My post of Monday, April 4 considered the movement of the banking industry into the area of “Data Capitalism.”

Economists characterize an economy driven by data rather than prices as an economy that is structurally an economy based upon data capitalism.

John Thornhill writes in the Financial Times about how “data-rich platforms have, in some areas, invented a better ordering mechanism that can structure information and reduce ignorance,” whereas, in the past, the “ordering mechanism” was the market, where prices provided “widely dispersed information” about what was available and where it was located.

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