Data Science in Economics and Finance for Decision Makers
First published:
ISBN: 978-1-78272-394-3
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Digitalisation and transformation in economics and finance
Foreword
Introduction
Digitalisation and transformation in economics and finance
Big data for policymaking in economics and finance: the potential and challenges
Quality matters: for insightful quality advice, get to know your big data
Statistics and machine learning: variations on a theme
Advanced statistical analysis of large-scale Web-based data
Text analysis
Prudential stress testing in financial networks
Data visualization: developing capabilities to make decisions and communicate
Data science in economics and finance: tools, infrastructure and challenges
Data science and machine learning for a data-driven central bank
Large-scale commercial data for economic analysis
Artificial intelligence and data are transforming the modern newsroom: a Bloomberg case study
Implementing big data solutions
A borderless market for digital data
Legal/ethical aspects and privacy: enabling free data flows
Assessing the trustworthiness of artificial intelligence
“Big tech”, journalism and the future of knowledge
EVOLVING DIGITAL DATA
In his 1859 book On the Origin of Species, Charles Darwin published his theory of evolution by natural selection, whereby successful species adapt to changing environments, and those that fail to change die off.
Likewise, innovations and digitalisation and their subsequent application influence our lives: the way we operate, socialise and interact (as individuals or as private firms) with public authorities and market operators and regulators. The ability to adapt to changes seems to be fundamental for survival, whether it be species, cultures, societies or institutions and firms.
While Darwinian adaptation may take several generations, the speed of digital adaptation has been significantly faster. For instance, in 2019 the market capitalisation of the “big five” digital technology firms11 The FAANG firms: Facebook, Apple, Amazon, Netflix and Google. was approximately €3 trillion, significantly larger than the total gross domestic product of the United Kingdom or France at that time (£2.2 trillion and €2.4 trillion, respectively). This means that the value of these five firms is larger than the total value of all the goods and services produced by an
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