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Modeling the knowledge economy during informatization

Vol. 15, Iss. 9, SEPTEMBER 2019

Received: 6 August 2019

Received in revised form: 20 August 2019

Accepted: 5 September 2019

Available online: 16 September 2019


JEL Classification: I20, I25, I28

Pages: 1592–1603

Fedotova G.V. Volgograd State Technical University (VSTU), Volgograd, Russian Federation

Kurazova D.A. Chechen State University (CHSU), Grozny, Chechen Republic, Russian Federation

ORCID id: not available

Subject The article is dedicated to training of digitization talent who have respective competencies. Such training should be provided by educational institutions, which constitute the infrastructure of the knowledge economy.
Objectives The research evaluates what changes take place in Russia's national economic system after it stepped into Industry 4.0.
Methods The study employs the methods of logic and comparative analyses, data visualization, financial analysis, trend analysis, methods of comparison, analogy and systematization, comprehensive review of scholarly and professional literature, statistical data and statistical assessment.
Results We evaluated the current trends in the digitization of social order during the move to the Industry 4.0. era, and substantiate the significance of knowledge as a key resource of the knowledge economy model. Investment in the generation and transfer of knowledge is showed to help country increment its competitive advantages and ensure the sustainable economic growth. The article reviews budgetary spending on education and research in Russia and determines key basic constituents of the knowledge economy, emphasizing distinctions of its model during the transformation and adoption of the Industry 4.0 philosophy.
Conclusions and Relevance The new model of the knowledge economy will evolve and settle down if global informatization processes are streamlined and comprehensively justified, with education and science being a priority. The findings can underlie further strategic milestones for planning the national policy for education and socio-economic development.

Keywords: Industry 4.0, digitization, knowledge economy, information resource


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