Analysis of the impact of information asymmetry on the process of realization of national economic interests

Authors

DOI:

https://doi.org/10.32782/EiR.2022.4(87).2784

Keywords:

information asymmetry, national economic interests, indicators of digital competitiveness, information economy, information society, digital revolution

Abstract

The article notes that information asymmetry is provoked by the unevenness of digital processes, which affects the country's competitive position on the world stage. The author examines Ukraine's position in the ranking of countries by indicators of global digital competitiveness, which demonstrate the manifestations of information asymmetry and polarize the world into leaders and outsiders in terms of the level of development of the information society. The author's vision of the factors that provoke information asymmetry is outlined, which, in the process of their corrective management influence and solving problematic aspects, form a vision of the vector of the national economy, the priority of concepts and targeted measures of the information economy. The information asymmetry by areas and nature of influence on the process of realization of national economic interests is studied. It is proved that within the same sphere of information asymmetry several processes with different vectors can function. The author outlines the conflicts of interest provoked by information asymmetry in the system of level organization of economic relations, since it prevents the effective redistribution of wealth produced by the latest knowledge and modern innovative and information technologies from more successful countries, industries, productions, and spheres of activity to less progressive ones. It is noted that the unresolved conflict situations in the multilevel structure of economic relations contribute to the deepening of negative manifestations of information asymmetry. Management measures to eliminate the negative manifestations of information asymmetry in the perspective of achieving key national interests are outlined. It is proved that the phenomenon of information asymmetry is manifested in: determining its essence and economic content; dualistic manifestation of influence on the process of realization of national interests in the system of economic relations; causal movement of information asymmetry; in the legislative consolidation of information asymmetry, which is manifested in the restriction of access to information in the areas related to state and commercial secrets.

Author Biography

Dmytro Uzbek, Cherkasy State Technological University

Graduate Student of the Department of Management and Business Administration

References

Akerlof G. (1970) The Market for «Lemons»: Quality, Uncertainty and the Market Mechanism. The Quarterly Journalof Economics. Vol. 84, no. 3. pp. 488–500.

Arrow K.J. (1963). Uncertainty and the Welfare Economics of Medical Care. The American Economic Review, vol. 53. no 5, pp 941–973.

Spence, M. Job Market Signaling. The Quarterly Journal of Economics. 1973. vol. 87. Issue 3, pp. 355–374.

Rothschild, M., Stiglitz, J. E. Equilibrium in Competitive Insurance Markets: An Essay in the Economics of Imperfect Information. The Quarterly Journal of Economics. 1976. vol. 90. Issue 4. pp. 629–649.

Derevianko I. P. (2015) Asymmetry theory of B. Womacka as a new worldview paradigm. Zovnishni spravy, no 7, pp. 36–38.

Denys O. B. (2016) Specifics of information asymmetry in banks. Nauk. visn. Mizhnar. humanitar. un-tu, no 19, pp. 122–124.

Svystilnyk V. Yu. (2018) Channels for spreading information asymmetry.. Naukovyi visnyk Khersonskoho derzhavnoho universytetu. Ser.: Ekonomichni nauky, vol. 30(1), pp. 14–17.

Rating of the Business to Consumer E-Commerce Index. Available at: https://unctad.org/webflyer/unctad-b2c-e-commerce-index-2020-spotlight-latin-america-and-caribbean

Global Innovation Index. Available at: https://www.globalinnovationindex.org/Home

The IMD World Digital Competitiveness Ranking. 2020. Available at: https://www.imd.org/news/updates/future-of-the-world-will-depend-on-digitalization/

Network Readiness Index. Available at: https://networkreadinessindex.org/nri-2020-analysis/#renewed-model

The state of broadband in the world. Available at: http://reports.broadbandcommission.org/the-state-of-broadband-2020/executive-summary

Freedom House: Freedom on the Net 2020. Available at: https://freedomhouse.org/report/freedom-net

Global Internet Inclusivity Index. Available at: https://theinclusiveinternet.eiu.com/summary

The world development report 2016. Digital dividend. Review. The world Bank group, 2016. Available at: http://documents.worldbank.org/curated/en/224721467988878739/pdf/102724-WDR-WDR 2016

Mazurenko V. P. Vplyv informacijnoi asymetrii na funkcionuvannja tovarnyh rynkiv. Available at: http://jrnl.nau.edu.ua/index.php/SR/article/viewFile/7098/7943

Duhinets V.H. (2019) Information asymmetry in the global economy.. Ekonomichnyi prostir, no 150, pp. 25–29.

Competitiveness of Ukraine. Information review and situational analysis 2020-2021. Department of Electronic Communications Development. Administration of the State Service for Special Communications and Information Protection of Ukraine, Kyiv 2021, p. 71. Available at: http://www.dstszi.gov.ua

Melnykov S. V. (2019). The impact of asymmetry on market equilibrium: monohrafiia. Odesa: Odeskyi natsionalnyi universytet imeni I.I. Mechnykova, p. 104.

A future that works: automation, employment, and productivity. – McKinsey Global Institute, January 2017. Available at: https://www.mckinsey.com/~/media/mckinsey/featured%20insights/Digital%20Disruption/Harnessing%20automation%20for%20a%20future%20that%20works/MGI-A-future-that-works-Executive-summary.ashx

McKinsey Quarterly 2018 Number 4: Overview and full issue. McKinsey Quarterly, 14 Dec 2018. Available at: https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/mckinsey-quarterly-2018-number-4-overview-andfull-issue

Fagan D. New analysis says more jobs safer from automation than previously believed. Phys.org, 1 Nov 2017. Available at: https://phys.org/news/2017-11-analysis-jobs-safer-automation-previously.html

Mourtada R., Habib S., Felden F., Türpitz A., Carrasco M. How to Supercharge Your National Digital Transformation. Boston Consulting Group, 25 July 2018. Available at: https://www.bcg.com/publications/2018/how-superchargeyour-national-digital-transformation.aspx

Ministry and Digital Transformation Committee of Ukraine, June 4, 2020. Available at: https://thedigital.gov.ua/news/40-ukrainskikh-shkil-ne-mayutyakisnogo-pidklyuchennya-do-internetu

Konokhova Z.P., Kharchenko A.O. (2018). Asymmetry of information in the management of the economic system of Ukraine. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu. Seriia «Ekonomika i menedzhment». Odesa: Vydavnychyi dim «Helvetyka», vol. 34, p. 153.

Digital economy: trends, risks and social determinants. Analytical report. Razumkov Center, 2020, 274 p.

Kovtun V.Y. «Information Asymmetry in the System of Competitive Relations». Thesis for the degree of Doctor of Philosophy in the specialty «051 Economics». Kyiv National University of Trade and Economics. Kyiv, 2020.

Shevchenko, L.S. (2021) Asymmetric competition: a game by new rules. Economic theory and law, no 1(44), pp. 66–84. Available at: http://econtlaw.nlu.edu.ua.

Published

2022-12-12

How to Cite

Uzbek, D. (2022). Analysis of the impact of information asymmetry on the process of realization of national economic interests. Economics and Region, (4(87), 68–76. https://doi.org/10.32782/EiR.2022.4(87).2784

Issue

Section

ECONOMICS AND NATIONAL ECONOMY MANAGEMENT