Subject. The article considers the economics (economic system) and its ontology in the context of information and communication technologies. Objectives. The aim is to develop a common approach to unambiguous and overall interpretation, understanding and definition of such concepts as economics, "digital economy", digitalization and digital transformation from the perspective of widespread use of digital information and communication technologies and the need to form an adequate way of thinking. Methods. The study draws on principles and methods of systems analysis and interdisciplinary approach to the subject of analysis. Results. I offer a new approach to the analysis and definition of the systemic concept of economy and the term "digital economy". The proposed institutional model of the economic system is presented as a methodological basis for understanding the essence of the term "digital economy" and for developing the methods to determine the depth of penetration of information and communication technologies into the economy. Conclusions. Information and communication technologies, including digital ones, are a means of increasing the efficiency of economic system functioning. The notion "digital economy" does not exist. This is a widespread use of digital information and communication technologies in the economy. Production and information technologies, representing the elements of the economic system, should be considered in unity as complementary assets with a synergistic effect that caused the nonlinearity of social dynamics.
Keywords: economic system, information and communication technologies, digital economy
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