Measuring with Exogenous Data (MED), and Government Economic Monitoring (GEM)

Abstract

ABSTRACT The emergence of enormous disparate data sources, available in a multitude of alternate formats, and on very different devices, is leading to a business process revolution. This paper argues for a new approach in which these technologies are used to replace outdated blanket government intervention programs. Highly targeted interventions for social programs identified and addressed by Big Data-based methodologies would replace outdated government programs. This approach advocates for original detective methodologies, direct government action, and outcome monitoring all of which utilize Big Data-based frequent examination. The government would be in a privileged situation where it could obtain data not available to most other parties due to privacy laws. The data structures of the government would be protected by encryption and blockchain privacy-protection methodologies that would only reveal targeted outcomes to the direct-action agent. These same methodologies are applicable for business measurement (accounting) and assurance (audit).