Poverty of attention

Was thinking about the plethora of information that's available today for carrying out specific tasks, when I was lead to an interview with Google's Chief Economist on McKinsey quarterly. According to him what's really scarce in the internet is attention. Well, isn't it true? He quotes psychologist Herb Simon - "A wealth of information creates a poverty of attention.”
That brings to me the theory of positioning. Am not referring to the marketing concept but positioning of self. Does having 500 people in your network of friends enable you achieve anything better than someone with just 50? Does quality of friends circle matter? Well, am trying to recall names of all my friends and what they do these days - 1, 2, 3, 4, 5, ....8 Oops! tough, am racking my brains for more.
As the world becomes increasingly connected, quality of friends-circle and positioning matters a lot. Bigger the circle doesn't make one effective.