The Changing Economics of Knowledge Production

• 成果类型: Article; Early Access
• 署名作者: Abis, Simona; Veldkamp, Laura
• 署名单位: University of Colorado System; University of Colorado Boulder; Columbia University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhad059
• 发表日期: 2023
• 关键词: investment; england

摘要

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 , which is available on the Oxford University Press Web site next to the link to the final published paper online