Platform capitalism, big data, and data ethics

Abstract EN

-According to Marshall, “economic conditions are constantly changing, and each generation looks at its own problems in its own way” (Marshall, 1920/1946, p.

v).

Our generation’s most formidable problems are climate change and platform capitalism.

While climate change is upon us now, platform capitalism is already reconceptualizing our economy, forcing us to rethink economics, and to redefine basic terms like the firm, industry, market, monopoly, etc., that most of the economics profession has long taken for granted.

This essay explores the ramifications of platform capitalism, which like climate change, is causing a lot of angst about our rapidly changing economy and whether (and if) we can adjust fast enough, never mind control it.

After defining platform capitalism, the essay discusses its main characteristics, and how it differs from traditional markets (and firms).

It then proceeds to discuss the origins of platform capitalism and the various solutions that have been proffered, while also offering questions for discussion, especially for Islamic readers.

The essay also touches upon the urgent and concomitant need to reform economics education in this regard.