Revisited Economic Theory or How to Describe the Processes of Disequilibrium and Instability of Modern Economic Systems

А. А. Akaev and V. A. Sadovnichiy ()
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А. А. Akaev: Institute for Mathematical Research of Complex Systems, Lomonosov Moscow State University
V. A. Sadovnichiy: Moscow State University named after M.V. Lomonosov

A chapter in The Economics of Digital Transformation, 2021, pp 25-43 from Springer

Abstract: Abstract The world financial and economic crisis of 2008–2009 convincingly showed that the modern market economy is unstable, unbalanced, and it develops cyclically. The article discusses the dynamics of the digital economy, generated by the innovations of the NBIC technological and fourth industrial revolutions and forming the basis of the sixth Kondratiev Big Cycle (2018–2050). The digital economy solves the epochal task of moving from the mass production of standard goods to original goods that meet individual needs and preferences, which reflects current trends in demand. The article also examines the relationship between synergetics and the digital economy, since synergetics deals with unstable and nonequilibrium systems and focuses on nonlinear phenomena in economic evolution, such as structural changes, bifurcations, and chaos that will accompany the process of digital economy formation. In the era of the digital economy, capital markets are neither stable nor self-optimizing, and they need supervision and management. In this regard, the rethinking and new reading of the ideas of J. Keynes and H. Minsky on the role of the state in ensuring effective governance are extremely relevant.

Keywords: Digital economy; Synergetics; Cycles; Anti-crisis theories; Unstable economy (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:seschp:978-3-030-59959-1_3

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DOI: 10.1007/978-3-030-59959-1_3

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