Economic Analysis: Theory and Practice
 

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Digital economy as a subject of regulation: The institutional theory perspective

Vol. 18, Iss. 11, NOVEMBER 2019

Received: 26 June 2019

Received in revised form: 18 July 2019

Accepted: 16 August 2019

Available online: 29 November 2019

Subject Heading: THEORY OF ECONOMIC ANALYSIS

JEL Classification: B52

Pages: 2044–2058

https://doi.org/10.24891/ea.18.11.2044

Frolov D.P. Volgograd State Technical University (VSTU), Volgograd, Russian Federation
ecodev@mail.ru

https://orcid.org/0000-0002-7873-2725

Lavrent'eva A.V. Volgograd State University (VolSU), Volgograd, Russian Federation
lavra.ne@mail.ru

https://orcid.org/0000-0002-9505-9819

Subject The article analyzes the nature and specifics of digital economy as a subject of regulation from the point of view of institutional methodology.
Objectives The objectives of the study include classification and substantive characteristics of digital economy evolution, delineation of conceptual approaches to its definition, development of categorical system of digital economy from the perspective of institutional theory, a multilevel analysis of future institutional changes in the digital economy regulation.
Methods The study rests on the methodology for institutional and evolutionary analysis.
Results We reveal the logic of digital economy evolution and its internal contradictions, perform a comparative analysis of approaches to defining the essence and forms, functions and structure of digital economy, fine-tune and supplement the conceptual framework for the theory of digital economy. The paper presents a conceptual model of multilevel transition of economy to the scenario of digital development, and conceptual recommendations for digital economy regulation.
Conclusions It is important to separate digital and digitized areas. It is also reasonable to distinguish between institutional and intracompany digital sectors. Institutional changes should be made in the multilevel format and in the experimental mode (regulatory sandbox, legal foresight, public discussion).

Keywords: digital economy, digitalization, institution, smart contract, smart institution

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