> With big data you don't need models, you have actual real time information about the entire system.
Your comment makes absolutely no sense.
Models are just means to predict the future based on observations made in the present and/or in the past.
The available data, in this sense, serves only two purposes: serve as the starting conditions to analyze how scenarios may evolve within a given degree of accuracy, or to build correlation models to help analyze scenarios with a given degree of accuracy.
A model is a tool that tells you how systems evolve and lets you infer what you can expect out of them in order to make informed decisions.
> You also have means of using that data to make live predictions that can change all the time.
Again, this is absolute nonsense. Models are used to make decisions based on how things are expected to be years and decades into the future. It makes absolutely no sense to claim that you can tell how things will be in the immediate future if you're trying to make decisions based on what will happen over the following decades.
> Just because history says that "free markets" worked best, does not mean that this is true any more.
Holy non-sequitur, Batman. You sure wanted to shoe-horn that little gem in there.
Furthermore, free-market isn't or will not be any more or any less true than what is right now or was in the past. The free market is just a specific theoretical definition of an economic system. It establishes conditions, draws relationships between factors and their effects, and provides a tool to model the evolution of economies.
Some assumptions followed in the definition of a free market don't hold in some real-world economies, but it is already quite thoroughly established that the evolution of real world economies does agree quite well with the evolution of economic models based on free market principles if governments ensure that these economies follow basic free market principles.
> It was historically a fact because you did not have big data
This is absolute nonsense.