Towards cognitive economy

Abstract

This publication discusses new development directions of cognitive economics charted based on cognitive processes of financial data analysis. Semantic analysis tasks will be dedicated to cognitive economics systems. Such systems, which semantically analyse the economic situation of enterprises/organisations/business structures, execute their tasks using semantic information available to them (contained in data sets). The foundation for the operation of economic cognitive systems consists in both the semantic analysis of the situation of an enterprise described by various economic/financial ratios and the assessment of the future situation of this enterprise. Hence cognitive economics is geared towards the semantic analysis of the economic/financial situation of enterprises carried out by means of an in-depth description, an analysis, a reasoning and a projection of the future condition of enterprises. The subject of cognitive economics discussed for the purpose of indicating and elaborating on the directions of this discipline and of semantic analysis of economic/financial data goes hand in hand with the currently growing trend of soft computing. Methods of semantic analysis, just like e.g. neural networks, were developed by researchers inspired by the operation of the human mind. The cognitive, decision-making, reasoning, understanding and prediction processes running in this mind have become the basis for attempts to create information systems analysing various data. This type of analysis, based on extracting semantic aspects and information from the analysed data sets has been aimed at using computational methods to help solve various problems. Since such solutions are dedicated to bioinformatics, cognitive informatics and artificial intelligence, it appeared likely that they could also be used in economics. It is in this regard that the development of semantic data analysis methods (dedicated to economic/financial problems) puts cognitive economics in the same group with all other scientific disciplines making use of soft computing techniques.