In an age of ubiquitous data, the “scarce factor is the ability to understand that data and extract value from it”. Google’s Chief Economist, Hal R Varian, and Lowy Institute’s International Economy Director Roland Rajah had a discussion on the economics of data, how data can drive innovation and improve our wellbeing, and the debate over its effects on competition and the appropriate role of government.

Dr Varian is an emeritus professor at the University of California, Berkeley, in three departments: business, economics, and information management. He has also taught at MIT, Stanford, Oxford, Michigan and other universities around the world. Professor Varian has published numerous papers in economic theory, industrial organisation, financial economics, econometrics, and information economics. He is the co-author of a bestselling book on business strategy, Information Rules: A Strategic Guide to the Network Economy, and wrote a monthly column for The New York Times from 2000 to 2007.