Growth Vectors of the Cyber Economy and Perspectives on Their Activation
Purpose: The purpose of the chapter is to determine the potential growth vectors of the cyber economy and to develop recommendations for their activation in modern economic systems.
Design/methodology/approach: To determine the potential growth vectors of the cyber economy the authors use the logical method and the method of proof by contradiction, which is based on the law of double negation. The authors also use the method of regression analysis for determining the influence of various potential growth vectors on development of the cyber economy. The information and empirical basis includes statistical materials from the World Bank and the IMD from 2018. The research objects are countries that show the highest level of development of the cyber economy as of 2018 (the highest share of medium-tech and hi-tech spheres in their gross added value).
Findings: It is determined that the main growth vectors in the cyber economy—internal hi-tech production, R&D, and education—do not have sufficient potential to stimulate the rapid development of the cyber economy. In order to fully realize the Fourth Industrial Revolution it is necessary to enable additional growth vectors for the cyber economy—hi-tech exports, energy, and telecommunications. At present, these additional growth vectors for the cyber economy are not sufficiently active due to incompletion of the process to institutionalize the practice of hi-tech exports (while preserving national competitive advantages) and attracting private investment into energy and telecommunications.
Originality/value: It is substantiated that the activation of additional growth vectors for the cyber economy is connected to the implementation of corresponding institutional measures from the state. A proprietary model is offered to illustrate this. Practical implementation of this model will ensure a systemic approach to support additional growth vectors for the cyber economy and the emergence of the synergetic effect—an acceleration of its development.
KeywordsGrowth vectors Cyber economy Industry 4.0 Fourth industrial revolution Hi-tech Energy Telecommunications
JEL CodeO47 C22 C23 O31 O32 O33 O38
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