I Lindenlaub, R Oh, M Alejandra Rodriguez, & @laura-veldkamp.bsky.social use data from Germany to show AI adoption depends on whether AI is worth using relative to human labour. Comparative advantage is a much better predictor of AI adoption than absolute advantage. cepr.org/voxeu/column... #EconSky

What predicts who uses AI? Exposure predicts poorly bc it measures absolute advantage. What's missing is comparative advantage: not just what AI is good at, but whether adoption is worth it. cepr.org/voxeu/column.... @yaleeconomics.bsky.social , @chicagobooth.bsky.social , @columbiabiz.bsky.social

Beyond exposure: Predicting AI adoption based on comparative advantage

Predictions about the workplace impact of artificial intelligence often begin with what the technology can do captured by occupations’ exposure to AI. Using representative data on German workers, this...

cepr.org

Years of revisions later, I’m thrilled that “A Model of the Data Economy” with M. Farboodi is out in ReStud. Data is an asset, a by-product, fuel for AI predictions, and a means of payment. What does that change about macroeconomics? doi.org/10.1093/rest...

Super interesting! "Data-driven automation" by Maryam Farboodi, Andrew Koh, and Anchi Xia. drive.google.com/file/d/18Fm4...

Congratulations Helene and thank you to Hyun Song Shin for leading us all through turbulent times.

BIS names Helene Rey of London Business School as economic adviser and head of monetary and economic department. Succeeds Hyun Shin, who retires in August. www.bis.org/press/p26031...

Some of Mamdani's estate tax plan makes sense. Moguls "exchange" one building for another and defer the tax. When they die, most deferred tax gets wiped out. This makes up for unpaid tax. If there's a billionaire exodus? To leave, they'd need to sell, rather than exchange, which would incur tax.

James Medlock@jdcmedlock.bsky.social · 6mo ago

WaPo Deputy Opinion Editor is just straight up lying about Mamdani's estate tax proposal (in both tweets and an op-ed). The bill contains a $1.75 million primary residence exemption, exempts retirement accounts, and the 50% marginal rate doesn’t kick in until $30 million.

Want to learn how to do research in an exciting, area of economics? Looking for dissertation topics in an area that has many open questions? Registration now open: Data Economy summer school, Aug 10-14, 2026 sites.google.com/view/data-ec... @isaacbaley.bsky.social #econsky #AI

NY is proposing to "Impose liability for damages caused by a chatbot impersonating certain licensed professionals." nysenate.gov/legislation/... How does a chatbot trick you into thinking its a doctor? Senators: If you forgot you were conversing with AI, you need a doctor.

NY State Senate Bill 2025-S7263

Imposes liability for damages caused by a chatbot impersonating certain licensed professionals.

nysenate.gov

Thanks World Economic Forum for publishing my article on unbundling data and goods. It's a market-oriented approach to privacy policy. The goal is not to prevent using data, but to give consumers choices and get us a better deal. #dataprivacy www.weforum.org/stories/2026...

Data is part of the product in every online transaction

Industries have been created around data and it is part of the product in every online transaction. Here's why data should be unbundled from the products we buy.

weforum.org

New economic research shows how companies accumulate your data—and how that changes what you pay. business.columbia.edu/insights/res... @columbiabusiness.bsky.social

Your Data is the New Capital | Columbia Business School

A new economic model shows how companies accumulate your information the way they once accumulated factories—and how that changes what you pay.

business.columbia.edu

What unique insights can economists bring to the AI conversation? 🤔 Check out Kevin Bryan’s JEL review of The Data Economy — on why data isn’t just fuel for AI, it's the engine. ➡️ Review: www.aeaweb.org/articles?id=... ➡️ Book: www.amazon.com/Data-Economy... with @isaacbaley.bsky.social

The Data Economy: Tools and Applications

The Data Economy: Tools and Applications: 9780691256726: Economics Books @ Amazon.com

amazon.com

China now allows firms to recognize data as a balance-sheet asset, and the Financial Times argues the U.S. should follow: www.ft.com/content/897f... Our data-GDP research explores this. Might policy catch up to theory? business.columbia.edu/sites/defaul... #DataEconomy

America must follow China in treating data as an asset

US accounting principles fail to recognise its enormous economic value

ft.com

Are data-subscription platforms a sign of dangerous digital market power—or the very incentive needed to produce better data? @laura-veldkamp.bsky.social @columbiauniversity.bsky.social @columbiabusiness.bsky.social #Finance

Does AI personalization widen cognitive inequality? Profit-driven content targeting matches complexity to users’ current ability. Boosts high-ability users while depriving others (esp kids) of cognitive challenge. Free access to JME paper until 2/17: authors.elsevier.com/c/1mLxi15DWI... #Econsky #AI

Just released: The data literacy academy's best books for data leaders. Thanks for listing The Data Economy at #9! www.dl-academy.com/blog/18-book... press.princeton.edu/books/hardco... @isaacbaley.bsky.social #econsky

18 Books for Data Leaders and the Data-Curious

dl-academy.com

We often think we’re just paying money for a product or service—but we’re also paying with data. Unbundling the product and data trades could help consumers claim their share of the gains from data and the AI tech that uses it. imf.org/en/publicati... #DataPrivacy @Columbia_Biz

The Hidden Price of Data

Revealing data’s true price can turn passive users into active suppliers who demand fair value

imf.org

So honored that you chose my book with @isaacbaley.bsky.social book to feature!

Inclusive Productivity Network@prodmon.bsky.social · 2y ago

Excited to read this book! "The Data Economy: Tools and Applications" by Isaac Baley and Laura L. Veldkamp. "Tools from macroeconomics and finance to incorporate the central role that data plays in the economy." press.princeton.edu/books/hardco...

Thanks Drona and the team at the Real Returns podcast for a thoughtful interview about the data economy and data privacy policy. #dataecon #econsky #privacy therealreturnsshow.com/interview-ep...

The Real Returns Show

Formerly Drona's Stock Talk

therealreturnsshow.com

Federal Reserve Governor Lisa Cook has sued the Trump administration in an effort to overturn the president’s attempt to fire her, launching an unprecedented legal battle that could significantly reshape the Fed’s longstanding political independence. https://to.pbs.org/4lLn4iL

Fed Gov. Lisa Cook sues Trump administration to block her attempted firing

No president has sought to fire a Fed governor in the institution's 112-year history until Trump posted a letter on his Truth Social media platform late Monday saying that Cook was fired. Trump said t...

to.pbs.org

This is a monumental case for American democracy and the health of our country’s economy. The courts must rule in favor of Federal Reserve independence and against Trump’s authoritarian instincts. www.nbcnews.com/business/eco...

Fed governor Lisa Cook sues Trump over 'unprecedented and illegal' effort to fire her

Trump has sought to remove her over mortgage fraud allegations that Cook's lawyers call "unsubstantiated."

nbcnews.com

#CollectiveCourage: Hundreds of economists from across the country have signed an open letter calling on Congress to uphold Federal Reserve independence. If you’re an economist, you can still sign on: https://docs.google.com/document/d/1oGrUv-_CoeulsLZDt_lyNTPbm9wYCAfiTLm7KMiwgzA/edit?tab=t.0

Open letter

Click here to add your signature. An Open Letter from Economists in Support of Governor Lisa Cook and Federal Reserve Independence To the President, Members of Congress, and the American public: We wr...

docs.google.com

I reported this week's Money Talks podcast from the mountain, lake and lodge at Jackson Hole. Featuring Kristin Forbes, @jonsteinsson.bsky.social ‬, Barry Eichengreen and - at 10,000ft - @laura-veldkamp.bsky.social Listen to my Jackson Hole audio diary: www.economist.com/podcasts/202...

Gone fishing: our economics editor’s Jackson Hole diary

Our podcast on markets, the economy and business. This week, how Donald Trump’s fight with the Fed escalated in a usually quiet corner of Wyoming

economist.com

Teaching grad econ/finance this fall? Looking for rigorous + current material that excites students? The Data Economy: Inspect copy www.ingramacademic.com/978069125672... or buy now www.amazon.com/Data-Economy... Email @isaacbaley.bsky.social (from univ acct + course URL) for slides + answer keys.

The Data Economy: Tools and Applications

The Data Economy: Tools and Applications: 9780691256726: Economics Books @ Amazon.com

amazon.com

Straub @JacksonHole2025: Looming debt crisis bc fewer workers, more retirees drive debt to 5xGDP. We can cut retirement, hike taxes. But we can also allow legal, young immigrants. The benefits of immigration are typically overlooked, but are worth years of Americans' income. #econsky

Emi Nakamura at Jackson Hole: Analyzing Taylor rule performance, she emphasizes -- Federal reserve reputation has been a powerful too for keeping inflation in check. "Reputation takes a long time to build up and is quick to destroy." An important warning in modern times. #econtwitter #JacksonHole

@Jackson Hole, Linda Tesar says: Americans moving from state-to-state is declining. But it's not unwillingness to move. Rather, the mix of jobs across states is becoming more similar. We don't move as much because other places don't have much better or worse labor markets. Homogenization. #Econsky

From Jackson Hole, Claudia Goldin says to gov't: If you want more American-born kids, then fund child care, don't deport the nannies and most of all, support gender equality. When men share the burdens, women have more babies. #JacksonHole #EconSky

Historic and well-crafted talk at a critical time in monetary policy history. The feeling in the room reflected the weight of the moment.

Federal Reserve@federalreserve.gov · last yr.

Speech by Chair Powell on the economic outlook and framework review at an economic policy symposium sponsored by @kansascityfed.bsky.social: www.federalreserve.gov/newsevents/s... Watch live: www.youtube.com/KansasCityFed Learn more about Chair Powell: www.federalreserve.gov/aboutthefed/...

Chair Powell just signaled a willingness to cut rates. Bond markets responding strongly now. His argument is that tariffs represent only a one-time price increase, not a real threat of ongoing inflation. Time will tell. #JacksonHole #EconSky

Sitting in Jackson Hole this morning, curious about what Powell will say. The tension is palpable. #JacksonHole #EconSky