Challenges of the Technological Revolution and Foreign Macroeconomic Experience

Bibliographic Data

ID17545239
AuthorsV Dementiev (0000-0001-5612-3999, Russian Federation, corresponding author)
Year2026
Volume70
Issue3
Pages5-15
Publication date2026-01-01
Peer ReviewedYes
Open AccessNo
TypeARTICLE
VenueWorld Economy and International Relations (JOURNAL)
Journal identifiersISSN: 0131-2227 • E-ISSN: 2782-4330
PublisherPrimakov Institute of World Economy and International Relations (PUBLISHER)
DOI10.20542/0131-2227-2026-70-3-5-16
OpenAlexW7135054248
LanguageEN
References cited28

The new technological revolution associated with the digitalization of many types of activities, with the development of artificial intelligence is becoming a field of competition between countries not only for innovative rents, but also for a place in the new world order. This competition is a challenge for both economic policy and economic theory. We have to admit that the formation of macroeconomic prerequisites for rapid economic restructuring based on new general purpose technologies does not yet have reliable theoretical guidelines. Empirical research calls into question the ability of New Keynesian monetary policy models to provide the necessary guidance. In such a situation, useful information about the macroeconomic conditions of innovative economic growth can be gleaned from the experience of the previous microelectronic technological revolution. The corresponding analysis is carried out in the article on the basis of data on Japan, USA and China. It is revealed that the macroeconomic parameters, which in one phase of the technological revolution changed in the same direction, in another phase are able to demonstrate the opposite dynamics. The essential specificity of these phases leads to the ineffectiveness of universal monetary policy recommendations. Therefore, an appeal to past experience should be aimed at analyzing comparable phases of technological revolutions, at identifying theoretical concepts that proved useful in specific phases. Ignoring the conditions for the effective applicability of a theory harms practice, and ultimately undermines the credibility of the theory itself

Appeal · Competition (biology) · Credibility · Field (mathematics) · Macroeconomic model · Monetary policy · Restructuring · Technological change · Technological revolution · Digital Economy and Transformation · Economic and Technological Developments in Russia · Economic Development and Digital Transformation