Digital economy: are new theoretical foundations needed to define it?

Abstract

Analyzing whether the digital economy needs new theoretical foundations to define it is the central purpose of this paper. For this purpose, a review and analysis of the specialized literature on this topic will be made. The article is structured in four parts. On the first one, some theoretical aspects of the economy are discussed. On the second, the aspects that characterize information technologies and information-knowledge as a production factor of economic activity and as a merchandise, viz. as the object of economic transaction, are analyzed. The third part discusses a set of elements related to the digital economy such as the factors that have led to its appearance, its characteristics and business strategies for competition within this area. Finally the article proposes a reflection on whether or not it is necessary to develop new theoretical foundations in order to account for the aspects developed to date within what is now known as digital economy. The paper concludes by arguing that in this digital era there are new types of business, but not necessarily a new economy that merits a new theoretical construction, because over the last few months the money markets have been telling us that some of the traditional tools to measure the success and sustainability of companies are still the same. Perhaps it is necessary to adjust some elements of microeconomic theory.

Key words: economy, information technologies, digital economy, theoretical foundations.