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Public Choice on Data Capital

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Data Capital

Abstract

This chapter prospects the public choice of three “data as capital” scenarios and makes a proper discussion based on five principles. The three scenarios involve the issues of political leadership, alternative currency, and cyber encounters in a changing data-rich global marketplace. The five principles are well-defined guidelines, collective choice arrangements, monitoring, graduated sanctions and credible rewards, and conflict-resolution mechanisms.

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Notes

  1. 1.

    See: Mayer-schönberger V. Delete: The Virtue of Forgetting in the Digital Age. Princeton University Press; Revised edition (July 5, 2011). 2011; 253 pages.

  2. 2.

    I reference directly here from the original sentence published in Jonathan Haskei’s and Stian Westiake’s book of Capitalism without Capital: The Rise of the Intangible. See: Haskel J, Westlake S. Capitalism without Capital: The Rise of the Intangible. New Jersey, NY: Princeton University Press; Reprint edition (October 16, 2018), 2018: 296 pages.

  3. 3.

    See: (1) Brennan G, Brooks M. Rational choice approaches to leadership. In The Oxford Handbook of Political Leadership (pp. 161-75). Oxford: Oxford University Press. 2014; (2) The entry of “Public choice” on Wikipedia. Retrieved from https://en.wikipedia.org/wiki/Public_choice.

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    See: Hayek F. The denationalization of money: An analysis of the theory and practice of concurrent currencies. In S Kresge (ed.) The Collected Works of F A Hayek, Good Money, Part 2. Chicage, IL: The University of Chicago Press, 1999.

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    See: O’Neal, S. Facebook Libra Regulatory Overview: Major Countries’ Stances on Crypto. CoinTelegrap.Com. July 16, 2019. Retrieved from https://cointelegraph.com/news/libra-vs-us-congress-all-there-is-to-know-ahead-of-hearings.

  11. 11.

    The first Libra Association white paper was published in June 2019. This link is the new version of Libra Association white paper, published in April 2020. The most significant departure that Libra 2.0 takes from the first version of the project is the movement away from a ‘single token’ model. Originally, the Libra network planned to operate with a single coin, the Libra Token, that would be tied to a ‘basket’ of sovereign currencies such as USD, EUR, GBP, JPY. Now, however, Libra laid out plans to launch a series of currencies. These include a number of stablecoins, each of them tied on a one-to-one basis to different kinds of fiat currencies; in other words, a USD Libra token, a EUR Libra token, a GBP Libra token, and a JPY Libra token. See: Libra Assoication White Paper. April 2020. Retrieved from https://libra.org/en-US/white-paper.

  12. 12.

    See: Daily Hodl Staff. Head of IMF Highlights Digital Currencies As Top Priority in 2020 for Its 189 Member Countries. TheDailyHodel.com. January 16, 2020. Retrieved from https://dailyhodl.com/2020/01/16/head-of-imf-highlights-digital-currencies-as-top-priority-in-2020-for-its-189-member-countries.

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    See: Gopinath K. Digital currencies will not displace the dominant dollar. Financial Times. January 6, 2020. Retrieved from https://www.ft.com/content/e5dd66b8-2ca0-11ea-84be-a548267b914b.

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    See: Huber J. The Age of Digital Money. InternationalMoneyReform.Org. January 31, 2020. Retrieved from https://internationalmoneyreform.org/news/2020/01/theory-of-dominant-money-part-ii-the-rise-of-sovereign-digital-currency-cbdc.

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    See: Eggers WD, Hamill R, Ali A. Data as the new currency. Deloitt Insights. July 24, 2013. Retrieved from https://www2.deloitte.com/us/en/insights/deloitte-review/issue-13/data-as-the-new-currency.html.

  16. 16.

    See: Jetzek T, Avital M, Bjorn-Andersen N. Data-driven innovation through open government data. Journal of theoretical and applied electronic commerce research. 2014;9(2), 100-120.

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    See: Roberts R. Michael Munger on EconTalk’s 500th Episode. EconTalk.Org (Podcast). Library of Economics and Liberty. November 23, 2015. Retrieved from https://www.econtalk.org/michael-munger-on-econtalks-500th-episode.

  18. 18.

    See: Galbraith VH. Studies in the Public Records. In Series: University of Oxford. Ford Lectures. London: T. Nelson (1948). 1948: 163 pages.

  19. 19.

    See: (1) Internet Archive. Retrieved from https://archive.org; (2) The entry of “Internet Archive” on Wikipedia. Retrieved from https://en.wikipedia.org/wiki/Internet_Archive.

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    See: Gade EK, Wilkerson J, Washington A. The .GOV Internet Archive: A Big Data Resource for Political Science. March 16, 2017. ThePoliticalMethodologist.Com. Retrieved from https://thepoliticalmethodologist.com/2017/03/16/the-gov-internet-archive-a-big-data-resource-for-political-science.

  21. 21.

    See: Hasbrouck E. What is the Internet Archive doing with our books? Nwu.Org. April 16, 2020. Retrieved from https://nwu.org/what-is-the-internet-archive-doing-with-our-books.

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Tang, C. (2021). Public Choice on Data Capital. In: Data Capital. Springer, Cham. https://doi.org/10.1007/978-3-030-60192-8_8

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