Innovative Growth of the Virtual Economy: A Regulatory Paradigm Shift

Abstract

Aim. The presented study aims to harmonize the understanding of the innovative growth of the virtual economy within the framework of a regulatory approach from the perspective of the evolution of regulatory mechanisms.Tasks. The authors identify the major conditions and elements of the virtual economy; clarify the definition of the virtual economy; determine the essential characteristics of the innovative growth of the virtual economy; develop a multidimensional matrix of tools for measuring the innovative growth of the virtual economy within the framework of a regulatory approach.Methods. This study uses the methods of scientific analysis and synthesis as well as comparative and systems approach to examine the reflection of innovative growth in the evolution of regulatory mechanisms that determine economic behavior.Results. The acceleration of economic virtualization during the 2020–2021 pandemic has exacerbated the need for a scientific analysis of the ways and directions of innovative economic growth with allowance for intangible, primarily virtual factors, which include traditional symbolic components implemented on the basis of digital tools. The conducted analysis makes it possible to identify four main dimensions that determine directions for the innovative growth of the virtual economy: adaptation to new categories of entities to the extent of personification based on big data; development of new behavioral models; development of institutions and ecosystems; prioritization of a meaningful requirement for harmony and aesthetics on the part of users.Conclusions. A study of the multidimensional model of innovative growth of the virtual economy will make it possible to improve both the decision-making of individual and group entities, and the regulatory mechanisms used by the government.