The Notion and Essence of Information Economy

Abstract

Abstract Purpose The purpose of this chapter is to study the conceptual provisions of the theory of information economy and to determine its notion and essence. Methodology The research methodology is based on the application of traditional methods of economic science, including the methods of systemic, problem, and comparative analysis, method of analysis of causal connections, systematization, classification, and formalization of scientific data. Results The authors systematize the existing conceptual provisions of the theory of information economy and classify the conceptual approaches to its study as process approach, resulting approach, and combined approach; a comparative analysis of these approaches is also conducted. Recommendations The authors conclude that the evolutional development of modern socio-economic systems is dominated by the information economy concept, which should be the basis of the future developmental model of the global economic system. This concept develops within the combined approach, based on the previous concepts of digital economy and internet economy, which is a part of the process approach proclaiming technological capital, the key factor of reproduction, by focusing on the development of socio-economic systems and the concept of knowledge economy, which is a part of the resulting approach that emphasizes human capital and innovations as a target result of the development of economic systems. The information economy concept includes the features of previous concepts, emphasizes the importance of technological and human capital, applies information and communication technologies, and achieves results that are connected to highly effective creation, storage, distribution, and usage of information. It also supplemented them with a new sense of proclaiming information on the most valuable resources as well as provision of free and continuous interaction of economic subjects – the highest priority of socio-economic systems.