Instant economics promises better, timelier and more rational decision-making. But it also brings dangers
, the age of bewilderment is starting to give way to greater enlightenment. The world is on the brink of a real-time revolution in economics, as the quality and timeliness of information are transformed. Big firms from Amazon to Netflix already use instant data to monitor grocery deliveries and how many people are glued to “Squid Game”. The pandemic has led governments and central banks to experiment, from monitoring restaurant bookings to tracking card payments.
These trends will intensify as technology permeates the economy. A larger share of spending is shifting online and transactions are being. Real-time payments grew by 41% in 2020, according to McKinsey, a consultancy . More machines and objects are being fitted with sensors, including individual shipping containers that could make sense of supply-chain blockages.
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