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Data and the Aggregate Economy

Author

Listed:
  • Laura Veldkamp
  • Cindy Chung

Abstract

Recent data technology innovations, such as artificial intelligence and machine learning, have transformed the production of knowledge and increased the importance of data. This review explores how data—digitized information—has been modeled within classic macroeconomic frameworks. It compares the economics of data to other concepts such as ideas, patents, and learning-by-doing. This paper also shows potential ways to model applications for data, including innovation, process optimization, and matching. Because this research area is nascent, much of the article is devoted to open questions and directions for future data economy research.

Suggested Citation

  • Laura Veldkamp & Cindy Chung, 2024. "Data and the Aggregate Economy," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 458-484, June.
    • Handle: RePEc:aea:jeclit:v:62:y:2024:i:2:p:458-84
    DOI: 10.1257/jel.20221580
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    More about this item

    JEL classification:

    • C80 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - General
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • J23 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Demand

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