IDEAS home Printed from https://ideas.repec.org/h/spr/seschp/978-3-030-59959-1_3.html
   My bibliography  Save this book chapter

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

In: The Economics of Digital Transformation

Author

Listed:
  • 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)

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.

Suggested Citation

  • А. А. Akaev & V. A. Sadovnichiy, 2021. "Revisited Economic Theory or How to Describe the Processes of Disequilibrium and Instability of Modern Economic Systems," Studies on Entrepreneurship, Structural Change and Industrial Dynamics, in: Tessaleno Devezas & João Leitão & Askar Sarygulov (ed.), The Economics of Digital Transformation, edition 1, pages 25-43, Springer.
    • Handle: RePEc:spr:seschp:978-3-030-59959-1_3
    DOI: 10.1007/978-3-030-59959-1_3
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:seschp:978-3-030-59959-1_3. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.