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Taking Advantage of Digitalization in Economy and Innovation to Transform Modern Society

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  • Goyal, Krishna

Abstract

Digital economies are those that make use of the latest technology to digitize processes and drive business growth through the use of digital tools. A result of this is an increase in foreign direct investment, which, in turn, creates new jobs and opportunities within the economy and society as a whole. There is a fundamental change taking place in the economy and in our society as a result of the digitalization of the economy. Consequently, it promotes entrepreneurship, productivity, and economic growth on a regional level, thus contributing to the development of the economy. As well as having implications for the growth of the economy, the labor market, and political participation, there are also implications for the growth of the economy. As a result, it puts new demands on the field of education and training across a wide range of areas, not just those related to information and communication technologies (ICTs). There will be a future in which one of the most important issues relating to productivity, employment, and competitiveness in various industries and within different companies, as well as how rapidly digitalization will penetrate their respective economies and societies, will prove to be of utmost importance in the coming years. In the perspective of education economics, one of the most important factors in the success of a system for educating and training people is their ability to adapt to the changing world of work.

Suggested Citation

  • Goyal, Krishna, 2021. "Taking Advantage of Digitalization in Economy and Innovation to Transform Modern Society," MPRA Paper 116540, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:116540
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    File URL: https://mpra.ub.uni-muenchen.de/116540/1/MPRA_paper_116540.pdf
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    References listed on IDEAS

    as
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    3. Carlsson, Bo, 2004. "The Digital Economy: what is new and what is not?," Structural Change and Economic Dynamics, Elsevier, vol. 15(3), pages 245-264, September.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    digitalization; innovation; modern society; information and communication technologies; digital economy; brick-and-mortar economy; world wide web; blockchain technology; globalization;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • O35 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Social Innovation
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation

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