Information age: what happens to the "cognitive surplus?"

Making the rounds in support of his new book, Here Comes Everybody, digital media theorist Clay Shirky has been asking some provocative questions lately - for example, is there a cognitive surplus waiting to be tapped

Put another way - and I think this is a Shirky formulation from several years ago and a question for which I certainly have no answers - what happens to society when everything knowable can be known? He elaborates on these and other issues in the video above.