Cybernetic Approach to the Modern Knowledge Economy

Abstract

Purpose/Objectives: The purpose of the article proposed is to reevaluate the structure of the economy being transformed in the context of the technological growth and complexity influenced by information processes. New knowledge and ideas accumulated and implemented into production processes have determined the main social trends. The cybernetic approach necessitates the ongoing changes in the structure of a new emerging knowledge economy to be assessed and purposes and development principles of the economy to be justified. Current metrics for the dynamics and rates of the new economic structure do not fully reflect structural changes, which requires search for new tools to manage knowledge intensification in future. This purpose determined the following tasks to be solved: to assess main approaches to studying the knowledge economy, analyze the budget support for science in Russia, substantiate the concept of knowledge economy in the context of digital transformation of the world community, compare the main metrics of knowledge economy assessment, and analyze structure of human capital indices and structure of components and principles of knowledge economy. Methodology: In this work, methods of regulatory analysis and assessment of management of innovation and science development and implementation of intellectual activity results into business have been applied. The ongoing changes were considered from the perspective of the cybernetic approach, that is, with respect to dynamic development of the economic system and active use of electronic interaction tools. To assess the development trends of the economy and new knowledge-based economy, a content analysis of the industry has been conducted. Digital data were obtained from open sources on the Internet, processed by methods of financial, graphical and trend analysis, formalized and systematized. Results: In the light of the fourth industrial revolution, traditional systems of interaction and organization of production processes have lost their former relevance and become uncompetitive. Enterprises of various industries need to follow modern trends and modernize all interaction processes and mechanisms, to enhance their competitiveness in the domestic (Russian) and world markets. In our case, the interaction occurs due to electronic administration and management tools developed in the context of the information paradigm. To maintain the system of that kind working, knowledge must be constantly updated and introduced into the economic process, so knowledge becomes the main factor in economic growth. Conclusions/Significance: The peculiarity of this work is to comprehend the importance of the ongoing changes in the structure of the economic system and justify the need to search for new ideas and solutions to ensure competitiveness in the world market of goods and services. The new economic paradigm is focused on knowledge as main production resource, which is confirmed by the ongoing transformations of information in all sectors of the national economy.