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Application of Big Data in Economic Policy
Abstract
Now-a-days main factor of any information in different fields is data. Different database like relational, object-oriented database is very different from traditional database in case of data retrieval, data management and data updation. So, Data mining is a process of extracting hidden knowledge or useful pattern from huge amount of data in case of efficient databases. As amount of data increases day by day, so it is very difficult to manage related data to different fields. Big data analysis takes a major role for accessing, managing and manipulating of both structured and unstructured data. It is possible to transform business, government and other aspects of the economy by big data. In this chapter, we discuss how big data analytics can be applied in economic policy of government and private sector for making better decision. Here we can use map-reduce programming model provided by Hadoop for analysis of big data in economic policy management.
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