Digital Transformation and Growth Models

Askar Akaev (), Nabi Ziadullaev (), Askar Sarygulov () and Alexander Petryakov ()
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Askar Akaev: Institute for Mathematical Research of Complex Systems, Lomonosov Moscow State University
Nabi Ziadullaev: Tashkent State University of Economics
Askar Sarygulov: Saint Petersburg State University of Economics
Alexander Petryakov: Saint Petersburg State University of Economics

A chapter in Digital Transformation and the World Economy, 2022, pp 87-112 from Springer

Abstract: Abstract The digital transformation of economic systems has become an established trend. One piece of evidence for this is that some of the empirical laws formulated by N. Kaldor, which accompanied the process of long-term economic growth in the twentieth century, have ceased to act. Another feature of modern development is that digital technologies, having an intensive labor-saving property, which makes their use “toxic” for the labor market. This fact raises the importance of assessing the potential number of jobs, taking into account technological substitution under various scenarios of real wage formation. In close connection with such an assessment is the determination of the gross product and the level of decline in aggregate consumer demand caused by a reduction in the number of jobs and the increasing role of intelligent machines in the economy. For a more accurate description of the above features of modern economic development, we have proposed a set of economic growth models that take into account the new stylized facts of economic development formulated by J. Stiglitz and T. Piketty. The developed models are verified using the US statistics.

Keywords: Digital transformation; Economic system; Mathematical model (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:seschp:978-3-030-89832-8_5

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DOI: 10.1007/978-3-030-89832-8_5

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