Joseph Stiglitz, George Akerlof, and Michael Spence shared the Nobel Prize in 2001 for showing that markets with asymmetric information — where one party knows more than the other — do not work the way the textbooks say… You knew more about your own creditworthiness than the bank deciding whether to lend to you. You knew more about your own health than the insurance company selling you a policy… That sliver was, in a modest but real way, a form of power…

The data economy ended that. And it did not just end it. It reversed it.

The platform you use every day now knows more about you than you can reliably reconstruct from memory… It knows what makes you anxious. It knows what makes you click… The employer knows more about what workers like you will accept than you know about what you are worth…

It used to be that an insurer did not know which member of the pool would get sick, or crash, or lose the house. The insured members did not know either. Because no one knew, the cost of the events was spread across everyone… What the industry is selling now, under the legal protection that was built for insurance, is not insurance…

The people with the most data have the most power…

And information, at this scale and this precision, is not just knowledge. It is leverage.

I think data is the fourth fictitious commodity. The market treats it as a product. The consequences fall on the people who produce it by being alive ... I disagree. Data is neither capital, nor a commodity. It is not something a corporation makes. It is something you make, by living ... The law currently divides what comes from a person into categories ... The categories were drawn by people who benefited from drawing them ... I watched part of the categorizing of data happen. Earlier in my career, many talented lawyers I knew flocked to the 'new' field of data privacy. My law partner, Charles, and I were doing something different ... The privacy field was not really about privacy. It was about compliance ... Privacy is what keeps the individual an individual at all ... The compliance industry did not protect that fence because the legislature did not ... A 'data subject' is what a person becomes when the framework gets through with them ... And this is what is legal and what is required. When I do data privacy work, this is what I do. This is what every lawyer does ... It was the orderly negotiation of how much of a person the corporation could take and still call itself compliant ... All of it is data. The immutable part and the lived part together are what a person is ... The fiction is in place. The category has been drawn. The framework has done its work. What it has not done is sever the thing the framework was built to take from the person it was taken from.