Why Big data Won’t Save Central Planners from the Knowledge Problem

Among statisticians, economists, and business executives, “Big Data” is all the rage. Large and detailed data sets that, until recently, couldn’t even be stored on a computer are now managed and analyzed using innovative statistical techniques. Hopes are high that these advances will improve scientists’ ability to predict human behavior. Some enthusiasts even speculate that … Continue reading Why Big data Won’t Save Central Planners from the Knowledge Problem