Cognitive Concept of the Analysis of Hype Processes in the Digital Economy

Abstract

This article is devoted to study the digital transformation features of socio-economic processes in the context of COVID-19 pandemic. Regularities of digital transformation and reorientation of business processes to vector of high technologies, automatic and robotic systems, neural networks, artificial intelligence, Internet of things, cyber-physical systems with cognitive functions, leading to an increase in synergetic effects and a decrease in entropy are revealed . Analysis of conditions and factors of the emergence and course of hype processes in a number of industries and spheres of economy is given: a hype change in demand in cryptocurrency markets; high growth of NASDAQ high-tech stock index; dynamics of abnormal changes in the share price of GameStop. It is determined that arising processes caused by influence of large flows of information develop in time according to model of hype cycle curve. Authors’ interdisciplinary approach to model development of cognitive-network hype processes that reduce entropy in management of socio-economic systems subject to replication and mass use, including in automatic mode in WEB services, has been substantiated. A cognitive production function is proposed that takes into account decomposition and accounting of cognitive production factors, intellectual property objects and creative abilities of personnel, whose activities generate new knowledge and lead to emergence of new cognitive functions. It is concluded that the most important effect of digital cognitive-network transformation is a decrease in entropy and exponential economic growth based on dominance of increasing returns over decreasing productivity with an extensive increase in volume of traditional factors (labor and capital). A significant effect of cognitive digital transformation in context of digital convergence of cognitive and traditional production factors is to obtain synergistic effects and counteract the growth of entropy caused by explosive growth of hype processes under the influence of large volumes of information hypes.