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The Digital Economy and the Impact of Its Formation on Economic Development

Author

Listed:
  • Khayala Ibrahimova
  • Elchin Suleymanov
  • Farhad Rahmanov

Abstract

In the process of globalization, the need to use ICT is felt in all segments of society. The widespread use of the Internet and communication technologies by people has affected a number of areas, including the economy, and has brought a number of new economic concepts and facts to society. The fourth industrial revolution, the technological revolution, is sometimes called the digital revolution. As a result of this digital revolution, changes have taken place in the traditional economy, and information capital has emerged. In the digital economy, the development process, the establishment of direct relationships with consumers, the quantitative and qualitative indicators of the product in accordance with the wishes of the customer can be implemented more effectively. As a result of all these processes, it has given impetus to the establishment of a cashless society in our country.

Suggested Citation

  • Khayala Ibrahimova & Elchin Suleymanov & Farhad Rahmanov, 2020. "The Digital Economy and the Impact of Its Formation on Economic Development," Academic Journal of Economic Studies, Faculty of Finance, Banking and Accountancy Bucharest,"Dimitrie Cantemir" Christian University Bucharest, vol. 6(3), pages 105-108, September.
    • Handle: RePEc:khe:scajes:v:6:y:2020:i:3:p:105-108
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    More about this item

    Keywords

    Digital economy; digital technologies; e-Trade; ICT;
    All these keywords.

    JEL classification:

    • L14 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Transactional Relationships; Contracts and Reputation
    • L15 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Information and Product Quality

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