Digitalization as a determinant of economic policy choice: Russian realities and world experience

Abstract

The article considers digitalization as a new general purpose technology and its impact on economic growth and economic policy in the world and Russia against the background of the so-called “productivity paradoxes” and economic shocks of 2020—2023. The importance of accelerating the growth of total factor productivity  in Russia through the introduction of advanced digital technologies is shown. The world experience in assessing the impact of digital information and communication technologies on economic growth is briefly described, and an adapted methodology for assessing macroeconomic effects of economic policy, previously used by experts from the OECD and the Ministry of Economic Development of Russia at the level of country groups, is proposed and tested on a panel of Russian regions. The authors calculated the original series of contributions of labor, capital and total factor productivity to the GRP growth of Russian regions for the period 2011—2020. This makes possible to compare the benefits of digitalization and the rate of accumulation of digital capital in Russia and in other countries . The article discusses the desirable parameters of short-term macroeconomic stabilization tools and some aspects of developing the national innovation system.