Private Funding of “Free” Data: A Theoretical Framework

Rachel Soloveichik

BEA Papers from Bureau of Economic Analysis

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.

JEL-codes: D12 E01 G14 (search for similar items in EconPapers)
Date: 2024-04
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Citations: View citations in EconPapers (1)

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