A Novel Production Factor: A Study on Forming Conditions and Operation Mechanism of Data
Pan Jiadong1, Xiao Wen2,3
1.Department of Economics, Party School of Zhejiang Provincial Committee of C.P.C., Hangzhou 311123, China 2.School of Economics, Zhejiang University, Hangzhou 310058, China 3.Business School, NingboTech University, Ningbo 315100, China
Abstract：Data as a novel production factor is the core strategic resource for the development of the digital economy. When integrated with conventional factors such as labor and capital, data as a production factor can contribute to the generation of new combinations and structures of production factors to energize the processes of production, circulation, consumption, and distribution, which can ultimately improve the efficiency of social-economic operations. This article focuses on the conditions needed for data to become a novel production factor and the economic-technical characteristics of such data. Going further, this article explores the operation mechanism of the data factor in high-quality economic development and proposes a road map for the data factor to operate in a safe and managed manner based on the risks that the data factor may face in its operation.Data only becomes a novel production factor when its quantity tips over into becoming “Big Data”. Raw data, after the processes of acquisition, mining, flow, and application, energize production and thereby realize their values as a production factor. Such processes are subject to the influences of different conditions, such as technical advancement, standards’ promulgation, market improvement, and integration with conventional factors. Mature technologies are prerequisite conditions. Clearly defined standards are initial guiding conditions. Improved markets are data safety conditions. Deep integration with conventional production factors is a necessary application condition. Different from conventional production factors, data as a novel factor has the characteristics of economic and technical properties in parallel, including virtual substitutability, complementary symbiosis, dynamic real-time nature, scaled economy, non-exclusiveness, and risk stealthiness. When applied to production, consumption, exchange, and distribution areas, the data factor facilitates changes in the mode of production by accelerating advanced inputs and rational allocation of production factors, hastens the emergence of new consumption modes to satisfy high-end diversified demands, improves the efficiency of exchange and circulation so as to provide new carriers for new commercial modes and payment methods, and further expands social reproduction by balancing the equality and efficiency of distribution. In order for data as a novel production factor to energize high-quality development, it is necessary to develop and improve core digital technologies, invest more in digital infrastructure construction, implement data transaction markets at an early date, and deploy strong defense measures against data risks.This study is innovative in three aspects. Firstly, this article selects the data factor as the object of study to explore the formation conditions, economic-technical characteristics, and operation mechanism, and attempts to explain theoretically the logic by which data become a novel production factor. Secondly, this article employs the Marxist social reproduction theory to develop a theoretical framework describing how data as a novel production factor can energize high-quality economic development. This allows for the mechanism through which the data factor operates in each respective area of production, consumption, exchange, and distribution to be explored in order to identify a path to improve social-economic operation efficiency. Thirdly, this article analyzes the risks involved in the operation of the data factor, addresses the risk stealthiness behind the data factor, and proposes countermeasures from legislative, institutional, and regulatory perspectives to govern the use of the data factor.
潘家栋, 肖文. 新型生产要素：数据的生成条件及运行机制研究[J]. 浙江大学学报(人文社会科学版), 2022, 52(7): 5-15.
Pan Jiadong, Xiao Wen. A Novel Production Factor: A Study on Forming Conditions and Operation Mechanism of Data. JOURNAL OF ZHEJIANG UNIVERSITY, 2022, 52(7): 5-15.
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