DATA AS CAPITAL: THE VALUE OF INFORMATION IN THE DIGITAL ECONOMY

Аннотация

This report posits that data has emerged as a distinct and critical form of capital, standing alongside traditional financial and human capital in its capacity to generate new digital products and services. Economically, capital is defined as a produced good necessary for further production, and data—as recorded information—literally fulfills this criterion. Data possesses unique characteristics that differentiate it from conventional capital. It is inherently non-rivalrous, meaning a single dataset can be utilized concurrently by multiple entities or applications without diminishing its utility or availability for others, which enables significant economies of scale and scope. Furthermore, data is non-fungible; individual pieces or datasets are often unique and cannot be easily substituted, highlighting its scarcity and unique informational content, contrary to the common perception of data as merely abundant. The true economic value of data often becomes apparent only after it has been processed, analyzed, and applied, making it an "experience good" that introduces an inherent degree of uncertainty and risk in data-related investments. While initial investments in data collection and infrastructure are substantial, the marginal cost of collecting additional data or replicating existing datasets is comparatively low, creating significant barriers to entry for smaller organizations. To unlock its full value, data necessitates additional investments in complementary assets, including advanced software, hardware, and specialized human capital. The report delves into quantitative and qualitative approaches for valuing data, analyzes its profound economic impacts at both firm and macroeconomic levels, and addresses the complex governance issues surrounding data ownership, access, and regulation. A notable observation is the paradox of data abundance and scarcity. While data is voluminous, characterized by high volume, velocity, and variety, its truly valuable components are scarce and unique. This inherent scarcity of actionable data is what confers competitive advantage and necessitates careful, nuanced approaches to valuation and governance. This dynamic suggests that policy should not exclusively focus on promoting data collection but also on mechanisms that encourage the creation, 125 SOLUTION OF SOCIAL PROBLEMS IN MANAGEMENT AND ECONOMY International scientific-online conference sharing, and identification of genuinely high-quality, unique, and actionable data. It also highlights the importance of addressing data hoarding and ensuring data quality, as low-quality data, regardless of its volume, will have limited productive potential. The findings indicate that data demonstrably drives productivity and innovation, yet its unique economic characteristics pose significant challenges to traditional accounting, valuation, and taxation systems. Policymakers face critical trade-offs, particularly between fostering innovation and ensuring privacy, and mitigating monopolization risks while promoting economic growth. The report argues for the imperative of institutional innovation, including the development of data trusts and public data commons, alongside ethical valuation models, to ensure equitable value creation and address emerging concerns like digital colonialism.