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The Changing Economics of Knowledge Production

Author

Listed:
  • Simona Abis
  • Laura Veldkamp

Abstract

Big data technologies change the way in which data and labor combine to create knowledge. Is this a modest innovation or a data revolution? Using hiring and wage data, we estimate firms’ data stocks and their knowledge production functions. Quantifying changes in production functions informs us about the likely long-run changes in output, in factor shares, and in the distribution of income, due to big data technologies. For the investment management industry, our structural estimates predict a 5% decline in the labor share of income; that change is comparable to similar estimates for the industrial revolution.Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online

Suggested Citation

  • Simona Abis & Laura Veldkamp, 2024. "The Changing Economics of Knowledge Production," The Review of Financial Studies, Society for Financial Studies, vol. 37(1), pages 89-118.
    • Handle: RePEc:oup:rfinst:v:37:y:2024:i:1:p:89-118.
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    File URL: http://hdl.handle.net/10.1093/rfs/hhad059
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    More about this item

    Keywords

    E23; E25; G10; G23;
    All these keywords.

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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