Big Data, Cognitive Extension, Self-Organizing Processes and Economic Development
Let me use this space to discuss about some of the main topics of my PhD thesis: “Big Data, Cognitive Extension, Self-organizing Processes and Economic Development”. My research was born as an effort to improve my comprehension of the emerging phenomenon “Big Data” and its potential impacts on the Economy, in particular Economic Development and fight against poverty. Big Data include in the first place data generated by billions of people in a decentralized way through the Social Media. Another important aspect of Big Data is the evolution of the services and business processes due to the Digital Transformation, and last, but not least, we should also consider the growing data flow originated by the Internet of Things.
The first question was targeted to exploring to what extent the current economic theories could be used as a basis for analyzing this new disruptive phenomenon, especially since many experts in the new age of Big Data are skeptical about possibility of fitting it within the existing theoretical framework due to some features that come with this phenomenon, such as: free services, shared ownership, network creativity, serendipity in social networks, hybrid decision systems, etc. Due to the complex nature of the problem, the thesis is divided into two parts. The first part explores how the phenomenon of Big Data may fit within Economic Theory. The second part complements the first one by identifying some key elements of the Big Data and their impact on Economic Development.
Among the theoretical mainstream reviewed in the first part are the Theories of Economic Growth (Neoclassical, Keynesian and Evolutionist) that recognize the generation of knowledge as a primary motor of growth. Aside from already mentioned theories, this work also analyzes Theories of Economic Development rooted in the ideas of pioneering authors such as Adam Smith, Karl Marx or the first economists of the Austrian School, which mainly focused on social institutions and human organization.
