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In “The Data Economy,” authors Isaac Baley and Laura Veldkamp illuminate the under-explored yet pivotal role of data in today’s global economy. In a world where the most valuable companies, such as Amazon, Apple, and Google, are defined by their data, understanding the power of data has never been more critical. Despite data’s rising importance as a strategic asset, its role is often overlooked in modern economic theory. This insightful book seeks to rectify this oversight.
Baley and Veldkamp expertly employ tools from macroeconomics and finance to model and measure data economies. They begin with the idea that data, as digitized information, aids in prediction and reduces uncertainty. The authors delve into how a company’s data decisions can echo across the wider macroeconomic and financial landscapes.
“The Data Economy” presents a comprehensive research agenda with a blend of formal and accessible approaches. This compelling analysis of the data economy and its welfare effects will captivate practitioners, researchers, and graduate students alike. The authors introduce theoretical tools—primarily information-related methods from macroeconomics and finance—with meticulous attention to their practical applications.
These applications span a wide range, from assessing the economic value of data to untangling its impact on production structures, inflation, and pricing dynamics. They also shed light on firm and investor behavior, advertising strategies, market power, and asset pricing.
Baley and Veldkamp guide readers to the frontier of this exciting research field, equipping them with the knowledge to forge their own theoretical advances and policy analysis in the data economy. Immerse yourself in “The Data Economy” and tap into the transformative power of data in shaping the global economy.