Datanomics

Datanomics is a concept based on the economics of the information age; the age of the data. The concept was developed by the German business woman, Paula Schwarz.
Etymology
The word is a portmanteau of data and economics.
Concept
Datanomics concept was developed by Paula Schwarz, a 2016 Forbes 30 Under 30 personality. She was also awarded the 2019 Europas Award for "Hottest Tech for Good Startup". The online newspaper www.Datanomy.Today is mainly responsible for Datanomics related notable news.
The concept states that, similar to Albert Einstein's person may have different values and different rules which are all correct for each and every one because they are relative to their own experiences. This idea can be used to develop cohesive social structures. As compared to economy, which focuses on minimum costs and high quality outputs by repetition, datanomics focuses on finding out highest impact failures in order to prevent them, and with this failure identification all problems can be solved.
A datanomics process is mainly data-driven that is undertaken before any and all actual process and therefore acts as a planning stage and takes all risks in to account.
The datanomics concept contrasts with economics in a way that it considers money only a single resource among many (instead of considering it the core resource), therefore creating the space to focus on other sectors such as health, values of individuals, education etc as resources in the system as well. As a result, the datanomics concept is able to make the available data economically useful for the project being undertaken. Giving this focus to data to gather economy allows for multiple resources as discussed above.

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