The Data Economy: Tools and Applications
By: Isaac Baley and Laura L. Veldkamp – Universitat Pompeu Fabra, Columbia University
The most valuable firms in the global economy are valued largely for their data. Amazon, Apple, Google, and others have proven the competitive advantage of a good data set. And yet despite the growing importance of data as a strategic asset, modern economic theory neglects its role. In this book, Isaac Baley and Laura Veldkamp draw on a range of theoretical frameworks at the research frontier in macroeconomics and finance to model and measure data economies. Starting from the premise that data is digitized information that facilitates prediction and reduces uncertainty, Baley and Veldkamp uncover the ways that firm-level data choices resonate throughout the broader macroeconomic and financial landscapes.
The Unaccountability Machine: Why Big Systems Make Terrible Decisions – and How The World Lost its Mind
By: Dan Davies – Bank of England
When we avoid taking a decision, what happens to it? In The Unaccountability Machine, Dan Davies examines why markets, institutions and even governments systematically generate outcomes that everyone involved claims not to want. He casts new light on the writing of Stafford Beer, a legendary economist who argued in the 1950s that we should regard organisations as artificial intelligences, capable of taking decisions that are distinct from the intentions of their members.
Management cybernetics was Beer’s science of applying self-regulation in organisational settings, but it was largely ignored – with the result being the political and economic crises that that we see today. With his signature blend of cynicism and journalistic rigour, Davies looks at what’s gone wrong, and what might have been, had the world listened to Stafford Beer when it had the chance.
The Tech Coup: How to Save Democracy from Silicon Valley
By: Marietje Schaake – Stanford University
In The Tech Coup, Marietje Schaake offers a behind-the-scenes account of how technology companies crept into nearly every corner of our lives and our governments. She takes us beyond the headlines to high-stakes meetings with human rights defenders, business leaders, computer scientists, and politicians to show how technologies—from social media to artificial intelligence—have gone from being heralded as utopian to undermining the pillars of our democracies. To reverse this existential power imbalance, Schaake outlines game-changing solutions to empower elected officials and citizens alike. Democratic leaders can—and must—resist the influence of corporate lobbying and reinvent themselves as dynamic, flexible guardians of our digital world.
Discourse on Social Planning under Uncertainty
By: Charles F. Manski – Northwestern University
Economists have long studied policy choice by social planners aiming to maximize population welfare. Whether performing theoretical studies or applied analyses, researchers have generally assumed that the planner knows enough about the choice environment to be able to determine an optimal action. However, the consequences of decisions are often highly uncertain. Discourse on Social Planning under Uncertainty addresses the failure of research to come to grips with this uncertainty. Combining research across three fields – welfare economics, decision theory, and econometrics – this impressive study offers a comprehensive treatment that fleshes out a ‘worldview’ and juxtaposes it with other viewpoints. Building on multiple case studies, ranging from medical treatment to climate policy, the book explains analytical methods and how to apply them, providing a foundation on which future interdisciplinary work can build.
