 80% of the wealth in a society? Is it really a good idea that a few ‘hits’ (often ginned up to be that way rather than by popular demand) swamp out more meritorious ‘misses’? Is it really ultimately beneficial, efficient, or rational for a society to have a few people at the top of the power law — at least those who got there by inherited privilege and/or genetic accident — hold sway over the lives of the many who live down along the ‘long tail’ of the power law? (…)”
This post raises some interesting questions and valid points. However, we should not forget they can be useful tools. And well, I think some more work relating Power Law and EC can/should be done! ;-)
Jorge Tavares Notes 