For their pioneering work in the valuation of stock options, Robert Merton and Myron Scholes were awarded the Nobel Prize in Economics in 1997. The two laureates were also partners in a hedge fund which invested in stock options. It was a huge fund that had to be saved from bankruptcy in 1998 after the Russian financial crisis. Scholes went on to set up another hedge fund. This too went bankrupt in 2008. What is true for these Nobel laureates is true for most of us-the so-called pulse of the market is indecipherable.

In a world transformed by digital technologies, the landscape of business and economy is subject to dramatic shifts. The disruption will only accelerate with the growth of AI, 5G technology, internet of things and much else. Digital Fortunes explores the impact of these technologies, delving into the key drivers of value: networks, which have helped create the platform economy, and crypto currencies, where truth and falsehood can be blurred. It also covers the all-important question of valuation. As a policymaker developing regulation, Smarak Swain is uniquely positioned to understand digital transformation. He draws on his distinctive experience and perspective to provide a clear and invaluable guide to navigate a rewarding but risky area.