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Private Funding of “Free” Data: A Theoretical Framework

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  • Rachel Soloveichik

Abstract

This paper illustrates the importance of free data with a back-of-the-envelope calculation. To start out, the paper reviews four previous case studies which together studied $1.8 trillion of free data creation in 2017 (Soloveichik 2023) (Soloveichik 2024) (Sveikauskas et al. 2023). This paper then uses those case studies, existing input-output tables and occupational employment to extrapolate that total private creation of free data in the United States was $6.6 trillion in 2017. In that same year, including free data in the economic statistics raises measured gross domestic product by more than 20 percent and raises measured household production by more than 100 percent.

Suggested Citation

  • Rachel Soloveichik, 2024. "Private Funding of “Free” Data: A Theoretical Framework," BEA Papers 0125, Bureau of Economic Analysis.
    • Handle: RePEc:bea:papers:0125
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    File URL: https://www.bea.gov/system/files/2024-04/BEA-WP2024-1b.pdf
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    More about this item

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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