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Property rights classically entail three elements: usus, fructus, abusus—that is, the rights to use, profit from and dispose of property. The principle of fructus would allow us to be compensated for the value of our data, thus forcing Facebook and others to pay us for the raw material we provide. This is not so much “financialisation” as it is a fair rebalancing of the economic value chain. We would move from today’s digital feudalism, where the lord gives us free services in exchange for all the data that is harvested, to proper capitalism based on contractual terms. As always, property rights protect the individual against the abuse of central power.
But then there is also usus and abusus. Property rights allow individuals to ignore the market. Nobody forces you to sell your house, even if you underexploit it. The same applies to data: through a personal data wallet, we would decide which data we are willing to share, with whom, to which end and under what conditions. Platforms would have to accept our terms and conditions, not the other way around.
From Open Future – A cry for freedom in the algorithmic age | Open Future | The Economist:
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