On the Issue of the Size, Prospects and Purpose of the Digital Economy

The article aims to identify the size, prospects and purpose of the digital economy. Based on the methodology of analysis and synthesis, structuring of scientific positions using a systematic approach, abstract and logical types of analysis and analysis of statistical data, the author reveals the problem of the need to form a system of special knowledge about the essence and principles of digital economy functioning, which should be formulated by specialists in the basic and applied economic sciences and allow to create a basis for a systematic scientific-based multi-parameter study of the digital economy continuum. However, the study shows that the digital economy, including its digital segment, shows a slower growth than previously expected and predicted. There is also a lag in the rate of development of the biotechnology industry. Yet, this does not call into question that the digital economy will develop at a faster pace in the near future. The result is an empirically based conclusion that, while the actual size of the digital economy is small relative to the size of all world production, the growth rate of digital technologies is exponentially increasing, expanding the space of the digital economy. For quality transformation, the underlying digital technology needs socialization, which implies the development of the technology itself, its size and acceptance by society. As a result of socialization, the most important general purpose of the digital economy—to meet the needs of consumers, and its special purpose—to contribute to the development of human capital, improve the quality of life of individuals, countries and the entire population of the planet, as well as reduce the uneven development of regions of the planet and economic sectors, should be fulfilled.