Are We All Being Fooled by Big Data?
Article by Michael Moritz
These days our entire lives revolve around predictions. Government departments project the cost of health exchanges, the rate of economic growth, next year’s crop yields, the future birth rate and the arms buildup of unfriendly countries. Websites and retailers anticipate what we want to find and buy; oil companies gauge the best sites for drilling; pharmaceutical companies assess the probable efficacy of molecules on a disease; while, in the background, the bobble-heads on television incessantly spew out largely irrelevant and inaccurate forecasts. In the meantime, we busy ourselves with personal projections. How long will our commute take? When will the turkey be golden? How much will the price of a stock rise? What will the future value be of a law degree?