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Published Paper Details:
Economic Disparity And Ethical concern Associated With Big Data
Authors
Agastya Chordia
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Keywords
ethical, concerns, big data, artificial intelligence, machine learning, economic disparity, market manipulation, analytics, General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA)
Abstract
The rapid growth of big data analytics has transformed various sectors such as healthcare, finance, and marketing by enhancing decision-making, operational efficiency, and service personalization. However, this rapid growth also raises significant ethical issues that need to be addressed to ensure responsible usage. This paper examines three primary ethical concerns: economic disparity, market manipulation, and privacy invasion. The paper explores how big data can exacerbate economic inequality by reinforcing existing biases and providing disproportionate advantages to those with access to extensive data resources. It examines the implications for marginalized communities and the potential for data-driven policies to widen the economic gap. The analysis highlights how big data facilitates manipulative market practices, such as personalized pricing and targeted advertising, which can exploit consumer behaviour and undermine fair market competition. It investigates the ethical ramifications of these practices and their impact on consumer trust and market integrity. The paper addresses the pervasive issue of privacy invasion, discussing how extensive data collection and analysis can lead to significant breaches of personal privacy. It considers the balance between data utility and individual rights, evaluating the effectiveness of current data protection measures. By applying ethical theories such as utilitarianism, deontology, and virtue ethics, the paper provides a nuanced understanding of these challenges and underscores the need for robust ethical frameworks. The paper also reviews current regulations like GDPR and CCPA, highlighting regulatory gaps and proposing best practices, and policy recommendations to mitigate these challenges. Ultimately, this paper aims to emphasize the ethical concerns in big data practices and suggest strategies for fostering a more equitable and transparent data-driven economy.
IJCRT's Publication Details
Unique Identification Number - IJCRT2407577
Paper ID - 264836
Author type - Indian Author
Page Number(s) - f8-f22
Pubished in - Volume 12 | Issue 7 | July 2024
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No Of Downloads - 4
Author Country - India, 400054, Mumbai, Mumbai, 400054, Commerce and Management, MBA All Branch
Publisher Name - IJPUBLICATION | www.ijcrt.org | ISSN : 2320-2882
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Agastya Chordia, "Economic Disparity And Ethical concern Associated With Big Data", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.12, Issue 7, pp.f8-f22, July 2024, Available at :http://www.ijcrt.org/papers/IJCRT2407577.pdf
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ISSN: 2320-2882 Impact Factor: 7.97 and ISSN APPROVED Journal Starting Year (ESTD) : 2013
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