Economist Peng Wensheng: Use of digital assets is the least exclusive

Economist Peng Wensheng believes that from land to productive capital to data, the non-competitiveness as a factor of production is getting weaker. Land is space, which is the most exclusive. The larger the space occupied by one person, the less space occupied by others. The exclusivity of productive capital is smaller than that of land. For example, the same machine and equipment can be used by multiple people to increase its utilization rate. However, this space is still limited. Digital assets are the least exclusive with the largest scale and network effects. Such characteristics not only affect efficiency but also have important implications for the income distribution of factors. The Fourth Plenary Session of the 19th CPC Central Committee proposed that two new production factors including “land” and “data” be included in the distribution. The attributes of land and data are fundamentally different and have different meanings for distribution and public policy.