Digital Economy: Human Capital, Technology, Communications*

Abstract

The formation of an appropriate institutional environment is an important precondition for the effective development of main spheres of human activities in the digital economy. Personnel and education play a key role in promoting the development of the digital economy. It is obvious that land, labor and capital traditionally regarded as key factors of production at all stages of human development undergo radical changes in the era of the digital transformation of the economy when the cost of goods, services and information are rapidly declining. Human capital will be assuming the role of the main national asset. And that does not refer to any human being, but only to persons having competence in the field of new technologies, able to research, able to introduce the new, able to perfect the old. In this regard, it can be recognized that human and information capital are becoming the main factors of production in the future economy, while the role of a key factor will be assigned to human capital. The digital economy is not just a new stage in the development of information technology; it is a manifestation of radically new business models, having the improved effectiveness resulting from eliminating optimization and intermediaries. A business is becoming more dynamic and more complex; today it does not have a single correct answer to the question of how to organize its activities. Companies developing new technologies and using various kinds of innovations change business rules and break down any barriers. Keywords—digital economy; human capital; information and communication technologies; innovations; knowledge economy; labor market; digitalization