The Fourth Technological Paradigm as a Vector of Sustainable Development of the Modern Digital Economy: Implications for Society, Government and Entrepreneurship

Abstract

Purpose: The purpose of the work is to study the influence of the fourth technological paradigm on the sustainable development of modern digital economy from the standpoint of all its subjects using a systematic approach, as well as to identify alternative scenarios to regulate this influence and identify the most Pareto-optimal of them. Design/Methodology/Approach: The study is conducted in two successive phases. The first stage is the collection and systematization of statistical data and their processing by regression analysis. Regression statistics, multiple linear regression equation and dispersion analysis are performed. In the second stage, scenarios are developed to optimize the consequences of using the fourth technological paradigm as a vector of sustainable development of modern digital economy and a simplex method is applied, which defines the values that independent variables must accept in order to achieve the target values of dependent variables. The top 10 countries in the ranking of global competitiveness index 4.0 of the World Economic Forum for 2019 and Russia were chosen as the objects of the research. Findings: It has been proved that the fourth technological paradigm causes contradictory consequences for sustainable development of modern digital economy from the point of view of its subjects. The application of a systematic approach to the study of this process has revealed the need for flexible regulation of the digital economy and industry in order to balance the effects on society, government and entrepreneurship. Scenarios that focus on benefits for one category of stakeholders inevitably have negative consequences for the rest. Originality/Value: It has been argued that the Pareto-optimal scenario is a median scenario that assumes averaging and equalizing the consequences for the population, macroeconomics and business. It is characterized by the smallest variation of consequences for society, state and business (56.08%) and provides one of the highest average growth rates of the respective indicators (82.49%).