Economics Dictionary of Arguments

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I 8
Data/Digitalisation/Mayer-Schönberger: in 2000, only a quarter of the information stored in the world was digital, the rest was stored on paper, music cassettes, magnetic tapes, film, records, etc.
I 9
Today it is estimated that the digital flood flow over every citizen of the world is 320 times higher of what was stored in the library of Alexandria. The amount of stored information is growing four times faster than the global economy, computer performance is growing even faster. (See Moore's Law/Morozov).
Between 1453 and 1503 it took 50 years to double the information stored in books.(1)
Today, it doubles in about three years.
I 45
Large amounts of data are usually not gathered in one place, but spread over many memories and computers.
I 46
The Hadoop software used for the investigation assumes that the data remains where it is because there are simply too many to move it.
I 47
According to some estimates, only 5% of all data are "structured", i.e. organised so that they can be included in a traditional database.
I 101
Data/Mayer-Schönberger: become no less when you use them, unlike most material goods. They are therefore referred to as a "nonrivalising" good. The value of the data is therefore much more than what is extracted the first time it is used.
I 103
Mayer-Schönberger thesis: it could be helpful to compare data with the physical concept of energy (potential or stored energy).
I 104
Innovative use of data: search terms are a classic example of innovative reuse of data. (...) Previously used search terms can become extremely valuable later.
I 107
Reuse of data: sometimes different amounts of data are brought together, which were collected for very different reasons. For example, the question of whether frequent use of mobile phones influences the probability of cancer has been investigated.
I 108
In the end, there was no correlation. (2)
I 113
Comprehensive Data/Data Exhaust/Mayer-Schönberger: "comprehensive data" refers to information about user behavior such as ignoring suggestions, the time spent on a page or subpage, and so on. This data is very valuable and influences what is shown to us by search engines.
I 120
Value of data: is very difficult to quantify, as we no longer only have to consider the primary use, but the many possibilities of future reuses.

1. Eisenstein, Elizabeth L. The Printing Revolution in Early Modern Europe. Cambridge University Press, 1993.
2. Danish Cancer Society study—Patrizia Frei et al., “Use of Mobile Phones and Risk of Brain Tumours: Update of Danish Cohort Study,” BMJ 343 (2011) (, and interview with Cukier, October 2012.

Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

MSchoen I
Viktor Mayer-Schönberger
Big Data: A Revolution That Will Transform How We Live, Work, and Think New York 2013

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