Digital Economy: “Irrational Optimism” of Management and Financing

Abstract

The subject of the research is the characteristics of digital technologies as well as factors and basic premises for the development of new technologies. The purpose of the research was to justify the assumption that the irrational optimism is typical not only for financial markets but also for the high-tech market and therefore it can provoke a so-called technological bubble caused by the high speculative potential of the IT sectors due to their output, in particular, information, software, computer components, etc. The research revealed the basic scheme of the speculation in hightech components, which is a consequence of their technical connectivity and the special dynamism of this market that makes companies feel the demand for these components. Measures to restrain the speculative fervor in financial markets are proposed. It is concluded that a high level of microelectronics, materials science and R&D in the IT sectors is a fundamental premise for the implementation of the digitalization program in Russia. Therefore, the current approach to the coordination and financing of state programs has to be changed in favor of reallocating resources to technically linked elements rather than to discrete activities with obscure task definitions.

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