Abstract
Information and communication technology (ICT) is the economic sector that is developing most rapidly in the USA and Asia and generates the greatest value added per employee. Big Data—the algorithmic discovery of hidden treasures in large data sets—creates new economic value. The development is increasingly understood as a new technological revolution. Europe could establish itself as data bank and Open Data pioneer and turn into a leading place in the area of information technologies.
This chapter is a translation of an introductory article on “Big Data—Zauberstab und Rohstoff des 21. Jahrhunderts” published in Die Volkswirtschaft—Das Magazin für Wirtschaftspolitik (5/2014), see http://www.dievolkswirtschaft.ch/files/editions/201405/pdf/04_Helbing_DE.pdf . It reproduces the FuturICT blog of September 26, 2014, see http://futurict.blogspot.ch/2014/09/big-data-powerful-new-resource-for-21st.html , with minor improvements.
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Notes
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More generally, new information and communication technologies allow us to build “smart cities”.
References
McKinsey & Company, Open data: unlocking innovation and performance with liquid information. http://www.mckinsey.com/insights/business_technology/open_data_unlocking_innovation_and_performance_with_liquid_information (2013). Accessed 28 April 2014
Y.-A. de Montjoye, E. Shmueli, S.S. Wang, A.S. Pentland, openPDS: protecting the privacy of metadata through SafeAnswers. PLoS ONE 9(7), e98790. http://www.plosone.org/article/info%3Adoi%2F10.1371%2Fjournal.pone.0098790; see also http://newsoffice.mit.edu/2014/own-your-own-data-0709, http://www.taz.de/!131892/, and http://www.weforum.org/reports/personal-data-emergence-new-asset-class (2014). Accessed 28 April 2014
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Helbing, D. (2015). Big Data—A Powerful New Resource for the Twenty-first Century. In: Thinking Ahead - Essays on Big Data, Digital Revolution, and Participatory Market Society. Springer, Cham. https://doi.org/10.1007/978-3-319-15078-9_7
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DOI: https://doi.org/10.1007/978-3-319-15078-9_7
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