Maria Girich, Researcher at the Gaidar Institute’s International Best Practices Analysis Department, spoke about the development of digital platforms and approaches to their regulation.
According to the expert, digital platforms do not undermine classical economic theory, but they do significantly alter how markets function. Thanks to data and algorithms, they reduce the costs of searching for and concluding transactions, and they also create strong network effects: the more users a platform has, the more valuable it becomes for other participants.
Maria Girich noted that today, data and algorithms are becoming one of the most important economic resources. This makes the issue of regulating large digital platforms and preserving a competitive environment particularly relevant.
“There is no need to create a new economic theory. Rather, we need to rethink the role of data and algorithms as key assets of the modern economy. Today, many countries are debating whether large digital platforms should provide competitors with access to data, technologies, and infrastructure. Such measures are seen as one way to support competition and prevent excessive concentration of market power,” emphasized Maria Girich.
She noted that many countries are already developing mechanisms to regulate digital platforms, striving to strike a balance between fostering innovation and maintaining fair competition in the market.