Hayek: Economic models in the context of a pandemic and the information society Phuah Eng Chye (24 October 2020) During the 1940s when scientific planning, conscious organization of industry and socialism were fashionable, Friedrich A. Hayek argued it was a fallacy to believe a whole economic system could be directed “according to one unified plan”. … “Hayek: Economic models in the context of a pandemic and the information society”
Tag: information and organisation
Hayek: The coordination problem, prices and information
Hayek: The coordination problem, prices and information Phuah Eng Chye (10 October 2020) “The peculiar character of the problem of a rational economic order is determined precisely by the fact that the knowledge of the circumstances of which we must make use never exists in concentrated or integrated form but solely as the dispersed bits … “Hayek: The coordination problem, prices and information”
Economics of data (Part 6: Data and poverty eradication)
Economics of data (Part 6: Data and poverty eradication) Phuah Eng Chye (26 September 2020) Poverty eradication remains an overarching objective. The United Nation’s Sustainable Development Goals calls for the ending of extreme poverty by 2030. Martin Ravallion notes poverty is perceived as “the most morally objectionable aspect of inequality, stemming mainly from economic and … “Economics of data (Part 6: Data and poverty eradication)”
Economics of data (Part 5: Tax policies)
Economics of data (Part 5: Tax policies) Phuah Eng Chye (12 September 2020) Data abundance is a prerequisite for and an outcome of scaling the levels of monetisation and exchange in society. But it also leads to the concentration of data ownership and the dominance of a handful of global platforms. This trend has broad … “Economics of data (Part 5: Tax policies)”
Economics of data (Part 4: The data economy)
Economics of data (Part 4: The data economy) Phuah Eng Chye (29 August 2020) Does the new information economy have new economics, in the long run? When the economy shifted from agrarian to industrial, economists focused on capital accumulation and removed land from production functions. As we shift from an industrial to a knowledge economy, … “Economics of data (Part 4: The data economy)”
Economics of data (Part 3: Relationship between data and value and the monetisation framework)
Economics of data (Part 3: Relationship between data and value and the monetisation framework) Phuah Eng Chye (15 August 2020) At the macroeconomic level, it is difficult to simplify the relationship between data and aggregate value. For example, the marginal revenue concept is used to explain why although data (like water) is essential, it is … “Economics of data (Part 3: Relationship between data and value and the monetisation framework)”