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The purpose of this chapter is to compile the expected scenarios of development of information economy in the global economic system, determine the role of scenario that envisages practical implementation of the new model of a well-balanced information economy among these scenarios according to the criterion of effectiveness and probability, and select and substantiate the optimal scenario.

Due to the absence of initial statistical information that allows characterizing the basic conditions for further development of information economy in the global economic system, the method of stochastic modeling is used for describing forecast scenarios in this chapter. This method is used due to its applicability for forecast analysis in the conditions of uncertainty. With the help of this method, qualitative description of the expected scenarios of development of information economy in the global economic system is accompanied by selected quantitative characteristics, which are conventional, that is, they are given for comparing various scenarios, not for specifying a precise value of estimate indicators. Comparison of the expected scenarios of development of information economy in the global economic system is conducted using comparative analysis method.

It is concluded that the most effective and optimal scenario is the one that supposes implementation of the offered new model of a well-balanced information economy – despite its lower probability as compared to the other scenarios.

The set optimal expected scenario of development of information economy, which envisages application of its new well-balanced model, is recommended for practical implementation in the modern economic systems.

The purpose of this chapter is to develop the algorithm of the strategy of implementing the information economy’s optimization model in modern Russia.

The method of systemic, problem, and logical analysis, synthesis, and the method of compilation of block schemes are used.

The algorithm of the strategy of implementing the information economy’s optimization model in modern Russia is presented. It has a cyclic characteristic and is variable, successfully adapting the conceptual model of a well-balanced information economy to the practical peculiarities of the social system of modern Russia and ensuring flexibility of the developed strategy of its application in the Russian economic practice. The offered algorithm of the strategy of implementing the information economy’s optimization model in modern Russia is a logical continuation of the developed strategy, supplementing its scientific and theoretical significance with the possibilities and perspectives of successful practical application. The offered algorithm shows clarity and simplicity of the general internal structure of the process of implementing this strategy with a simultaneous high complexity of specific measures.

The developed algorithm explains the logic of successful realization of the strategy of implementing the optimization model of a well-balanced information economy in modern Russia and is recommended for usage as a practical guide for implementing this strategy.

The purpose of this chapter is to develop practical recommendations for monitoring and controlling the implementation of the optimization model of digital economy in modern Russia.

The authors use the methods of induction, deduction, synthesis, systemic and problem analysis, and formalization.

The authors develop and present recommendations for the establishment of planned values of the indicators that characterize digital economy in Russia until 2025, according to the treatment of factual values of these indicators, and for the correction of measures for regulating the process of digital economy’s formation depending on the values of these indicators. The practical recommendations offered for monitoring and controlling the implementation of the optimization model of digital economy allow creating a comprehensive and detailed national strategy and implementing it in the economic practice of modern Russia. The algorithm presented for this monitoring reflects a general logic involved in this process and opens possibilities for the manifestation of its flexibility and adaptation to each specific situation.

The developed algorithm of monitoring and control regarding the implementation of the optimization model of digital economy in modern Russia and the offered planned values of the indicators that characterize digital economy in Russia until 2025 are recommended for usage during development and implementation of the national strategy for digital economy’s formation in the Russian economic system.

The purpose of this chapter is to study opposition of the treatment of the role and meaning of information in an economic system in the conditions of post-industrial and information economy and develop the conceptual model of information economy through the prism of treatment of information.

The authors use the method of comparative and systemic analysis, as well as synthesis, induction, deduction, formalization, and modeling of economic phenomena and processes.

The authors conducted a comparative analysis of the role and meaning of information in the economic system in a post-industrial information economy. It is concluded that the most important qualitative characteristic of information economy, which distinguished it from another, is the key role of information. The proprietary conceptual model of an information economy through the prism of information treatment is offered – it reflects the top-priority role of sustainable socio-economic and managerial connections and relations of information, which are an essential qualitative peculiarity of an information economy, which separate it and determine its specifics as compared to other types of economic systems.

It is substantiated that an information economy has to be studied not only from the position of economic statistics on the basis of precise values of quantitative indicators but also from the position of the economic theory of behaviorism, which allows taking into account the relational aspects of functioning and development of information economy. Behavior of economic subjects (society and business) as to information, initiated by their own motives, has to be one of the key objects of study by the theory of information economy.

Methodological recommendations are developed, which allow – with high level of effectiveness – studying information economy from the positions of economic statistics and the economic theory of behaviorism.

The purpose of this chapter is to study the conceptual provisions of the theory of information economy and to determine its notion and essence.

The research methodology is based on the application of traditional methods of economic science, including the methods of systemic, problem, and comparative analysis, method of analysis of causal connections, systematization, classification, and formalization of scientific data.

The authors systematize the existing conceptual provisions of the theory of information economy and classify the conceptual approaches to its study as process approach, resulting approach, and combined approach; a comparative analysis of these approaches is also conducted.

The authors conclude that the evolutional development of modern socio-economic systems is dominated by the information economy concept, which should be the basis of the future developmental model of the global economic system. This concept develops within the combined approach, based on the previous concepts of digital economy and internet economy, which is a part of the process approach proclaiming technological capital, the key factor of reproduction, by focusing on the development of socio-economic systems and the concept of knowledge economy, which is a part of the resulting approach that emphasizes human capital and innovations as a target result of the development of economic systems. The information economy concept includes the features of previous concepts, emphasizes the importance of technological and human capital, applies information and communication technologies, and achieves results that are connected to highly effective creation, storage, distribution, and usage of information. It also supplemented them with a new sense of proclaiming information on the most valuable resources as well as provision of free and continuous interaction of economic subjects – the highest priority of socio-economic systems.

“Digital India” was launched by the Government of India in July 2015, with a vision of transforming India into a digitally empowered society and knowledge economy. India's momentum toward digitalization took a swift pace after the demonetization of currency notes of 500 and 1,000 rupees. The government stressed the use of digitalized payments through apps that use UPI (Unified Payment Interface) and Core Banking System to move the banking sector toward a more digitalized system. The Nordic countries, on the other hand, had a developed digitalized system from the late 1990s and in the present context, they are in paramount positions in terms of global digitalized economies. In recent times Nordic countries like Norway, Sweden, Denmark, and Finland have performed overwhelmingly in terms of Digital Economy and Social Index (DESI). The Internet penetration in India and the use of mobile phones in the country is compared with the Nordic countries, trying to present the comparative advantage in those countries.

The purpose of this chapter is to study the essence and specifics of the process of establishment and development of information economy in Asian countries and to create its conceptual model.

The process of establishment and development of information economy is studied based on the indicators that were systematized according to the basic elements of information economy. The indicators of technosphere (technological support) are the information and communication technologies (ICT) development index according to the International Telecommunication Union and labor efficiency in the ICT spheres according to the OECD. The indicators of sociosphere (social core) are the Internet level of society according to the World Wide Web Foundation and employment of specialists in the ICT spheres according to the OECD. The indicators of economic sphere (economic pinnacle) are added value of the ICT spheres and contribution of investments to the ICT in the growth of GDP according to the OECD, as well as the Index of Digital Economy according to digital single market. The indicators of the target result (efficiency of information economy) are expenditures for innovations in the spheres of the ICT according to the OECD, share of high-tech export according to the World Bank, and the index of innovational development according to the INSEAD, WIPO, and Cornell University. The research is performed by the leading countries (as per the socio-economic development index) of the Asian regions – China, South Korea, and Japan – on global economic system (according to 2017 data).

The authors concluded that the leading countries of Asia made progress in information economy’s formation, and the process in these countries has been unique, but common peculiarities allowed defining the Asian model of information economy.

It is recommended to use the offered conceptual model for studying the process of information economy’s formation in Asian countries and its comparison with the process in other regions of the world.

The purpose of this chapter is to determine the basic preconditions to information economy’s formation in modern Russia.

The methodology of the research includes the method of comparative analysis, which is used for comparing the values of the indicators of informatization of Russia’s socio-economic system to the indicators of other countries, and the method of trend analysis, which is used for determining the growth rate of these indicators in Russia.

The authors study the dynamics of the values of the indicators of information economy in Russia in 2008-2017 and determine three basic preconditions to the formation of information economy in modern Russia. The first precondition is related to the necessary normative and legal provision of information economy that determines the course at its formation. The second one is related to the readiness of infrastructural provision (mobile communications, the Internet, the system of e-commerce, and online payments) for formation of information economy. The third precondition is vivid progress in informatization of the socio-economic system, as a result of which Russia exceeds the average global level.

It is concluded that Russia has quickly implemented the strategy of modernization of the socio-economic system, creating a platform for formation of information economy.

Introduction: The insurance sector provides security to society by pooling resources to manage risks. Insurers’ improved ability to analyse risks by examining vast amounts of granular data has considerably refined this technique. Compiling and analysing the fine data sets is now transformed into the ‘Big Data’ technique. The introduction of big data analytics (BDA) is transforming the insurance industry and the role data plays in insurance.

Purpose: This chapter will attempt to examine the applications and role of big data in the insurance sector and how big data affects the different insurance segments like health insurance, property and casualty, and travel insurance. This chapter will also describe the disruptive impact of big data on the insurance market.

Methodology: Systematic research is carried out by analysing case studies and literature studies, emphasising how BDA is revolutionary for the insurance market. For this purpose, various articles and studies on BDA in the insurance market are selected and studied.

Findings: The execution of big data is continuously increasing in the insurance sector. The performance of big data in the insurance market results in cost reduction, better access to insurance services, and more fraud detection that benefits the customers and stakeholders. Therefore, big data has revolutionised the insurance market and assisted insurers in targeting customers more precisely.

The aim of this chapter is to explore the economic impact of the ICT sector in the Greek economy. In the first stage of this study, the ICT sector is identified as a composite agglomerate of various manufacturing and service industrial sectors of the economy, following its international definition introduced by OECD. Under this concept, we explore the main structural indicators of its business activity and quantify its impact in the Greek economy (in terms of production value, GDP, investment, and employment), utilizing the basic principles of Input-Output analysis. We further investigate the ICT sector’s linkages with other industries as a ‘route’ for technology and innovation diffusion in the Greek production system by approximating the ICT sector as the enabling force for the digital transformation of production in the face of Industry 4.0. The empirical results of this analysis are accompanied by a review of some key qualitative characteristics of the sector and elaborate on major challenges and relevant policy implications that arise.