The new information economy: Productivity and innovation in the age of big data
Director, McKinsey Global Institute
Director, Global Information Industry Center, University of California, San Diego
Senior Fellow, Kauffman Foundation
Author, "Macrowikinomics: Rebooting Business and the World"
US Business Editor, The Economist
The era of big data presents incredible opportunities -- smarter cities, stronger companies, faster medicine -- but just as many challenges. Storage is scarce, systems overloaded, governments and businesses know too much. The world now contains unimaginably vast amounts of digital information, which is growing exponentially. Managed well, this data can be used to engineer new engines of economic value, unlock scientific breakthroughs, and hold politicians accountable. Managed poorly, it can cause great harm.
The financial crisis showed that complex models that analyze large quantities of data do not always reflect financial risk in the real world. The financial crisis was sparked by big data -- and there will be others. But the data deluge will also generate millions of new ideas for how to solve big problems, build new markets, and expand existing ones. Ideas Economy: Information is a fresh look at knowledge management for the information age.
The Economist will bring together theorists, strategists, and innovators who understand how to harness data to create value and advance individual, corporate, and social good. We will sift through the vast quantities of current thinking on data to uncover the best ways forward. And we will apply the lessons of the Ideas Economy, about innovation, human capital, and intelligent infrastructure, to uncover new sources of growth and accelerate human progress across the globe.
Matthew Bishop is the U.S. business editor and New York bureau chief of The Economist. His new book, The Road from Ruin: How to Renew Capitalism and Put America Back on Top, with Michael Green, was published by Crown in February 2010. Philanthrocapitalism, his previous book (also with Mr. Green) was on the global revolution under way in philanthropy. Mr. Bishop is also the author of Essential Economics, The Economist's official layperson's guide to economics.
Roger Bohn is the Director of the Global Information Industry Center at the University of California, San Diego.
Paul Kedrosky is a Senior Fellow at the Kauffman Foundation.
Dr. James Manyika is a director of the McKinsey Global Institute (MGI), McKinsey & Company’s business and economics research arm, and one of its three global co-leaders. James is also a director (senior partner) at McKinsey, where he is one of the leaders of McKinsey’s Global High Tech, Media and Telecom Practice. Based in Silicon Valley, for the past 18 years he has worked with many of the world’s leading software, systems, Internet, media, and communications companies on a variety of issues, including strategy, innovation, and helped companies outside of the tech sector fully leverage technology for business transformation. James serves on the McKinsey’s global committee that reviews and elects directors of the Firm.
Don Tapscott is one of the world's leading authorities on innovation, media and the economic and social impact of technology. He is an internationally sought writer, consultant and speaker on business strategy and organisational transformation. His clients include top executives of many of the world's largest corporations and government leaders from many countries. Mr. Tapscott has been named one of the 50 most influential living management thinkers in the world by Thinkers50. The influential Washing Technology Report called him the most influential media authority since Marshall McLuhan.
Mr. Tapscott has authored or co-authored 14 widely read books, including the 1992 bestseller Paradigm Shift. His 1995 hit The Digital Economy changed thinking around the world about the transformational nature of the Internet and two years later he defined the Net Generation and the "digital divide" in Growing Up Digital. His 2000 work, Digital Capital, introduced seminal ideas like "the business web" and was described by BusinessWeek as "pure enlightenment." Wikinomics: How Mass Collaboration Changes Everything was the best-selling management book in 2007 and translated into over 25 languages. The Economist called his newest work Macrowikinomics: Rebooting Business and the World a "Schumpeter-ian story of creative destruction" and the Huffington Post said the book is "nothing less than a game plan to fix a broken world." Over 30 years he has introduced many ground-breaking concepts that are part of contemporary understanding and language.
Roger Bohn, director of the Global Information Industry Center at the University of California San Diego, argues that amid the hype surrounding the great data revolution, the importance of knowledge is being forgotten.