What we need, big data or big wisdom?

Big data is very popular nowadays. We must have solved all the easy to spot big problems and enter a new age of refining small issues. Or is it? We will present several examples.

Currently, international oil price is over 70 dollar per barrel. Canadian oil price is less than 50 dollar. For each barrel of oil, Canada will lose more than 20 dollars due to its lack of access to international markets. Every year, Canada loses more than 30 billion dollars on crude oil alone. Building a pipeline will solve the problem of accessing the international markets. However, due to the political environment in Canada today, it is a remote possibility to construct such a pipeline. 

Building an oil pipeline will be extremely beneficial to the Canadian society. We don’t need big data to know that.

Interest charge on credit card debts often exceeds 20%. Yield from investment on corporate debts is around 3%. Yet there is mandatory deduction to invest for retirement but no mandatory restriction on credit card debts. More than half credit card holders carry credit card debts. This is is extremely costly for people, and extremely profitable for banks. We don’t need big data to know that.

Pension deductions are paid out when we retire after 65. But these deductions reduce the amount young people can use to support raising their kids. Right now, the fertility rate in Canada is far below replacement rate. We don’t need big data to know young families need more resources. Yet pension deductions keep increasing year after year.

Important problems in our society are easy to spot. We don’t need big data to find them. What we need are big wisdom and big courage.