  We consider state-aggregation schemes for Markov chains from an
information-theoretic perspective. Specifically, we consider aggregating the
states of a Markov chain such that the mutual information of the aggregated
states separated by T time steps is maximized. We show that for T = 1 this
approach recovers the maximum-likelihood estimator of the degree-corrected
stochastic block model as a particular case, thereby enabling us to explain
certain features of the likelihood landscape of this popular generative network
model from a dynamical lens. We further highlight how we can uncover coherent,
long-range dynamical modules for which considering a time-scale T >> 1 is
essential, using synthetic flows and real-world ocean currents, where we are
able to recover the fundamental features of the surface currents of the oceans.
