Rule by Data as the End of Markets

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* Article: Katharina Pistor, Rule by Data: The End of Markets?, 83 Law and Contemporary Problems 101-124 (2020)



Katharina Pistor:

"This Article explores data as a source and, in their processed variant, as a means of governance that will likely replace both markets and the law. Discussing data not as an object of transactions or an object of governance, but as a tool for governing others on a scale that rivals that of nation states with their law."

More information

On the origin of this analogy and for a critical assessment, see

  • Samuel Flender, Data is Not the New Oil, TOWARDS NEW DATA SCI. (Feb. 10, 2015),

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“The thing with oil is, once an oil company find[s] it in the ground, they know more or less which steps they have to follow to turn that oil into profits: drill, extract, refine, sell. This is far from the reality that you face when dealing with data: when dealing with data, it is far from clear how exactly to turn that data into profits.”.