Akademik Məlumat İdarəetmə Sistemi
70th International Scientific Conference on Economic and Social Development – Baku, vol.6, pp.277-282, 2021 (Conference Book)
The article considers the study of the needs of finding new sources of economic growth in Azerbaijan - first of all, in the field of innovative development, which, with the explosive development and large-scale penetration of new technologies in all spheres of human activity, takes on new meaning. The significance of the ongoing global changes suggests that Azerbaijan, like the whole world, is entering the largest technological period in its history, when the wealth of natural resources ceases to be the main growth factor, giving way to a knowledge paradigm. Together, these changes are rated as a “new industrial revolution." The widespread use of information and communication technologies and the need for a transition to the Information Society and the knowledge-based society provide economic growth in conditions of increased environmental protection, accelerating the reduction of physical consumption in favor of information and the capitalization of knowledge, moving the center of gravity of investments in fixed assets, investments in human capital. According to these conditions, information is a key resource for a new model of the economy, i.e. digital economy. The new economic model is characterized by the growing incorporation of knowledge into new products and services, the increasing importance of learning and innovation, globalization and sustainable development. This article is considered appropriate to consider this new model of the economy, highlighting specific functions and main components. In turn, the digital economy is characterized by a set of procedures that radically change the relationship between business partners and investors, introducing a consistent growing civic consciousness