Big Data, Social Media and the Information Economy: Three Quotes to Reflect Upon

 “Only 3% of potentially useful data is tagged, and even less is analyzed.”

According to IDC, in a report that argues the biggest challenge related to Big Data is the prevalence of unstructured data, which makes metadata tagging more labor-intensive and time-consuming.

“The Impact of new technologies is invariably misjudged because we measure the future with yardsticks from the past.

–According to Stephen Baker in a New York Times opinion article on how social networks’ “matrix of humanity” is not having the expected revolutionary effect on marketing and advertising. Baker believes though that “it’s bound to spawn new industries in consulting, education, collaborative design, market research, media and loads of products and services yet to be imagined.”

“There’s this idea that whoever has the biggest computer can analyze everyone else to their advantage and concentrate wealth and power. [Meanwhile], it’s shrinking the overall economy.”

–According to Jaron Lanier in an interview with Smithsonian, where he argues that the so-called information economy and the belief that “information wants to be free” are having a disruptive effect on the middle class while further entrenching industrial power.

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