Digital Economy as a Source of Revision of Basic Economic Concepts

DOI

10.2991/aebmr.k.201205.118How to use a DOI?

Keywords

institutional trap, innovative development, digitalization, foresight, forecast, high technologies

Abstract

The basic tool of mainstream economic analysis is the concept of economic equilibrium. At the same time, an approach is often used within the framework of the concept of an institutional trap or the QWERTY effect. This allows speaking about the non-neutrality of economic theories. The paper considers the phenomenon of the institutional trap as an explanatory principle for the functioning of complex socio-economic structures. The importance of the phenomenon under study in the process of the formation of the digital economy is shown. A mechanism is discussed to explain the possibility of a certain direction in the evolution of complex socio-economic systems, depending on their structure. A number of examples of institutional traps are considered, their characteristic features are analyzed. It is shown that institutional factors determine socio-economic dynamics, including possible economic equilibria. These equilibria are determined by one or another institutional trap. It is proposed to use this approach as an explanatory principle when considering the dynamics of complex socio-economic systems.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - A.A. Balyakin
AU  - S.B. Taranenko
PY  - 2020
DA  - 2020/12/07
TI  - Digital Economy as a Source of Revision of Basic Economic Concepts
BT  - Proceedings of the 2nd International Scientific and Practical Conference on Digital Economy (ISCDE 2020)
PB  - Atlantis Press
SP  - 689
EP  - 694
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201205.118
DO  - 10.2991/aebmr.k.201205.118
ID  - Balyakin2020
ER  -