economic-impact-of-data-exchanges
The potential for data exchanges to unlock new knowledge, increase economic growth, enable smaller firms to compete, and transform financial institutions' business models.
1 chapter across 1 book
Building the New Economy: Data as CapitalAlex Pentland, Alexander Lipton, and Thomas Hardjono
The chapter presents data as a unique, nonfungible production factor distinct from traditional factors like capital and labor, highlighting the challenges in trading data due to its attributes and legal constraints. It introduces data exchanges as innovative platforms that enable secure, privacy-preserving sharing and monetization of aggregated data, thereby unlocking new economic value and knowledge generation. The chapter emphasizes the transformative potential of data exchanges to democratize data access, enhance competitive dynamics by enabling smaller firms to participate, and improve digital infrastructure exemplified by initiatives like the Federal Reserve's Survey of Consumer Finances.