Longheld economic principles may need to be revisited from "summary" of Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger,Thomas Ramge
The fundamental principles that have guided our economic thinking for decades may no longer hold true in today's rapidly changing world. As we navigate the age of big data, it becomes increasingly clear that traditional economic models may need to be reexamined and updated to reflect the new realities of our digital era. One of the key insights of the big data revolution is the importance of information in shaping economic outcomes. In the past, economic decisions were often based on limited data and imperfect information. However, with the vast amounts of data now available, we have the potential to make more accurate predictions and better decisions than ever before. This shift towards data-driven decision-making has profound implications for our understanding of how markets work and how value is created and distributed. Traditional economic theories may not fully capture the complexity and dynamics of today's interconnected and data-rich economy. As a result, we may need to rethink some of our longheld assumptions about how markets function and how wealth is generated. F...
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