The Digital Reality of the Modern Economy: New Actors and New Decision-Making Logic

Abstract

Purpose: The purpose of this paper is to develop a conceptual model of the digital economy that presents new actors hereof and their decision-making logic. Design/Methodology/Approach: The research is conducted within the framework of a systems approach using the method of structural and functional analysis. The authors rely on statistical and analytical data of The Global Information Technology Report (World Economic Forum), World Robotics Survey (International Federation of Robotics), as well as World Digital Competitiveness Ranking (IMD business school). Findings: We found out that the digital reality of the modern economy promotes the transformation of economic agents within hereof the state is turned into e-government, the population – into an information society, business entities – into a digital business, and employees – into digital staff. There is also a new economic agent (intelligent machines). Although they do not follow the independent logic, they determine, to a great extent, the logic of all other actors of the digital economy. The generalized decision-making logic of the digital economy is reinterpreted through the lens of new criteria. Along with that, if common criteria are typical for e-government, information society, and digital business, digital staff apply individual criteria that are specific to each particular employee. This greatly complicates forecasting the development of the digital economy and the management hereof. Originality/Value: The developed conceptual model of the digital economy that presents new actors and their decision-making logic made it possible to lower uncertainty and outlined the prospects for future scenario analysis of the digital economy.