Benefits of “Big Data”
- “big data” has numerous micro- and macroeconomic benefits
- Micro benefits:
- data aggregation of all varieties has powerful social and economic benefits that are sometimes invisible to consumers and citizens but are nonetheless enjoyed by them
- big data can positively impact the 3 key micro variables – quality, quantity & price – and benefit consumers / citizens in the process
- Macro benefits:
- Data is the lifeblood of the information economy and it has an increasing bearing on the global competitiveness of companies and countries
- In the old days, when we talked about comparative and competitive advantage, the focus was on natural resources, labor, and capital.
- Today, we increasingly talk about another variable: information
- Data is increasing one of the most important resources that can benefit economic growth, innovation, and the competitive advantage of firms and nations.
- of course, “big data” also raises big privacy concerns for many groups and individuals
- this has led to calls for regulatory action and virtually all levels of government – federal, state, local, and international – are considering expanded controls on data collection and aggregation