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Big Data: An Institutional Perspective on Opportunities and Challenges

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  • Baban Hasnat

Abstract

The data revolution is already reshaping how knowledge is produced, business conducted, humanitarian assistance handled, public officials elected, and governance enacted. Economists rely on data to describe, interpret, and forecast economic activity. Despite the rich tradition of using large datasets, institutional economics have shied away from big data. This article describes, reviews, and reflects on big data, with a particular focus on economic development. It illustrates the vast opportunities and challenges for big data as an important tool for the benefit of the public. It suggests that big data and data analytics, if used properly, can provide real-time actionable information that can be used to identify problems and needs, offer services, and provide feedback on the effectiveness of policy action.

Suggested Citation

  • Baban Hasnat, 2018. "Big Data: An Institutional Perspective on Opportunities and Challenges," Journal of Economic Issues, Taylor & Francis Journals, vol. 52(2), pages 580-588, April.
  • Handle: RePEc:mes:jeciss:v:52:y:2018:i:2:p:580-588
    DOI: 10.1080/00213624.2018.1469938
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    Cited by:

    1. Lei Wang & Mengke Yang & Zulfiqar Hussain Pathan & Shafaq Salam & Khuram Shahzad & Jianqiu Zeng, 2018. "Analysis of Influencing Factors of Big Data Adoption in Chinese Enterprises Using DANP Technique," Sustainability, MDPI, vol. 10(11), pages 1-16, October.
    2. Grazia Dicuonzo & Graziana Galeone & Erika Zappimbulso & Vittorio Dell'Atti, 2019. "Risk Management 4.0: The Role of Big Data Analytics in the Bank Sector," International Journal of Economics and Financial Issues, Econjournals, vol. 9(6), pages 40-47.
    3. Di Wu & Zhenning Xu & Seung Bach, 2023. "Using Google Trends to predict and forecast avocado sales," Journal of Marketing Analytics, Palgrave Macmillan, vol. 11(4), pages 629-641, December.
    4. Samuel B. Condic & Roger Morefield, 2021. "Hayek on the essential dispersion of market knowledge," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 34(4), pages 449-463, December.
    5. Huaiwen ZHANG & Adnan Khurshid & Xinyu WANG & Alina Mirela BĂLTĂŢEANU, 2021. "Corporate Financial Risk Assessment and Role of Big Data; New Perspective Using Fuzzy Analytic Hierarchy Process," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(2), pages 181-199, June.

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