Showing posts with label cesar hidalgo. Show all posts
Showing posts with label cesar hidalgo. Show all posts

26 September 2012

Evolution of the wealth of nations

One of the biggest tensions in economics is between a top-down macro view of the economy and a bottom-up micro view of the economy. César Hidalgo (and here) is pursuing a very visual and data oriented approach to economic thinking which allows him to get the best of both worlds.

We have always had this tension of understanding the world, at small spatial scales or individual scales, and large macro scales. In the past when we looked at macro scales, at least when it comes to many social phenomena, we aggregated everything. Our idea of macro is, by an accident of history, a synonym of aggregate, a mass in which everything is added up and in which individuality is lost. What data at high spatial resolution, temporal resolution and typological resolution is allowing us to do, is to see the big picture without losing the individuality inside it.

I believe that in the future, macro is going to be something that is going to be in high-definition. You're going to be able to zoom in into these macro pictures and see that neighborhood, and see that person, and understand that individual, and to have more personalized interactions thanks to the data that is becoming available. I think that in some sense, big data can help recover the humanity of a world in which the scientific representations of people have become dehumanized, because of our need to simplify.

César Hidalgo

César talks about his work here. The Observatory of Economic Complexity is here. His TED talk from 2010 is also very interesting. Watch his TED talk after the jump. It's all about lego and putty.