History has taught us that a leap in innovation is central to economic transformation. Humanity has gone through several notable economic transformations driven by innovation, from the Gutenberg press and the printing revolution that followed, to the assembly line and the Industrial Revolution. Today, society is witnessing the emergence of the data-driven economy and the industrialization of the very process of learning.
Although the data-driven economy is the successor to economic transformations of the past, many facets of it are unlike anything humanity has witnessed before. In this video, CIGI Senior Fellow Dan Ciuriak explains that there are at least five important ways that the data-driven economy is different than economic frameworks of the past: asymmetries in access to data (the central feature of the data-driven economy), the role of machine learning, rapidly increasing market concentration, new forms of trade and exchange value, and a new degree of systemic risk.
Coming to grips with these five features in a timely manner is of utmost importance to policy makers across the globe.