A Quote by Clive Granger
Rob Engle and I are concerned with extracting useful implications from economic data, and so the properties of the data are of particular importance.
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There are many types of economic data, but the type considered by Rob Engle and myself is know as time series.
Data by itself is not useful. Data is only useful if it can be applied for public benefit.
Machine learning and artificial intelligence applications are proving to be especially useful in the ocean, where there is both so much data - big surfaces, deep depths - and not enough data - it is too expensive and not necessarily useful to collect samples of any kind from all over.
The biggest mistake is an over-reliance on data. Managers will say if there are no data they can take no action. However, data only exist about the past. By the time data become conclusive, it is too late to take actions based on those conclusions.
Rule 1. Original data should be presented in a way that will preserve the evidence in the original data for all the predictions assumed to be useful.
The data are what matter in economics, and the more ruthlessness that an economist can summon to make sense of the data, the more useful his findings will be.
One of the myths about the Internet of Things is that companies have all the data they need, but their real challenge is making sense of it. In reality, the cost of collecting some kinds of data remains too high, the quality of the data isn't always good enough, and it remains difficult to integrate multiple data sources.
A data scientist is that unique blend of skills that can both unlock the insights of data and tell a fantastic story via the data.
Data isn't information. ... Information, unlike data, is useful. While there's a gulf between data and information, there's a wide ocean between information and knowledge. What turns the gears in our brains isn't information, but ideas, inventions, and inspiration. Knowledge-not information-implies understanding. And beyond knowledge lies what we should be seeking: wisdom.
Data!data!data!" he cried impatiently. "I can't make bricks without clay.
Go out and collect data and, instead of having the answer, just look at the data and see if the data tells you anything. When we're allowed to do this with companies, it's almost magical.
There is a reasonable concern that posting raw data can be misleading for those who are not trained in its use and who do not have the broader perspective within which to place a particular piece of data that is raw.
Biases and blind spots exist in big data as much as they do in individual perceptions and experiences. Yet there is a problematic belief that bigger data is always better data and that correlation is as good as causation.
Any time scientists disagree, it's because we have insufficient data. Then we can agree on what kind of data to get; we get the data; and the data solves the problem. Either I'm right, or you're right, or we're both wrong. And we move on. That kind of conflict resolution does not exist in politics or religion.
People think 'big data' avoids the problem of discrimination because you are dealing with big data sets, but, in fact, big data is being used for more and more precise forms of discrimination - a form of data redlining.
In my view, our approach to global warming exemplifies everything that is wrong with our approach to the environment. We are basing our decisions on speculation, not evidence. Proponents are pressing their views with more PR than scientific data. Indeed, we have allowed the whole issue to be politicized-red vs blue, Republican vs Democrat. This is in my view absurd. Data aren't political. Data are data. Politics leads you in the direction of a belief. Data, if you follow them, lead you to truth.
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