--- title: "Meaning & Key Takeaway of: The new economy requires consumers with…" description: "\"“The new economy requires consumers with spending power – just as the old one did. Yet much like the farmer who eats his seed corn, Big Data is gobblin..." image: "https://sms4smile.com/quotes/i/9ed/edward-luce-10080_economics_the-new-economy-requires-consumers-with_1694001.jpg" --- # The new economy requires consumers with spending power –… ![“The new economy requires consumers with spending power – just as the old one did. Yet much like the farmer who eats his seed corn, Big Data is gobbling up its source of future revenue.” quote by Edward Luce](https://sms4smile.com/quotes/i/9ed/edward-luce-10080_economics_the-new-economy-requires-consumers-with_1694001.jpg) [Download](https://sms4smile.com/quotes/i/9ed/edward-luce-10080_economics_the-new-economy-requires-consumers-with_1694001.jpg) [Open image](https://sms4smile.com/quotes/i/9ed/edward-luce-10080_economics_the-new-economy-requires-consumers-with_1694001.jpg) > ““The new economy requires consumers with spending power – just as the old one did. Yet much like the farmer who eats his seed corn, Big Data is gobbling up its source of future revenue.”” [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Modern economy depends on consumer spending; Big Data consumes future revenue sources like a farmer eating seed corn. **In simple terms:** Data consumes future earnings. Key Takeaway Balance data use with sustainable revenue. Themes economy big data consumer power Mood analytical critical Type economic technological When to use this quote - business strategy - policy making - technology investment Key Concepts data economics resource management Questions to Reflect On - How can firms protect future revenue? - What ethical limits apply to data exploitation? A Different Perspective Overreliance on data may erode long‑term profits. ★ ★ ★ ★ ★ No ratings yet [Big Data](https://sms4smile.com/quotes/about/big-data/) [Consumers Spending](https://sms4smile.com/quotes/about/consumers-spending-486603/) [Data Gobbling](https://sms4smile.com/quotes/about/data-gobbling-1083412/) [Economics](https://sms4smile.com/quotes/about/economics/) [Requires Consumers](https://sms4smile.com/quotes/about/requires-consumers-1083410/) [Spending Power](https://sms4smile.com/quotes/about/spending-power-1083411/) ## Related quotes > [The U.S. has been living in a situation of excesses for too long. 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This is a natural development…](https://sms4smile.com/quotes/david-silverman/the-consistent-growth-in-overall-revenues-shows-marketers-may-be/) [David Silverman](https://sms4smile.com/quotes/author/david-silverman/) > [Both in the short-run and the long-run, college students, collectively, have enormous spending power.](https://sms4smile.com/quotes/parker-conrad/both-in-the-short-run-and-the-long-run-college-students-collectively/) [Parker Conrad](https://sms4smile.com/quotes/author/parker-conrad/) > [Many programs are built on the government's spending power, and the existence of an extraconstitutional limit on that power is a worrisome development.](https://sms4smile.com/quotes/neal-katyal/many-programs-are-built-on-the-government-s-spending-power-and-the/) [Neal Katyal](https://sms4smile.com/quotes/author/neal-katyal/) > [The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying…](https://sms4smile.com/quotes/abraham-lincoln/the-government-should-create-issue-and-circulate-all-the-currency-and/) [Abraham Lincoln](https://sms4smile.com/quotes/author/abraham-lincoln/) > [We live, I regret to say, in an age of Big Data hype.](https://sms4smile.com/quotes/oscar-wilde/we-live-i-regret-to-say-in-an-age-of-big-data-hype/) [Oscar Wilde](https://sms4smile.com/quotes/author/oscar-wilde/) > [There's been the emergence of a philosophy that big data is all you need. We would suggest that, actually, numbers don't speak for themselves.](https://sms4smile.com/quotes/kate-crawford/there-s-been-the-emergence-of-a-philosophy-that-big-data-is-all-you/) [Kate Crawford](https://sms4smile.com/quotes/author/kate-crawford/) > [Big data knows and can deduce more about you than Big Brother ever could.](https://sms4smile.com/quotes/toomas-hendrik-ilves/big-data-knows-and-can-deduce-more-about-you-than-big-brother-ever/) [Toomas Hendrik Ilves](https://sms4smile.com/quotes/author/toomas-hendrik-ilves/) > [We Facebook users have been building a treasure lode of big data that government and corporate researchers have been mining to predict and influence…](https://sms4smile.com/quotes/douglas-rushkoff/we-facebook-users-have-been-building-a-treasure-lode-of-big-data-that/) [Douglas Rushkoff](https://sms4smile.com/quotes/author/douglas-rushkoff/) > [We've learned our lesson with finance because they made a huge goddamn explosion that almost shut down the world. But the thing I realized…](https://sms4smile.com/quotes/cathy-o-neil/we-ve-learned-our-lesson-with-finance-because-they-made-a-huge/) [Cathy O'Neil](https://sms4smile.com/quotes/author/cathy-o-neil/) > [People think 'big data' avoids the problem of discrimination because you are dealing with big data sets, but, in fact, big data is being…](https://sms4smile.com/quotes/kate-crawford/people-think-big-data-avoids-the-problem-of-discrimination-because/) [Kate Crawford](https://sms4smile.com/quotes/author/kate-crawford/) > [While many big-data providers do their best to de-identify individuals from human-subject data sets, the risk of re-identification is very real.](https://sms4smile.com/quotes/kate-crawford/while-many-big-data-providers-do-their-best-to-de-identify/) [Kate Crawford](https://sms4smile.com/quotes/author/kate-crawford/) > [Big data sets are never complete.](https://sms4smile.com/quotes/kate-crawford/big-data-sets-are-never-complete/) [Kate Crawford](https://sms4smile.com/quotes/author/kate-crawford/) > [The world is one big data problem.](https://sms4smile.com/quotes/andrew-mcafee/the-world-is-one-big-data-problem/) [Andrew McAfee](https://sms4smile.com/quotes/author/andrew-mcafee/) > [“Allowing us to zoom in on small subsets of people is the third power of Big Data.”](https://sms4smile.com/quotes/seth-stephens-davidowitz/allowing-us-to-zoom-in-on-small-subsets-of-people-is-the-third-power/) [Seth Stephens-Davidowitz](https://sms4smile.com/quotes/author/seth-stephens-davidowitz/) ## More by Edward Luce > [“Davos has become the emblem of a global elite that has lost its ability to listen.”](https://sms4smile.com/quotes/edward-luce/davos-has-become-the-emblem-of-a-global-elite-that-has-lost-its/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“By any numerical measure, humanity is becoming rapidly less poor. But between half and two-thirds of people in the West have been treading water…](https://sms4smile.com/quotes/edward-luce/by-any-numerical-measure-humanity-is-becoming-rapidly-less-poor-but/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Cowen detects conformism even in the liveliest Silicon Valley companies. Most of its denizens wear some variation on the casual hipster uniform and all…](https://sms4smile.com/quotes/edward-luce/cowen-detects-conformism-even-in-the-liveliest-silicon-valley/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“It would also require a conscious effort to look at the world from unfamiliar standpoints and admit that the West has no monopoly on…](https://sms4smile.com/quotes/edward-luce/it-would-also-require-a-conscious-effort-to-look-at-the-world-from/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Almost half of Americans would be unable to pay a $400 medical emergency bill without going into debt.67”](https://sms4smile.com/quotes/edward-luce/almost-half-of-americans-would-be-unable-to-pay-a-400-medical/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“In the US, the more liberal a city’s politics, the higher the rate of inequality.45”](https://sms4smile.com/quotes/edward-luce/in-the-us-the-more-liberal-a-city-s-politics-the-higher-the-rate-of/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“With chisels and pickaxes we made our tiny contributions to this orgy of historic vandalism.”](https://sms4smile.com/quotes/edward-luce/with-chisels-and-pickaxes-we-made-our-tiny-contributions-to-this-orgy/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“History tells us that inequality soars when societies develop.”](https://sms4smile.com/quotes/edward-luce/history-tells-us-that-inequality-soars-when-societies-develop/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“the Toil Index – the number of working hours it takes a median worker to pay the median rent in one of America’s big…](https://sms4smile.com/quotes/edward-luce/the-toil-index-the-number-of-working-hours-it-takes-a-median-worker/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Today’s equivalent is probably ‘get an engineering degree’, but it will not necessarily be as lucrative. A third of Americans who graduated in STEM…](https://sms4smile.com/quotes/edward-luce/today-s-equivalent-is-probably-get-an-engineering-degree-but-it-will/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Shortly afterwards Addis Ababa launched a crackdown on its opponents that resulted in hundreds of deaths. If America’s president was in two minds about…](https://sms4smile.com/quotes/edward-luce/shortly-afterwards-addis-ababa-launched-a-crackdown-on-its-opponents/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“Émile Durkheim, the father of modern sociology, said that when societies hit a civilisational break the suicide rate soars.”](https://sms4smile.com/quotes/edward-luce/mile-durkheim-the-father-of-modern-sociology-said-that-when-societies/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“In 1970 only about one in seven American families lived in neighbourhoods that were unambiguously ‘affluent’ or ‘poor’.40 By 2007 that number had risen…](https://sms4smile.com/quotes/edward-luce/in-1970-only-about-one-in-seven-american-families-lived-in/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“M + D = C, Monopoly plus Discretion equals Corruption”](https://sms4smile.com/quotes/edward-luce/m-d-c-monopoly-plus-discretion-equals-corruption/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) > [“No bourgeoisie, no democracy.”](https://sms4smile.com/quotes/edward-luce/no-bourgeoisie-no-democracy/) [Edward Luce](https://sms4smile.com/quotes/author/edward-luce/) [Explore all 68 Edward Luce quotes ](https://sms4smile.com/quotes/author/edward-luce/) ## More Economics quotes > [Don't let's lose sight of what creates wealth. 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