Generating Big Data in (Micro)Economics

Abstract

One can expect the economics profession to gravitate towards microeconomics after the big data revolution is completed. The term big data refers to unconventionally large data streams from many sources to a bunch of (not necessarily known) recipients. Relying on aggregate relations by disregarding underlying dynamics is a suboptimal when the micro data is available. Via an international organization, all costs could be decreased, and gains could be increased with global optimization of the big data just like the International Space Station (ISS). Big data is a completely new way of practice, and it must develop its own ethical standards. A few economies such as Turkey can be pioneers in terms of big data utilization in economic research if necessary technical, practical, and legal steps are taken.