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Drivers of the Economy in the Context of the Coronavirus Pandemic

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  • E.V. Popov

Abstract

The purpose of this study is to systematize the drivers of the economy in a complicated epidemiological situation. The research hypothesis is that under the conditions of severe epidemiological restrictions, drivers of advanced digital technologies and modeling of the applications of these technologies are becoming a priority for economic development. The object of this study is economic activity in a difficult epidemiological situation. The subject matter of the research is economic relations that generate drivers-technologies and applications that ensure the progressive development of economic activity. The research method is logical system analysis of factors, technologies, and technological applications. The algorithm of this study comprised the following stages. First, we analyzed the results of published studies on the economics of complicated epidemiological situations. Then we highlighted the problems of economic activity. Further, we proposed solutions to these problems using advanced digital technologies and applications of these technologies. In conclusion, we analyzed possible directions for modeling the drivers of the economy in the context of the coronavirus pandemic. The problems of economic activity during the coronavirus pandemic are highlighted. These problems include the problems of reducing contacts between people, transparency of information, taking into account people's needs, accounting for resources, and reallocation of resources. The solution of these problems is systematized based on the use of advanced digital technologies and applications of these technologies as drivers of the economy. Cloud technologies, digital platforms and blockchain technologies, as well as applications of digital technologies in the form of the sharing economy, the Internet of things and the concept of a smart city are analyzed. The possibility of modeling the drivers of economic development based on the apparatus of institutional economic theory is shown. In this case, economic activity modeling is based on four consecutive stages: design, distribution, measurement, and evolution of economic institutions. The theoretical significance of the results is the development of theoretical foundations for modeling economic activity in a complicated epidemiological situation. The practical significance of the results lies in the development of applied tools for predicting the development of economic activity in the event of a coronavirus pandemic.

Suggested Citation

  • E.V. Popov, 2021. "Drivers of the Economy in the Context of the Coronavirus Pandemic," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 20(1), pages 5-30.
    • Handle: RePEc:aiy:jnjaer:v:20:y:2021:i:1:p:5-30
    DOI: http://dx.doi.org/10.15826/vestnik.2021.20.1.001
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