Economics, as a discipline, has been based on several assumptions over the years, and the evolution of Big Data and the “Internet of Things” (IoT) is rapidly proving that one of the basic tenets of textbook economics is obviously flawed. One of the most discussed concepts in the information technology world these days is the concept of the “Internet of Things” (IoT). This is the term for the growing inter-connectivity of various devices, sensors and various parts within other hardware or, in other words, “things.” The IoT includes: Internet home security cameras that display images from the front door of a house on a smart phone; sensors in engines and machines that send data to other engines and machines; and about any other connection tha...