The Knowledge-based and Data-driven Economy

The Silence of the Models Modern DCFTAs have pervasive economy-wide → Second, the knowledge-based and data-driven impacts through measures affecting the following: economy-relevant measures have been among the most controversial in the public policy → trade in goods (including tariffs, non- debate, both because the optimality for Canada tariff barriers and border costs); of some of the measures is [...] Designed for the nationally integrated The key missing element in the framework is industrial/agricultural economy of the pre- arguably intangible capital, which includes IP and 1980s, it is not well suited to capture the critical data, the essential capital stocks of the knowledge- features of the modern economy. [...] This suggests mainstream efforts to improve CGE models and the point of departure to assess the impact of data focus on traditional elements — updating trade agreements on the knowledge-based and estimates of tariffs and non-tariff measures; data-driven economy is to introduce intangible improving the treatment of the dynamic impacts capital into the quantitative framework. [...] In broad-brush terms, the key distinction between Importantly, the model databases are silent on the era of the knowledge-based and data-driven the knowledge-based and data-driven economy. [...] Even if precise estimates dominates, based on the strength of the sustained would be beyond empirical reach, sensitivity excess of intangible investment, the steep rise analysis over a plausible range of values would in the contribution of data to enterprise value serve to provide a quantitative lens through and the creative destruction in the traditional which to assess the potential impacts.