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Transition from paper and server processing to Excel, etc. We still struggle with organizing new databases (chunks of data at a time) oEmbrace the Madness Data can (and will) make you crazy You need to get to know the data (what is junk, biases, duplicates, etc.) oIt Needs Humans Between data and real knowledge sits people…And these people have intuition, passion, and time oDon’t Torture the Data…Ask NicelyHow did big institutional investors respond to the financial crisis? It all starts with great questions “Big data is like teenage sex…everyone’s talking about it, nobody knows how to do it, and everyone thinks everyone else is doing it, but nobody is.”The Value of Information Gumball video Massive immigration can help reduce world poverty oDesperately poor in the world make less than $2 per day In Africa…650 million people In India…890 million people In China…480 million people Rest of Asia…810 million people Latin America…105 million people oAll told, there are 3 billion people in the world who are “desperately poor”oEvery year, we take 1 million and suggest that we make a difference But we don’t take the poor ones…we pull our immigrants from the “better off poor”…like Mexico 5.6 billion people live in countries that have average incomes less than Mexico Somehow we’re tackling world poverty
Svac 18 And each year, they add 80 million people into the impoverish nations We can’t make a noticeable difference…but we may be hurting the rest of the world because we’re taking the ones who are fighters/intelligent and can make a difference if they stayed. oOur immigration system gives them the belief that they should abandon their countrymen We can never get ahead of what’s happening in these other countries. oThey have to be helped where they live (99.9% of them will never be able to immigrate) Machine Age General Purpose Technologies oSteam Engine Age oElectricity Age oComputer Age Today: Productivity is High, but more Americans are unemployed and have less income oMachines can now learn and replace people in new and different ways oMillions of people are disillusioned as technology is leaving them behind Decoupling of productivity from Employment oTraditional Economics says that employment and productivity are positively correlated. Brynjoffsson argues that this is no longer true… instead, computing technology enables exponential growth in productivity Learn to Race with the Machine oIndividually, we both can accomplish a lot oCombined, we are more powerful than either system individually. oRun withtechnology, instead of against it. Three Pillars of IT Growth oDigital –once a good can be digitalized, it can be replicated with perfect quality, distributed with minimal costs, and results can be easily measured oExponential –IT has been exponentially improving over the past several decades, meaning the rate of growth itself is improving.