Google Economics: Data – Complex Models – well-informed Policy Making

Rebuilding Macroeocnomics present its main findings from the Data Study Group with Doyne Farmer, Claire Connellly and Carla Coburger at the 2020 Data for Policy conference.

Current economic data collection methods are not equipped for the  digital economy of the 21s t century. Data collection cannot be  separated from the development of economic models – the two must proceed  hand-in-hand.

We envision the concept of “Google Economics”: a world where data is  publicly available and searchable by type and category on any device, by  anyone. In a world of big data, artificial intelligence and the  Internet of Things, (concepts we will explain in detail in further  chapters), we envision collecting enough data and curating it in a way  that any person could point their smartphone at a building and it would  tell you about all of the economic activity occurring within its walls,  including:

• The flow of goods and services moving in-and-out of the building
• Stocks and flows of capital
• The web of contracts linking the activities and relationships between employers, staff, vendors, 
distributors, financiers etc.
• Demographics and occupational capabilities: wealth and poverty
• Ownership
• The ecology of innovation: identifying the thinkers influencing economic activity
• Identifying the physical and environmental impacts of economic  activity: how much carbon is 
being emitted, or exploring how  accomplished recycling programs and activities have been

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More information here: https://dataforpolicy.org/data-for-policy-2020-special-track/#1582004349607-5d606649-91313