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"Academic Mayer-Schönberger and editor Cukier consider big data the new ability to crunch vast collections of information, analyze it instantly, and draw conclusions from it. Big data is about predictions: math applied to large quantities of data in order to infer probabilities. Because big data allows us to analyze far more data, we will move beyond expecting exactness and can no longer be fixated on causation. The authors state, The correlations...
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In modern history, the story of capitalism has been a story of firms and financiers. That's all going to change thanks to the Big Data revolution. As Viktor Mayer-Schönberger, bestselling author of Big Data, and Thomas Ramge, who writes for The Economist, show, data is replacing money as the driver of market behavior. Big finance and big companies will be replaced by small groups and individual actors who make markets instead of making things: think...
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