In this Plenary talk at ISIT in St. Petersburg, Russia, Dr. Szpankowski discusses how Shannon information theory aims at finding fundamental limits for storage and communication. In the 70's, the information theory community started investigating rates of convergence to these limits, initiating precise analysis of their second-order asymptotics. However, we shall argue that information theory needs to be reinvigorated to meet today's challenges in biology, economics, modern communication, and knowledge extraction, focusing on elements of time, space, structure, and context.

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