Traditional economic assumptions may no longer hold from "summary" of Reinventing Capitalism in the Age of Big Data by Viktor Mayer-Schönberger,Thomas Ramge
The fundamental tenets that have underpinned our economic thinking for centuries - assumptions about scarcity, supply and demand, and the rationality of human behavior - are being challenged in the age of big data. The deluge of data that we now have access to allows us to see patterns and connections that were previously invisible to us. This newfound capability to analyze vast amounts of information has far-reaching implications for how we understand and approach economic issues. Traditional economic models are built on the assumption of scarcity - that resources are limited and must be allocated efficiently. However, in a world where data is abundant and constantly flowing, the concept of scarcity is being redefined. With the proliferation of data, new opportunities for innovation and value creation emerge, challenging...
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