Economic Analysis: Theory and Practice

Digital economy as a new paradigm of economic development

Vol. 16, Iss. 12, DECEMBER 2017

Received: 5 July 2017

Received in revised form: 9 August 2017

Accepted: 24 August 2017

Available online: 22 December 2017


JEL Classification: E02, O33

Pages: 2238–2253

Ustyuzhanina E.V. Plekhanov Russian University of Economics, Moscow, Russian Federation

Sigarev A.V. Plekhanov Russian University of Economics, Moscow, Russian Federation

Shein R.A. Plekhanov Russian University of Economics, Moscow, Russian Federation

Importance The article reviews how the digital economy influences socio-economic processes.
Objectives We substantiate that transition to the digital economy (digital revolution) is not a change in a technological mode and/or another technological revolution, but rather a change in the economic development paradigm.
Methods The research combines historical, evolutionary and institutional methods.
Results Any modifications of the economic development paradigm entail a change in the division of labor, principal way economic agents interact and the basis of economic power. Economic power ceases to rest upon the ownership in its classical understanding. It gives way to the status within the interaction hierarchy, thus allowing to set up rules for interaction and distribution of value added.
Conclusions and Relevance In addition to grand opportunities, the digital revolution inevitably results in multiple issues, which can be divided in two classes, i.e. issues of the digital economy origination and the issues of the digital economy. The second class has not been sufficiently studied so far. It implies the degradation of labor, knowledge and content of human life, disruptive selections, and subsequent segregation of people into castes that would have very fragile social links.

Keywords: digital economy, digital revolution, economic revolution, economic development paradigm, labor division


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