THE DIGITAL ECONOMY: CURRENT CHALLENGES FOR ECONOMISTS AND LEGAL EXPERTS

Author
, professor, Kharkiv, Pushinska, 77

In heading

 Economic theory of law;

Signed print

 22.05.2018

Issues number

 2018 - № 2 (33)

Page

 77-90

Type of articles

 Scientific article

Code UDK

 340.330.11

ISSN print

 2411-5584

Abstract

 Problem setting. The digital economy is a result of the fourth industrial revolution and is based on global information and communication networks integrating all subjects of value creation (manufacturers, consumers, partners, customers).
Recent research and publications analysis. The digital economy as a new sphere of scientific research attracts attention of experts in various spheres. Firstly, the experts consider peculiarities of information technologies. Secondly, they ascertain the essence and forms of the digital economy. Thirdly, they reveal dependence of the digital economy on a particular stage of «long waves». Fourthly, the experts predict tendencies of its development in Ukraine. Fifthly, they prevent threats and negative externalities of the digital economy.
Paper objective. The article objective is to outline frameworks for researching the digital economy and to form its categories.
Paper main body. The logical analysis of the digital economy contemplates the following stages of development. At the first stage, the experts suggest determining specific features of the techno-economic paradigm being the basis of the digital economy. Application of electronic communications apparatus enables to form digital technologies. Defining a concept of «digital economy», scientists place emphasis on peculiarities of the technology of electrical impulse transmission. From the standpoint of economics, such definition does not comply with methodology of economic research. The use of the concept of «digital economy» is possible when it comes to production of software. In the broader sense, the digital economy is referred to as the activity conducted in any real sector that involves new technological products. A notion of «information and network economy» focused on the nature of a resource and a mechanism of organizational and economic relations is the most adequate. Technologies may be divided into the following groups: communication technologies, technologies for accumulation of information in the form of capital and technologies of cognitive payments.
At the second stage of researching the digital economy, the experts analyse changes of the content (intellectual and cognitive abilities begin to prevail) and characteristics of labour, which becomes overall, scientific and common. These changes lead to formation of human capital that contemplates gaining digital competencies.
At the third stage of researching, the experts indicate peculiar features of information resources affecting the specificity of value creation, property and market mechanisms. An information product is belonged to merit goods, consumption of which becomes fair in modified markets and modified government bodies. Owing to a rare gift of software engineers, value of the latter is stipulated by capitalization of intellectual rent. The use of an information product will lead to a regime of free access that significantly decreases social transactional costs and enables to gain the benefit from possession of this good.
At the fourth stage, economics examines the influence of information technologies on emergence of new business models. Since communication technologies lead to transformation of interrelations between people into depersonified ones, they can result in economic opportunism, i.e. the use of distorted and deceitful information.
Conclusions of the research. In the process of development of the digital economy, Ukraine may not relay on a scenario of «catch-up» economic growth through a gradual and spontaneous market mechanism for implementation of new technologies. It is necessary to develop a forced scenario grounded in principles of institutional projecting that implies changes of normative and legislative frameworks for vital activities of the society. Therefore, the legal experts receive an important challenge from the society that consists in formation of the reliable legal construction of the digital economy and elimination of legislative obstacles the digital economy faces in the process of development.
Short Abstract for an article
Аbstract. The author proposes a procedure of researching the digital economy enabling to indicate its significant features, directions of development and ways of implementation. The author analyses the specificity of digital technologies that lead to changes of the labour nature, competencies of human capital, specification of property rights as well as creation of value and business models of the economic activity.

Keywords

 digital economy, digital technologies, human capital, specification of property rights.

Reviewer

External reviewer

Article in PDF

 77-90

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Code DOI

 10.31359/2411-5584-2018-33-2-77

16.04.2018