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2024 | Buch

Introduction Kapitel lesen Erstes Kapitel lesen

Economic Policy in the Digital Age

How Technology is Challenging the Principles of the Market Economy

verfasst von: Jörg J. Dötsch

Verlag: Springer Nature Switzerland

Buchreihe : Contributions to Economics

Enthalten in: Springer Professional "Wirtschaft+Technik" , Springer Professional "Wirtschaft"

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Über dieses Buch

This book addresses how digital technology is challenging the principles of the market economy and the consequences for economic policy.

Applying the approach of the Freiburg School as a heuristic perspective, the study examines the concrete effects of digital technology on the price system and monetary policy, the openness of markets, the role of private property, and labour markets.

It highlights the emergence of digital innovations such as digital currencies, digital goods, artificial intelligence, digital platforms and the sharing economy and discusses the challenges these innovations pose for economic governance and the development of adequate economic policy instruments.

This comprehensive overview provides a basic understanding of the scope of the digital transformation and addresses a wide scale of important aspects of e.g. competition and trade policy, the impact of robotisation on labour market policy, and how economic policy must incorporate social aspects.

The book appeals to scholars and students of economics, public management professionals, and anyone interested in the challenges of digitalisation in the context of economic policy.

Inhaltsverzeichnis

Frontmatter

Theoretical Outline

Frontmatter
Chapter 1. Introduction
Abstract
This chapter examines the question of what changes are being brought about by digital technology and what consequences this has for the economy and society. Its particular focus is on the challenges for economic policy. The chapter briefly presents the key questions and the corresponding analytical focus of the book. It then explains the extent to which the central principles of the market economy, as formulated by Walter Eucken, can be used as a heuristic access structure in order to better understand the challenges which digitalisation poses for economic policy and in how far this determines the chapter structure.
Jörg J. Dötsch
Chapter 2. The Digital Transformation as a Starting Point
Abstract
This chapter discusses the character of the new technology and identifies the decisive drivers of the particular dynamics of change in the economy and society. It outlines why the digital transformation is a process that is at least as far-reaching as the industrial revolution, and possibly even more so. It shows how it challenges economic considerations and how this book aims to address this. The chapter introduces a normative element, namely that the economy, although it should not be centrally steered or planned, should serve people and society and clarifies the connection between values, economic order and the task of economic policy.
Jörg J. Dötsch
Chapter 3. The Approach of the Freiburg School and Why It is Particularly Useful Now
Abstract
This chapter introduces the approach of the Freiburg School and explains its particular relevance to the focus of this book. It provides a brief overview of the concept of “Ordnungsökonomik” or “Ordnungspolitik”, presents its historical origins, its background and development and provides references to the key representatives. It briefly outlines the principles of the market economy formulated by Walter Eucken, which can be understood as a kind of essence of the approach of the Freiburg school. Then it explains why it makes sense to recombine and supplement them for the purposes of this study.
Jörg J. Dötsch

An Order Challenged

Frontmatter
Chapter 4. A Functioning Price System
Abstract
This chapter outlines the outstanding importance of the price system and briefly discusses the corresponding conditions. It examines the extent to which digital technology makes a difference. In a first step, it focuses on how prices are formed in concrete terms and to what extent digitalisation has a transformational effect in this context, e.g. with regard to the new level of transparency, prices set by algorithms, price discrimination and dynamic pricing. The chapter then discusses the consequences for economic policy and explains the extent to which there is a crucial link between the price system and the normative foundations of the economy.
Jörg J. Dötsch
Chapter 5. Primacy of Monetary Policy
Abstract
This chapter discusses how digital technology can unfold specific effects on money and monetary systems. It focuses on the money functions and on aspects of currency competition. It endeavours to differentiate the specific effects of digitalisation that may lead to inflation. It briefly outlines the emergence of the phenomenon known as “digital currencies” and deals with the extent to which these pose a threat to the stability of central bank money. It discusses central bank digital currencies and their potential impact on monetary systems.
Jörg J. Dötsch
Chapter 6. Open Markets Under Pressure
Abstract
This chapter discusses how digital technology can unfold specific effects on money and monetary systems. It focuses on the money functions and on aspects of currency competition. It endeavours to differentiate the specific effects of digitalisation that may lead to inflation. It briefly outlines the emergence of the phenomenon known as “digital currencies” and deals with the extent to which these pose a threat to the stability of central bank money. It discusses central bank digital currencies and their potential impact on monetary systems.
Jörg J. Dötsch
Chapter 7. Private Property
Abstract
This chapter focuses on the core element of the digital economy, data, and discusses how the concept of property has come under new conditions in this context. It discusses the “bundles of rights” approach and explains possible shifts among the interests of individuals, companies and the level of the economy. A separate section is dedicated to the question of what can be understood by “sharing economy” in the digital age, distinguishes the respective business models from forms of collaborative economy and highlights the crucial success factors. Finally, the chapter deals with the question of what these developments mean for citizens and for the regulator.
Jörg J. Dötsch
Chapter 8. Labour and Incomes
Abstract
This chapter focuses on the impact of digitalisation on employees, labour markets and the distribution of incomes. It distinguishes between occupations and tasks and shows that digitalisation may cause displacement effects, but can hold the potential for employment growth. It also treats qualitative aspects and how digital technology effects the structure of employment. It discusses changes in working conditions and employment relationships and discusses the extent to which the opportunities offered by digitalisation are leading to concentration trends. Accordingly, it draws some conclusions about the corresponding implications for policy.
Jörg J. Dötsch
Chapter 9. Concluding Remarks
Abstract
What conclusions can be drawn from the observations made? Has the nature of our economy changed as a result of digitalisation—and does this create new challenges for economic policy?.
Jörg J. Dötsch
Metadaten
Titel
Economic Policy in the Digital Age
verfasst von
Jörg J. Dötsch
Copyright-Jahr
2024
Electronic ISBN
978-3-031-53047-0
Print ISBN
978-3-031-53046-3
DOI
https://doi.org/10.1007/978-3-031-53047-0

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