The United States is the country of close reading, so I don’t expect this idea to be particularly popular. But the trouble with close reading (in all of its incarnations, from the new criticism to deconstruction) is that it necessarily depends on an extremely small canon. This may have become an unconscious and invisible premiss by now, but it is an iron one nonetheless: you invest so much in individual texts only if you think that very few of them really matter. Otherwise, it doesn’t make sense. And if you want to look beyond the canon (and of course, world literature will do so: it would be absurd if it didn’t!) close reading will not do it. It’s not designed to do it, it’s designed to do the opposite. At bottom, it’s a theological exercise—very solemn treatment of very few texts taken very seriously—whereas what we really need is a little pact with the devil: we know how to read texts, now let’s learn how not to read them. Distant reading: where distance, let me repeat it, is a condition of knowledge: it allows you to focus on units that are much smaller or much larger than the text: devices, themes, tropes—or genres and systems. And if, between the very small and the very large, the text itself disappears, well, it is one of those cases when one can justifiably say, Less is more. If we want to understand the system in its entirety, we must accept losing something. We always pay a price for theoretical knowledge: reality is infinitely rich; concepts are abstract, are poor. But it’s precisely this ‘poverty’ that makes it possible to handle them, and therefore to know. This is why less is actually more.--Franco Moretti (2000) "Conjectures On World Literature."
I learned of Moretti's piece through TLS a while ago. Let's grant Moretti that close reading of texts cannot yield theoretical knowledge, if we understand by 'theoretical knowledge,' (a) knowledge of the whole 'literary system' (Moretti's term, not mine). There is, in fact, in the quoted passage a second kind of knowledge: (b) knowledge of concepts. It is unclear why Moretti equates (a) and (b). But, perhaps, all he means is that theoretical knowledge is conceptual knowledge.