<p>This brief essay reviews the recently released book by Isaac Baley and Laura L. Veldkamp, <i>The Data Economy.</i> <i>Tools and Applications</i>. The book encloses high-quality state-of-the-art research, which is essential reading for any scientist interested in the economics of data, a new and exciting field of knowledge that economists are beginning to explore. Big data is a fundamental asset and input for many firms in the modern economy and, therefore, it is of utmost importance to understand how it is reshaping firms, markets, and the economy as a whole. The authors offer a meaningful set of statistical and modeling tools to address the data economy, which is then discussed and analyzed in detail throughout a series of chapters that approach, among many others, topics such as the role of data as a prediction device, market power in the data economy, or the emergence of data brokers and platforms.</p>