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Unbalanced data leads to obsolete economic advice

Unbalanced data leads to obsolete economic advice V T viewpoints DOI:10.1145/2774217 Gio Wiederhold Viewpoint Unbalanced Data Leads to Obsolete Economic Advice industry is recognized as being a major driver of the current economy. I am concerned about how poorly its role is understood in governmental decision making. Computer scientists do express concerns about disturbing trends.9 An early study sponsored by ACM was based on opinions, rather than data.1 Similar discussions address other high-technology engineering disciplines.2 Analyses of relevant data should be the basis for decision making. Having "big data" raises high expectations.7 But there are two related lacunae: Most analysts ignore the mechanisms that drive high technology and the intellectual origin of contents in the products being marketed. The data needed to measure the business interactions involving intellectual products within and among high technology enterprises is unavailable to economists. In this Viewpoint, I expand on these two factors, which lead to misleading advice and imbalanced decision making. Our leading economists have grown up and been educated in a time when financial capital and cheap labor were the crucial contributors to growth.8 Building aircraft, automobiles, as well as the steel mills and machine shops HE HIGH TECHNOLOGY Few computer scientists and technological workers worry about their http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Communications of the ACM Association for Computing Machinery

Unbalanced data leads to obsolete economic advice

Communications of the ACM , Volume 59 (1) – Dec 21, 2015

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References (16)

Publisher
Association for Computing Machinery
Copyright
Copyright © 2015 by ACM Inc.
ISSN
0001-0782
DOI
10.1145/2774217
Publisher site
See Article on Publisher Site

Abstract

V T viewpoints DOI:10.1145/2774217 Gio Wiederhold Viewpoint Unbalanced Data Leads to Obsolete Economic Advice industry is recognized as being a major driver of the current economy. I am concerned about how poorly its role is understood in governmental decision making. Computer scientists do express concerns about disturbing trends.9 An early study sponsored by ACM was based on opinions, rather than data.1 Similar discussions address other high-technology engineering disciplines.2 Analyses of relevant data should be the basis for decision making. Having "big data" raises high expectations.7 But there are two related lacunae: Most analysts ignore the mechanisms that drive high technology and the intellectual origin of contents in the products being marketed. The data needed to measure the business interactions involving intellectual products within and among high technology enterprises is unavailable to economists. In this Viewpoint, I expand on these two factors, which lead to misleading advice and imbalanced decision making. Our leading economists have grown up and been educated in a time when financial capital and cheap labor were the crucial contributors to growth.8 Building aircraft, automobiles, as well as the steel mills and machine shops HE HIGH TECHNOLOGY Few computer scientists and technological workers worry about their

Journal

Communications of the ACMAssociation for Computing Machinery

Published: Dec 21, 2015

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