Draft:The Data Economy: Tools and Applications
| Submission declined on 13 April 2025 by 331dot (talk). This submission appears to read more like an advertisement than an entry in an encyclopedia. Encyclopedia articles need to be written from a neutral point of view, and should refer to a range of independent, reliable, published sources, not just to materials produced by the creator of the subject being discussed. This is important so that the article can meet Wikipedia's verifiability policy and the notability of the subject can be established. If you still feel that this subject is worthy of inclusion in Wikipedia, please rewrite your submission to comply with these policies. This submission's references do not show that the subject qualifies for a Wikipedia article—that is, they do not show significant coverage (not just passing mentions) about the subject in published, reliable, secondary sources that are independent of the subject (see the guidelines on the notability of books). Before any resubmission, additional references meeting these criteria should be added (see technical help and learn about mistakes to avoid when addressing this issue). If no additional references exist, the subject is not suitable for Wikipedia.
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| Submission declined on 11 March 2025 by Sophisticatedevening (talk). This submission's references do not show that the subject qualifies for a Wikipedia article—that is, they do not show significant coverage (not just passing mentions) about the subject in published, reliable, secondary sources that are independent of the subject (see the guidelines on the notability of books). Before any resubmission, additional references meeting these criteria should be added (see technical help and learn about mistakes to avoid when addressing this issue). If no additional references exist, the subject is not suitable for Wikipedia. Declined by Sophisticatedevening 33 days ago. | |
Comment: Try to find some independent and reliable sources that analyze or report on the book before resubmitting. Sophisticatedevening (talk) 01:58, 11 March 2025 (UTC)
| Author | Isaac Baley Laura Veldkamp |
|---|---|
| Language | English |
| Subject | Data Economy |
| Publisher | Princeton University Press |
Publication date | January 14, 2025 |
| Publication place | United States |
| Media type | Hardcover E-book |
| Pages | 320 |
| ISBN | 978-0-691-25672-6 |
The Data Economy: Tools and Applications is a book co-authored by Professors Isaac Baley and Laura Veldkamp that examines the economic implications of data as a valuable resource in the modern digital ecosystem. Published in early 2025 by Princeton University Press, the book builds on Baley’s and Veldkamp's research on information frictions, learning, and data economy models, which they developed with various co-authors.[1]
The Data Economy: Tools and Applications has been praised by academic economists, including Nobel laureates Thomas Sargent and Lars Hansen, as being the modern guide to thinking about the economics of data.[2]
Content
[edit]The Data Economy explores the concept of a data economy as a global digital ecosystem where data is gathered, organized, and exchanged by networks of companies, individuals, and institutions to create economic value. It analyzes how this new economic paradigm differs from traditional production or innovation economies, particularly in terms of GDP measurement, firm valuations, and welfare implications.[3] Baley and Veldkamp provide analytical tools and frameworks useful for valuing data and understanding its economic implications.
The authors discuss how data is leveraged for predictive analytics, using machine learning algorithms and artificial intelligence to forecast future outcomes based on historical patterns. The authors explain how these predictions enable businesses to make more informed decisions, identify emerging opportunities, and mitigate potential risks across various sectors. They examine the diverse methods firms use to collect data, including online surveys, public records, commercial databases, and digital interactions, and propose various approaches to value firms’ data. They also explore the macroeconomic consequences of the rise of the data economy for long-term growth and short-term economic fluctuations.
One of the central ideas of the book is the data feedback loop, where increased user data improves products or services, attracting more users and generating even more data. The authors argue that these self-reinforcing cycles can create sustainable competitive advantages and lead to market concentration, as seen in platforms like Amazon, Google and Spotify. They also address the emerging markets for data, where information is bought, sold, and traded as a valuable commodity.[4][5] They discuss how this transactional approach to data is reshaping business models and creating new economic opportunities while raising important questions about privacy, ethics, and regulation. Citing the book, Harvard Professor Pol Antràs argues that big data "could reshape the design of international trade policy."[6]
Learn More
[edit]- The book is available for purchase in both hardcover and ebook formats at Princeton University Press.
- The Feb 20 session of Markus' Academy , hosted by Princeton University Professor Markus Brunnermeier, explored The Data Economy: Tools and Applications.
References
[edit]- ^ Baley, Isaac; Veldkamp, Laura (2025). The data economy: tools and applications. Princeton: Princeton University Press. ISBN 978-0-691-25672-6.
- ^ "The Data Economy | Princeton University Press". press.princeton.edu. 2025-01-14. Retrieved 2025-03-21.
- ^ Brynjolfsson, Erik; Collis, Avinash; Liaqat, Asad; Kutzman, Daley; Garro, Haritz; Deisenroth, Daniel; Wernerfelt, Nils; Joon Lee, Jae (2023). "The Digital Welfare of Nations: New Measures of Welfare Gains and Inequality". National Bureau of Economic Research. doi:10.3386/w31670.
- ^ Baley, Isaac; Veldkamp, Laura (April 17, 2024). "The partial data barter trades of the digital economy". Brookings.
- ^ Acemoglu, Daron; Makhdoumi, Ali; Malekian, Azarakhsh; Ozdaglar, Asu (2022-11-01). "Too Much Data: Prices and Inefficiencies in Data Markets". American Economic Journal: Microeconomics. 14 (4): 218–256. doi:10.1257/mic.20200200. ISSN 1945-7669.
- ^ Antràs, Pol (2025-02-01). "FBBVA Lecture 2024: The Uncharted Waters of International Trade". Journal of the European Economic Association. 23 (1): 1–51. doi:10.1093/jeea/jvae060. ISSN 1542-4766.