When data elements are not introduced, it can be obtained from Eqs. , No Comment. Inquiry into Economic Issues (12):118135 (in Chinese). Under neoclassical theory, markets are self-regulating. After the introduction of data elements, in addition to the rate of technological progress and the share of capital output, there are two factors affecting the economic growth rate: the share of data element output and the rate of data elements accumulation. Proposition 3 When there is no data element, the increase of technological progress rate or the change of capital production structure will lead to the increase of the output growth rate. Itcanalso directly improve the micro efficiency of enterprises by reducing information asymmetry in production and enhancing coordination among factors through the information carried by data itself. This economic concept is highly associated with Adam Smith who claims that the government should not interfere with the affairs of the economy since the economy will support itself back to equilibrium in case of any challenges. This significant relationship brings both theories together despite them having a different perception of the management of the economy by the government. When c=0 and k=0, the general equilibrium between the two departments is achieved. When the capital element demand function and data elements demand function are \(K_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha )^{\alpha - 1} (b_{t} /\beta )^{\beta } [(1 - \alpha - \beta )/w_{t} ]^{\alpha + \beta - 1}\), \(L_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha )^{\alpha } (b_{t} /\beta )^{\beta } [(1 - \alpha - \beta )/w_{t} ]^{\alpha + \beta }\) and \(D_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha )^{\alpha } (b_{t} /\beta )^{\beta - 1} [(1 - \alpha - \beta )/w_{t} ]^{\alpha + \beta - 1}\) respectively, and the dynamic price evolution mechanism is \(g_{w} = \dot{w}_{t} /w_{t} = g_{A} + \alpha g_{k} + \beta g_{d}\),\(g_{r} = \dot{r}/r = g_{A} - (1 - \alpha )g_{k} + \beta g_{d}\), and \(g_{b} = \dot{b}_{t} /b_{t} = g_{A} + \alpha g_{k} - (1 - \beta )g_{d}\), the capital per person growth rate is Eq. It looks at all factors that form a part of the society as a whole and that which decides on the overall development of the economics as well as the environment. From the above equilibrium results, we get proposition 4. , Jecinta Morgan , Leave a comment. Createyouraccount. When the consumption per person growth rate is defined in Eq. However, consumer spending on goods and services and company investment are considered the most important ways to generate economic activity. Neoclassical economics and classical economics are two very different schools of thought that describe economic concepts in vastly different ways than one another. Journal of Industrial Technological Economics 41 (06): 1017 (in Chinese). Answer (1 of 4): The key difference between classical and neoclassical theory is that the classical theory assumes that a worker's satisfaction is based only on physical and economic needs, whereas the neoclassical theory considers not only physical and economic needs, but also the job satisfacti. Government Printing Office. The model in this study is placed in a general equilibrium setting considering biased technological change, and the conclusion of this paper, especially proposition 7, is basically unchanged. And whether the conclusions of this paper are still valid? Among them, (Kt, Lt, Dt) is used to describe the supply of factor endowments for capital, labor and data. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/. The country's economy will thrive if society enables individuals to pursue their interests, most notably by abandoning class-based social structures favouring meritocracies. The economics should also add as a capital asset these resources since they also form a part of the economic development (Robert Costanza, et al 1997). Cai et al. Consumers are Rational Agents : According to Neoclassical economics, customers are rational agents that purchase items based on their usefulness. When =0(or gd=0), \(g_{y}^{{{\text{NEGEYES}}}}\)=\({g}_{y}^{\text{NEGENO}}\). Therefore, they make purchasing decisions based on their evaluations of the utility of a product or service. Therefore, the economic growth rate of developing countries can be improved after the introduction of data elements. Comparing the economic growth paths of the two analysis frameworks in turn, we posit the following two propositions. This type of thinking was evident in the lead-up to the 2008 financial crisis. Fu, Caihui. (in Chinese). What are the similarities and differences between classical and neoclassical analyses of capitalism? To sum up, in the digital economy era, both developed and developing countries will promote economic growth by increasing the accumulation of data elements. Marginalism explains the change in the value of a product or service with an additional amount. 1: Change of equilibrium state before and after the introduction of data elements. Law of Diminishing Marginal Utility : The Law of Diminishing Marginal Utility states that consumer satisfaction decreases with each additional unit consumed. Optimal growth and uncertainty: The discounted case. (20), the household sector maximizes its utility. What are the principal differences between the Keynesian and Classical approaches to understanding the workings of the economy? (2021) considered the characteristics of endogenous consumption of data elements and the dynamic noncompetitive characteristics of data in the general equilibrium model composed of consumers, final product producers and intermediate product producers. , Gene Balinggan, No Comment, March 30, 2023 What is Economics? "Neo-Classical Economics and Ecological Economics." It includes the work of Adam Smith, David Ricardo, and many other economists. What are the classical economic model and the Keynesian economic model? 2020. Additionally, countries benefit by importing from countries that manufacture a commodity lower than the home market. , No Comment, November 4, 2022 The mainstream body of modern economic growth theory is neoclassical growth theory and endogenous growth theory. This is possibly the reason why the valuation calculations for ecological economics have been done and more research is being done on the specified topic. To do this, the government must and should use expanded fiscal policies like taxes to control the economy. In order to simplify the model, only capital, labor and data elements are considered in the new model, and other input elements such as land are not consideredfor simplification purpose. Updated January 27, 2017. As we shall see in Section 4, a version of this method was also shared by all major neoclassical authors until the late 1920s. More specifically, we study the factors influencing economic growth rate under two general equilibrium frameworks by introducing digital development comprising primarily the data elements, to obtain the optimal choice under a balanced economic growth path. After the data elements are introduced, the corresponding scenario is 1-2. Since classical economics was formed historically, the two ideas are very different. (2022) set different parameter values in line with theoretical assumptions, and simulated the contribution of different initial stock sizes of data to the absolute productivity of each time period. 2017. What does neoclassical economic theory argue? Development takes every aspect of the system with itself while growth is more individualistic. The result of this synthesis was the neoclassical synthesis, which has dominated economic reasoning ever since. Jecinta is an experienced writer who has been writing for more than three years and she has a degree in Finance and Accounting. Yang, Yan, Li Wang, and Zujun Liao. Under the general equilibrium framework of new structural economics, it is better for developing countries to introduce data elements. , Gene Balinggan, No Comment, March 27, 2023 On the other hand, the interaction between the output share of different factor inputs and technical efficiency has not been taken into account. Need a custom Essay sample written from scratch by Distinguish between Classical and Keynesian IS-LM models Define Money neutrality. Figure 1. The process is known as the marginal revolution.. Data elements are brought into the general equilibrium model to explore the impact of new production factors on economic growth in digitalizationprocess.To do so, another assumption needs to be made as follows. The method of obtaining the time-varying factor output share of the new structural economics is more general. Please rate this article: Similarities Between Capitalism and Socialism. If this assumption does not uphold, we will further consider biased technological change, and combine the background of rapid development of digital economy: the impact of factor efficiency on economic growth will be underestimated, and the impact of changes in factor efficiency level and factor endowment structure on technological progress and factor allocation will also be underestimated. Given the similarities and differences of three contending theories (Marxism, Neoclassical and Keynesianism), briefly analyze the key factors that contributed the decline of economic systems under Mar. What are the similarities or comparisons between classical economics and neoclassical economics? Classical economists, Keynesians, Monetarists, and Supply-Siders: How do they differ? SIMILARITIES BETWEEN NEOCLASSICAL AND RADICAL ECONOMICS: According to the classical economists, interest is a reward paid for the use of capital. To facilitate comparison, the following are compared separately between scenario 1-1 and scenario 1-2, scenario 2-1 and scenario 2-2. These issues are also worth studying. Critics of neoclassical economics argue that it does not take into account real-world factors that influence consumer decisions. Xu and Zhao (2020) introduced data capital into the supply side, built an economic growth model including data capital, ICT capital and traditional material capital, and analyzed the relationship between economic growth and data capital under a general equilibrium path for the two sectors. 2021. Explain the fundamental difference in the "Keynesian" view of the economy versus the "Classical" view. (2) Developing countries find the optimal path of economic growth by comparing the different results of economic growth rates under the two analytical frameworks. The differentiation happens even in the word that is employed. In \(g_{y}^{{{\text{NSEGEYES}}}}\), economic growth depends on technological progress rate, upgrading of production structure and accumulation of data elements. Research on the impact of data elements on the high quality development of manufacturing industry in the digital economy background. The Qin stressed central authority Premium China Civilization Han Dynasty 845 Words 4 Pages (1) and (2). From Formula (3)(4), the optimal factor demand and dynamic price system can be further obtained. Neoclassical economists argue that the consumer's perception of a product's value is the driving factor in its price. What are the main differences between the neoclassical economic growth and the "new" endogenous growth theory? It led to dominated mainstream economics as Neo-Keynesian economics. The neoclassical school of thought explains individual or company behaviours in terms of a more extensive system. (in Chinese). Cai et al. Compared with the aforementioned general equilibrium model, only the budget constraints of the household sector change the production function and cost function of the production sector. The relationship is shown in Fig. The neoclassical growth model and the new structural growth model are tools for exploring the sources of economic growth. What are the most important differences between new Keynesian economics and monetarism? With the development of digital economy, the economic growth path of developing countries is also changing. When the capital production structure and data production structure are stable for a long time, the general equilibrium model of new structural economics is transformed into the general equilibrium model of new classical economics. What is the impact on the aggregate demand and supply curves? Neoclassical economics is also considered overly dependent on complex, unrealistic mathematical models. The neoclassical growth model is the mainstream method, However, it has shortcomings in setting the production structure and in explaining the economic growth of developing countries. What were the economic theories prior to the 1860s, before neoclassical economic theory emerged? The difference between actual production costs and retail price is the economic surplus. When introducing data elements, it can be seen from Eqs. Neoclassical economics is derived from classical economics with the introduction of marginalism. What is the difference and similarities of these schools? Governments and banks can also follow neoclassical principles, which will impact economic policy and market regulation. The housing market did eventually stop growing and begin to decline. This result can be extended to markets with multiple platforms. As you now know, neoclassical economists emphasize Say's law, which holds that supply creates its own demand. Keynesian economic theory does not believe markets can adjust naturally to these changes. The quantitative and qualitative reasoning on the allocation, distribution, distribution, and production of economic resources. The Qin and Han dynasties of Classical China developed a kind of government called bureaucracy. The network origins of aggregare fluctuations. Even if the equilibrium solution for one country and two sectors is calculated, changes in a variable will also cause state changes, which are difficult to calculate. Therefore, after considering biased technological change, the technical efficiency in this model may be underestimated. Without losing generality, the product price p is standardized to 1. In other words, incorporating the data elements into the production process may be an effective way for developing countries to quickly catch up with their developed counterparts. Keynesian economics suggests governments need to use fiscal policy, especially in a recession. In addition, although as mentioned above, the introduction of biased technological progress will underestimate gA in this model, the impact of neutral technological progress on economic growth rate is correct, and the impact of input factor output share (whether long-term stable or time-varying) on economic growth is also correct, so developing countries will still choose the policy proposition of new structural economics. While classical economic theory assumes that a product's value derives from the cost of materials plus the cost of labor, neoclassical economists say that consumer perceptions of the value of a product affect its price and demand. Classical economists assume that the most important factor in a product's price is its cost of production. Under the general equilibrium analysis framework of new structural economics, before the introduction of data elements, the level of economic growth rate is related to the rate of technological progress and the structure of capital production. I was scammed of $379,000 worth of bitcoin with a scam forest investment unknowingly then, 2021. A. Shirov & N. A. Baizakov, Pier-Paolo Saviotti, Andreas Pyka & Bogang Jun, Matteo Cervellati, Gerrit Meyerheim & Uwe Sunde, Digital Economy and Sustainable Development 2020. The capital per person growth rate is shown in Eq. Explain. Classical economic theory holds that a self-regulating economy is the most efficient and successful because individuals adjust to meet one another's demands as they arise. Under the conditions of general equilibrium, both the production sector and the household sector achieve their own general equilibrium state, and each endogenous variable also has a steady value. However, developing countries should choose the economic growth path under the general equilibrium analysis framework of new structural economics because the share of capital output changes over time. 240-269. The study provides empirical evidence of human behaviors in an economy. Thus, the total utility maximizes at the quantity where the marginal utility equals zero. Farboodi, M., and L. Veldkamp. Can their views be synthesized in a. This enabled study of the theoretical mechanism by which data elements drive economic growth. This makes it difficult to estimate the capital stock and scale of data elements and calibrate them according to real data. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? The production sector pursues the maximization of profits, and purchases the elements owned by the household sector as inputs and pays for them. This economic theory looks at sustainable development in all spheres of work that is done. What are the major differences between the Classical economic theory and Keynesian theory? Modern economists believed that synthetic financial instruments had no price ceiling because investors in them perceived the housing market as limitless in its potential for growth. It is important to highlight that Keynesian approach is superior to the classical hypothesis of interest since the former is troubled with equilibrium in the physical sector. Christian Arnsperger & Yanis Varoufakis (2006). (3), (5), (9)(11) that the economic growth rate of a country is related to technological progress, capital input share, data input share and the relative size of data accumulation rate. What are the differences and similarities between neoclassical economics and radical economics? Additionally, free markets provide customers with more options. (2) Developing countries find the optimal path of economic growth by comparing the different results of economic growth rates under the two analytical frameworks. It focuses on explaining the capitalist mode of production through social and historical analyses. (Related Reading: A Guide to Price Ceiling and Price Floor). Copyright 2023 - IvyPanda is operated by, Neo-Classical Economics and Ecological Economics, Joseph Schumpeter: His Life and Work in Economic Theory, The Result of Western Capitalism Fueling Communism, Orange Juice's Supply & Demand and Price Ceiling, Supply-Demand Management Issues and Recommendations, Abu Dhabi National Energy Company's Supply & Demand, Economics: Supply & Demand in Prisoner-of-War Camps, How Romantic Art Differs From Neo-Classical Art, Neoclassical Economy Versus Political Economy, Post-keynesian and Austrian Criticisms of the Standard Neoclassical View of Competition, Individualism and Collectivism in Agreement-Making, Wall Street and Wizard of Oz Movies: Economic Concepts, Political Realism in Light of Marxism and Idealism. In terms of their approaches, the study of classical economics is more empirical. This study contributes to this gap in the extant literaturein three specific respects: (1) the key production factors in the digital economy era are introduced into a general equilibrium model in the neoclassical economics tradition and the general equilibrium model of new structural economics. Neo-Classical Economics and Ecological Economics. Thus, in neoclassical economics, the value of products and services are above their costs of production. Compare and contrast the classical theory and the Keynesian theory of economics. Digitalization and economic growth in the new classical and new structural economics perspectives, Digital Economy and Sustainable Development, $$\mathop {{\text{max}}}\limits_{{c_{t} }} U_{t} = \int_{0}^{\infty } {e^{(n - \rho )t} } u(c_{t} )dt$$, $${\dot{k}}_{t}=\left({r}_{t}-n-{\delta }_{t}\right){k}_{t}+{w}_{t}-{c}_{t}\,\mathrm{and}\,{k}_{t+1}={i}_{t}+\left(1-{\delta }_{t}-n\right){k}_{t}$$, $${\text{max}}\pi_{t} = pY_{t} - r_{t} K_{t} - w_{t} L_{t}$$, $$A_{t} K_{t}^{\alpha } L_{t}^{1 - \alpha } \le Y_{t}$$, $$\dot{g}_{c} = 0\;{\text{and}}\;\dot{g}_{k} = 0$$, $$\min C_{t} = r_{t} K_{t} + w_{t} L_{t}$$, $$A_{t} K_{t}^{{\alpha_{t} }} L_{t}^{{1 - \alpha_{t} }} \ge Y_{t}$$, $$\dot{g}_{c} = 0\;{\text{and}}\;\dot{g}_{k} = 0,\;\dot{\alpha }_{t} = 0$$, $$\dot{k}_{t} = \left( {r_{t} - n - \delta_{t} } \right)k_{t} + w_{t} + b_{t} d_{t} - c_{t} \;{\text{and}}\;k_{t + 1} = i_{t} + \left( {1 - \delta_{t} - n} \right)k_{t}$$, \(r_{t} K_{t} + w_{t} L_{t} \le r_{t} K_{t} + w_{t} L_{t} + b_{t} D_{t}\), $$\max \pi_{t} = pY_{t} - r_{t} K_{t} - w_{t} L_{t} - b_{t} D_{t}$$, $${A}_{t}{K}_{t}^{\alpha }{L}_{t}^{1-\alpha -\beta }{D}_{t}^{\beta }\le {Y}_{t}$$, $$\min C_{t} = r_{t} K_{t} + w_{t} L_{t} + b_{t} D_{t}$$, $$A_{t} K_{t}^{{\alpha_{t} }} L_{t}^{{1 - \alpha_{t} - \beta_{t} }} D_{t}^{{\beta_{t} }} \ge Y_{t}$$, $$g_{c} = \frac{{\dot{c}_{t} }}{{c_{t} }} = \frac{{\alpha A_{t} k_{t}^{\alpha - 1} - \delta_{t} - \rho }}{\sigma }$$, \({K}_{t}^{D}=\left({Y}_{t}/{A}_{t}\right){\left\{\left[{r}_{t}\left(1-\alpha \right)\right]/{w}_{t}\alpha \right\}}^{\left(\alpha -1\right)}\), \({L}_{t}^{D}=\left({Y}_{t}/{A}_{t}\right){\left\{\left[{r}_{t}\left(1-\alpha \right)\right]/{w}_{t}\alpha \right\}}^{\alpha }\), \(g_{w} = \dot{w}_{t} /w_{t} = g_{A} + \alpha g_{k}\), \(g_{r} = \dot{r}/r = g_{A} - (1 - \alpha )g_{k}\), $${g}_{k}=\frac{{\dot{k}}_{t}}{{k}_{t}}={A}_{t}{k}_{t}^{\alpha -1}-n-{\delta }_{t}-\frac{{c}_{t}}{{k}_{t}}$$, $${g}_{y}^{*}={g}_{c}^{*}={g}_{k}^{*}=\frac{{g}_{A}}{\text{1} - {\alpha }^{*}}$$, \(\partial {g}_{y}^{*}/\partial {g}_{A}=1/(\text{1} - {\alpha }^{*})>0\), \(\partial {g}_{y}^{*}/\partial {\alpha }^{*}={g}_{A}/{(\text{1} - {\alpha }^{*})}^{2}>0\), $$g_{c} = \frac{{\dot{c}_{t} }}{{c_{t} }} = \frac{{\alpha A_{t} k_{t}^{\alpha - 1} d_{t}^{\beta } - \delta_{t} - \rho }}{\sigma }$$, \(K_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha )^{\alpha - 1} (b_{t} /\beta )^{\beta } [(1 - \alpha - \beta )/w_{t} ]^{\alpha + \beta - 1}\), \(L_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha )^{\alpha } (b_{t} /\beta )^{\beta } [(1 - \alpha - \beta )/w_{t} ]^{\alpha + \beta }\), \(D_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha )^{\alpha } (b_{t} /\beta )^{\beta - 1} [(1 - \alpha - \beta )/w_{t} ]^{\alpha + \beta - 1}\), \(g_{w} = \dot{w}_{t} /w_{t} = g_{A} + \alpha g_{k} + \beta g_{d}\), \(g_{r} = \dot{r}/r = g_{A} - (1 - \alpha )g_{k} + \beta g_{d}\), \(g_{b} = \dot{b}_{t} /b_{t} = g_{A} + \alpha g_{k} - (1 - \beta )g_{d}\), $$g_{k} = \frac{{\dot{k}_{t} }}{{k_{t} }} = A_{t} k_{t}^{\alpha - 1} d_{t}^{\beta } - n - \delta {}_{t} - \frac{{c_{t} }}{{k_{t} }}$$, $$g_{y}^{ * } = g_{c}^{ * } = g_{k}^{ * } = \frac{{g_{A} + \beta^{ * } g_{d} }}{{{1 - }\alpha^{ * } }}$$, \(\partial {g}_{y}^{*}/\partial {g}_{d}={\beta }^{*}/(\text{1} - {\alpha }^{*})>0\), \(\partial {g}_{y}^{*}/\partial {\beta }^{*}={g}_{d}/(\text{1} - {\alpha }^{*})>0\), $$g_{c} = \frac{{\dot{c}_{t} }}{{c_{t} }} = \frac{{\alpha_{t} A_{t} k_{t}^{{\alpha_{t} - 1}} - \delta_{t} - \rho }}{\sigma }$$, \(K_{t}^{D} = (Y_{t} /A_{t} )\left\{ {[r_{t} (1 - \alpha_{t} )]/w_{t} \alpha_{t} } \right\}^{{(\alpha_{t} - 1)}}\), \({L}_{t}^{D}=({Y}_{t}/{A}_{t}){\left\{[{r}_{t}(1-{\alpha }_{t})]/{w}_{t}{\alpha }_{t}\right\}}^{{\alpha }_{t}}\), \(\begin{gathered} g_{w} = \dot{w}_{t} /w_{t} = g_{A} + \alpha_{t} g_{k} + \left[ {1 + \alpha_{t} \ln k_{t} - 1/\left( {1 - \alpha_{t} } \right)} \right]g_{\alpha } ,\; \hfill \\ g_{r} = \dot{r}/r = g_{A} - \left( {1 - \alpha_{t} } \right)g_{k} + \left( {1 + \alpha_{t} \ln k_{t} } \right)g_{\alpha } , \hfill \\ \end{gathered}\), $$g_{k} = \frac{{\dot{k}_{t} }}{{k_{t} }} = A_{t} k_{t}^{{\alpha_{t} - 1}} - n - \delta_{t} - \frac{{c_{t} }}{{k_{t} }}$$, \(\dot{\alpha }_{t} = \left( {g_{k} - g_{A} - g_{k} \alpha_{t} } \right)\;\alpha_{t} /\left( {1 + \alpha_{t} \ln k_{t} } \right)\), $${g}_{y}^{*}={g}_{c}^{*}={g}_{k}^{*}=\frac{{g}_{A}}{1-{\alpha }_{t}^{*}}\,\mathrm{and}\,{\alpha }_{t}^{*}=1-\frac{{g}_{A}}{{g}_{k}^{*}}$$, \(\partial g_{y}^{ * } /\partial g_{A} = 1/({1 - }\alpha_{t}^{ * } ) > 0\), \(\partial g_{y}^{ * } /\partial \alpha_{t}^{ * } = g_{A} /{(1 - }\alpha_{t}^{ * } )^{2} > 0\), $${g}_{c}=\frac{{\dot{c}}_{t}}{{c}_{t}}=\frac{{\alpha }_{t}{A}_{t}{k}_{t}^{{\alpha }_{t}-1}{d}_{t}^{{\beta }_{t}}-{\delta }_{t}-\rho }{\sigma }$$, \(K_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha_{t} )^{{\alpha_{t} - 1}} (b_{t} /\beta_{t} )^{{\beta_{t} }} [(1 - \alpha_{t} - \beta_{t} )/w_{t} ]^{{\alpha_{t} + \beta_{t} - 1}}\), \(L_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha_{t} )^{{\alpha_{t} }} (b_{t} /\beta_{t} )^{{\beta_{t} }} [(1 - \alpha_{t} - \beta_{t} )/w_{t} ]^{{\alpha_{t} + \beta_{t} }}\), \(D_{t}^{D} = (Y_{t} /A_{t} )(r_{t} /\alpha_{t} )^{{\alpha_{t} }} (b_{t} /\beta_{t} )^{{\beta_{t} - 1}} [(1 - \alpha_{t} - \beta_{t} )/w_{t} ]^{{\alpha_{t} + \beta_{t} - 1}}\), $$\begin{gathered} g_{w} = \dot{w}_{t} /w_{t} = g_{A} + \alpha_{t} g_{k} + \left[ {1 + \alpha_{t} \ln k_{t} - \left( {1 - \beta_{t} } \right)/\left( {1 - \alpha_{t} - \beta_{t} } \right)} \right]g_{\alpha } + \alpha_{t} g_{k} + \left[ {1 + \beta_{t} \ln d_{t} - \left( {1 - \alpha_{t} } \right)/\left( {1 - \alpha_{t} - \beta_{t} } \right)} \right]g_{\beta } ,\; \hfill \\ g_{r} = \dot{r}/r = g_{A} - \left( {1 - \alpha_{t} } \right)g_{k} + \left( {1 + \alpha_{t} \ln k_{t} } \right)g_{\alpha } + \beta_{t} g_{d} + \beta_{t} \ln d_{t} g_{\beta } , \hfill \\ g_{b} = \dot{b}_{t} /b_{t} = g_{A} + \alpha_{t} g_{k} + \alpha_{t} \ln k_{t} g_{\alpha } - \left( {1 - \beta_{t} } \right)g_{d} + \left( {1 + \beta_{t} \ln d_{t} } \right)g_{\beta } , \hfill \\ \end{gathered}$$, $$g_{k} = \frac{{\dot{k}_{t} }}{{k_{t} }} = A_{t} k_{t}^{{\alpha_{t} - 1}} d_{t}^{{\beta_{t} }} - n - \frac{{c_{t} }}{{k_{t} }}$$, \(\dot{\alpha }_{t} = \left\{ {_{{}} [g_{k} - g_{A} - g_{\beta } (\eta_{b\beta } - 1) - \beta_{t} g_{d} ]\alpha_{t} - g_{k} \alpha_{t}^{2} } \right\}/(1 - \alpha_{t} )\), $$g_{y}^{*} = g_{c}^{*} = g_{k}^{*} = \frac{{g_{A} + \beta_{t}^{*} g_{d} }}{{1 - \alpha_{t}^{*} }}\;{\text{and}}\;\alpha_{t}^{*} = \frac{{g_{k} - g_{A} - \beta_{t}^{*} g_{d} }}{{g_{k} }}$$, \(\partial {g}_{y}^{*}/\partial {g}_{A}=1/(\text{1} - {\alpha }_{t}^{*})>0\), \(\partial {g}_{y}^{*}/\partial {\alpha }_{t}^{*}={g}_{A}/{\text{(1-}{\alpha }_{t}^{*})}^{2}>0\), \(\partial {g}_{y}^{*}/\partial {g}_{d}={\beta }_{t}^{*}/(\text{1} - {\alpha }_{t}^{*})>0\), \(\partial {g}_{y}^{*}/\partial {\beta }_{t}^{*}={g}_{d}/(\text{1} - {\alpha }_{t}^{*})>0\), \({g}_{y}^{\text{NEGEYES}}>{g}_{y}^{\text{NEGENO}}\), \(g_{y}^{{{\text{NEGEYES}}}} > g_{y}^{{{\text{NEGENO}}}}\), https://doi.org/10.1007/s44265-023-00007-0, A systemic perspective on socioeconomic transformation in the digital age, On the Choice of Mathematical Models for Describing the Dynamics of Digital Economy, Rethinking Russian Digital Economy Development Under Sunctions, The Quality of Growth and Digitalization in the Eurasian Integration Countries: An Econometric Analysis, Do digital governments foster economic growth in the developing world?