{"title":"IMPLICATIONS OF THE DIGITAL ECONOMY ON POLICY-MAKING","authors":"Tsue Ing Yap, Ameera Dayana Borhan","doi":"10.1142/s2737566821500092","DOIUrl":null,"url":null,"abstract":"Digitalization has led to fundamental changes in the way people behave and live, and the way organizations, societies and nations operate. Although digitalization has brought about enormous benefits in general, it has also made the work of policymakers ever more challenging. A key responsibility of policymakers is consumer protection and this task is made ever more complicated with issues of data privacy and data ownership since many institutions and companies are now able to gather granular consumer data over transactions and the Internet of Things (IoT). For effective policy-making, policymakers need the right data and information. This is no longer straightforward with issues of valuation and measurement — how does one measure digitalization and its outputs, particularly with some new-age products and services being free and are readily available? Moreover, digitalization has brought with it wide-ranging implications for the labor market (such as with the rise of gig economy), education, tax laws, economic policies and financial stability, which force policymakers to continuously keep abreast on emerging technological trends and to ensure their policies are up-to-date. This paper attempts to analyze various literature studies and draw some insights on issues that policymakers need to be mindful of in the digital age. Some potential recommendations will be tabled for discussion and further research.","PeriodicalId":39482,"journal":{"name":"Journal of Business Valuation and Economic Loss Analysis","volume":"116 1","pages":""},"PeriodicalIF":0.0000,"publicationDate":"2021-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Business Valuation and Economic Loss Analysis","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1142/s2737566821500092","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q4","JCRName":"Economics, Econometrics and Finance","Score":null,"Total":0}
引用次数: 0
Abstract
Digitalization has led to fundamental changes in the way people behave and live, and the way organizations, societies and nations operate. Although digitalization has brought about enormous benefits in general, it has also made the work of policymakers ever more challenging. A key responsibility of policymakers is consumer protection and this task is made ever more complicated with issues of data privacy and data ownership since many institutions and companies are now able to gather granular consumer data over transactions and the Internet of Things (IoT). For effective policy-making, policymakers need the right data and information. This is no longer straightforward with issues of valuation and measurement — how does one measure digitalization and its outputs, particularly with some new-age products and services being free and are readily available? Moreover, digitalization has brought with it wide-ranging implications for the labor market (such as with the rise of gig economy), education, tax laws, economic policies and financial stability, which force policymakers to continuously keep abreast on emerging technological trends and to ensure their policies are up-to-date. This paper attempts to analyze various literature studies and draw some insights on issues that policymakers need to be mindful of in the digital age. Some potential recommendations will be tabled for discussion and further research.
期刊介绍:
The Journal of Business Valuation and Economic Loss Analysis (JBVELA) is a refereed academic journal that publishes continuously throughout the year and is co-edited by Bradley Ewing and James Hoffman. The mission of the Journal of Business Valuation and Economic Loss Analysis is to improve the practice of business valuation, economic loss analysis, and risk management by helping to inform academics, practitioners, and attorneys about theoretical and practical developments in these fields.