Privatising Personal Identity – Part Two – Who Owns Personal Data

In the second of a series of short articles, political economist Eben Wilson (St Andrews) explores the connection between law and economics in the world of big data. The role of property rights and their tradeability is seen to be a key factor on protecting consumer identity and privacy.

Who Owns Personal Data

In my first article I explained how value for the tech companies controlling social media and other digital platforms is created by access to our personal data. This can then be used to bombard us frequently and, through time, more accurately where our habits, traits and preferences can be identified – a process that is being seen by many as unacceptable intrusive.

Regulating accessibility to personal data through government action is the usual response to consumer anxieties about intrusive marketing. However, this approach does not fit well with economic principles. Regulation has adverse outcomes. It squashes enterprise and innovation, it removes value