Great article, but with a misleading title... This is on to something very interesting. Today, financial markets are already doing extensive use of data mining with great results for their own benefit and the (world) economy. To mirror this from a development angle, I believe that you have to go beyond what the essay proposes (i.e. determine inflation in real time), but for example, turn who uses the data: from the economist, to government officials, to average citizens to small business owners. This is worth exploring even more.