Industrial organization and labor economists can help to quantify the impact your platform is having on the broader economy. Can economics improve your management practices and decision making? Economists study incentives, and tech companies have many fascinating and important incentive design problems — ranging from setting a wage structure for a sales team to determining which markets to enter.
This can have important implications. How are you thinking about your data assets? Data is a critical strategic asset for most technology firms, and there are many economic decisions involved, ranging from decisions about retaining and acquiring data, to products and partnerships that generate or create access to different types of data, to whether a firm should try to sell data in some form as an additional business line.
Economic models can be used to value data, including its impact on competitive strategy. Beyond questions of how data can be used to improve platform design, economists might also contribute to the question of how data can be used to shed light on the world.
For example, tech data can inform policy and complement standard government data. Tech data can also be used to develop valuable analytics packages, or result in new products entirely. Getting involved in these discussions, when you think you have unique insights, can be fulfilling, allow you to discover new facts, and to understand what unique perspective your company has. Using Yelp data to understand the minimum wage helps policymakers, while also helping Yelp to understand its own data and have a seat at the broader policy table — allowing it to do well by doing good.
Many tech companies have similar slices of data that they can use to help understand and improve the world around them, and some, such as Google Google Trends , Zillow, and others, have created free data sets that are available to researchers around the world, or open APIs that researchers may access for low cost.
For companies looking to create or scale a team of economists, these questions should give a sense of how the economics toolkit might fit into the broader set of problems the company is working on. You have 1 free article s left this month. You are reading your last free article for this month. Subscribe for unlimited access. There are approximately people employed as a Economists.
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