Sociomeeting: Monitoring the Economy with Big Data and Alternative Methods

The surge of big data has dramatically transformed the way we approach business and economics. 

Traditional methods are increasingly insufficient to capture the complexity of modern economies, especially given the influx of vast, real-time data. This presentation will explore how interdisciplinary approaches can significantly enhance our ability to measure, track, and understand economic activity. I will discuss recent research projects conducted at the European Commission Joint Research Center, along with potential future research directions and opportunities for cross-disciplinary collaboration to address pressing socioeconomic challenges. A particular focus will be on developing timely indicators to provide insights into the current state of national and regional economies. Additionally, we will explore alternative data sources, such as seismic data, to monitor regional economic activity, and leverage text-based data to construct sentiment and emotional indicators for short-term economic and financial forecasting.