Big data: Measuring how information technology can improve the economic growth and better life

Abstract

Today data are equivalent of oil or gold, but Succeeding with big data requires more than just data. Data-based value creation requires the identification of a framework from which predictions can be deducted and decisions can be made. Lot of index has been developed to measure the state of development of countries whether economic growth, ICT penetration or Human development. The purpose of the measuring was to assess policy implications and economic growth around the globe as well as share best practices. In this paper we are going to compare the most wildly tools of measurement of economic competiveness, Network readiness, Human development and world press freedom. Those four domains are judged to be the pillars of well-being and good live of a Human. In the second part of this paper, we examine the hypothesis that ICT penetration has positive effects on economic growth, well-being and a better life of a Human. We use the system Generalized Method of Moment for dynamic panel data analysis to extract the causal link between ICT penetration and growth.