Workplace Skills in Digital Age (Part 3)
A special sector of the digital economy is data science, data analytics and Big Data. In a new book by Viktor Mayer-Schonberger and Thomas Range entitled Reinventing Capitalism in the Age of Big Data, two provocative, interrelated arguments are made as examined by John Thornhill in his column in the Financial Times (April 3, 2018) entitled “Digital superstars threaten traditional companies.” There are two trends described in the book. First, data have largely superseded price as the most effective signaling mechanism in the economy. Second, data-rich markets will increasingly render the traditional company obsolete, with massive consequences for our economies and workforces.