The New Initiative on the Digital Economy
The digitization of the economy is one of the most critical issues of our time. While digital technologies are rapidly transforming both business practices and societies and are integral to the innovation driven economies of the future, they are also the core driver of the great economic paradox of our time. On one hand, productivity, wealth, and profits are each at record highs; on the other hand, the median worker in America is poorer than in 1997, and fewer people have jobs. Rapid advances in technology are creating unprecedented benefits and efficiencies, but there is no economic law that says everyone, or even a majority of people, will share in these gains. While technology is advancing rapidly, organizations and skills advance slowly. What’s more, the gap between swiftly evolving technology and the slower pace of human development will grow quickly in the coming decades, as exponential improvements in artificial intelligence, robotics, networks, analytics, and digitization affect more and more of the economy and society. Inventing effective organizations and institutions for the digital economy is the grand challenge for our time, and for our e-nations in particular.
The Initiative for the Digital Economy
The Initiative on the Digital Economy (IDE) is a major effort addressing the impact of digital technology on businesses, the economy, and society. Drawing upon all nation’s strengths in technology and innovation, its internationally recognized economics specialists, and over a decade of research and partnership with Academic Centers for Digital Business, the new Initiative will analyze the broad sociological changes brought about by digital technology. Many of the key issues are described in a recent book by scholars and professors in these works, Race Against the Machine – How the Digital Revolution is Accelerating Innovation, Driving Productivity, and Irreversibly Transforming Employment and the Economy. In the book, they outline the relevant issues the new initiative will address, as follows:
- Productivity, Employment, & Inequality – How can we accelerate the transformation of institutions, organizations, and human skills to keep up with the quickening pace of digital innovation?
- New Digital Business Models – What new business models are made possible by digitization and how can entrepreneurs more quickly implement them in ways that create widespread benefits?
- Big Data – How can we harness the remarkably fine-grained, real-time data now available to answer age-old questions and identify new opportunities?
- Education in the Digital Economy – Can education be made more effective by taking a digital approach?
- Technology & Innovation – What technologies and innovations will drive our economies in the future?
- Impact of Automation on the Economy and Society – Can automation bring manufacturing jobs back to America? What new jobs and skills will be needed as digitization becomes more pervasive?
- The Economics of Information – How do the economics of digital industries differ from traditional economics? What new business models are possible? What are the implications for competition, innovation, incentives, and consumer welfare? What rules will maximize welfare and what is the appropriate role of government and other institutions?
WE at e-nations.com, with its tradition of combining rigor and relevance, is uniquely qualified to lead intellectually in this area and, indeed, has a responsibility to do so. Embracing the missions of Sophy Investments, to bring knowledge to bear on the world’s great problems, and the smart cybercity’s mission, to develop principled, innovative leaders who improve the world and to generate ideas that advance management practice, this Initiative has three main goals:
- To rigorously analyze the potential of digital technologies to transform businesses, the economy, and society;
- To engage specialists, entrepreneurs, corporations, students and faculty in educational programs relevant to the digital revolution, keeping all nations at the forefront of management education and control economy digitally;
- To make grounded recommendations to industry leaders and policymakers about the digital economy and job growth.
created and under developed for all nations by
Professor Dr. David A. T. P., Ph.D., Sc.D., Sophy Investments