Abstract
With the aim of improving modern methods for educating economists, the authors in this paper impose the following topics: What do we want to teach students, and do we teach them the right things? How transformative are our fundamental textbook bases to offer the new knowledge that the digital economy imposes? Bearing in mind previous questions, the aim of this paper is to highlight the gap that exists between economic theory and economic practice in terms of insufficient theoretical scope of the digital economy (DE) and its study, and DE’s increasing participation in global practice as an economy based on innovation and new technologies. In the analysis, the authors concentrate on two levels: (1) they analyse the specifics of DE and in that context, they evaluate the applicability of traditional economic theory; (2) they review the representation of DE in university textbooks. Based on the results, the authors conclude that DE possesses specific attributes, and it is necessary to include these as mandatory lessons in university textbooks on the level of basic studies. They suggest some areas for which economic theory should be better explained and supplemented in future research (proposing appropriate guidelines for future efforts in theoretical work). Moreover, through a systematic literature review, the authors approach 90 basic university textbooks in economics and by analysing their content, they prove that DE is not sufficiently represented in them. The results of the paper suggest that economics textbooks, and thus the curricula of basic studies, should be supplemented with chapters on the digital economy, which will affect the modernization and adequacy of theory with practice.
Highlights
The digital transformation has had significant effects in terms of improving methods and tools in the process of educating economists
The fundamental changes that digital transformation has made in economic processes and the principles of functioning of the modern market, which represents a great challenge in the development of the economy as a science, are of enormous and primary importance
Analysing the views of several authors on the need for a new economic analysis, it can be seen that dissatisfaction with the inappropriateness of economic theory began long before the web economy was in full swing; and not just from anyone
Summary
The digital transformation has had significant effects in terms of improving methods and tools in the process of educating economists. The fundamental changes that digital transformation has made in economic processes and the principles of functioning of the modern market, which represents a great challenge in the development of the economy as a science, are of enormous and primary importance. In the context of improving education of modern economists (in the focus of their abilities, competencies, knowledge, and skills), one should understand, in theoretical and essential sense, the changes caused by digital transformation in the subject of their study, i.e., the principles of modern market functioning. Modern economy based on innovations, knowledge, and technology, appears in the literature through different concepts and names within which similar or the same contents can be found.
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
