Features of the Functioning and Modeling of the Economic System in the Context of Modern Transformation
Abstract
In the era of global transformation, economic systems are experiencing rapid and profound changes driven by digitalization, technological progress, globalization, and sustainability imperatives. These shifts require a reassessment of how economic systems function and how they can be effectively modeled. This study explores the key features of the functioning of modern economic systems, emphasizing the influence of digital technologies, institutional transformation, and environmental considerations. Special attention is given to methodological approaches to economic system modeling, including system dynamics, agent-based models, and hybrid frameworks. The findings demonstrate that traditional linear models are insufficient to capture the complexity of modern economies. Instead, adaptive and multidimensional models provide more accurate insights for forecasting and policymaking. The article concludes that incorporating sustainability indicators and digital innovations into modeling practices is essential for ensuring resilience, adaptability, and long-term development of economic systems.
References
R. M. Solow, «A Contribution to the Theory of Economic Growth», Quarterly Journal of Economics, т. 70, вып. 1, сс. 65–94, 1956, doi: 10.2307/1884513.
L. Tesfatsion, «Agent-Based Computational Economics: A Constructive Approach to Economic Theory», в Handbook of Computational Economics, т. 2, L. Tesfatsion и K. L. Judd, Ред., Amsterdam: Elsevier, 2006, сс. 831–880. doi: 10.1016/S1574-0021(05)02016-2.
Organisation for Economic Co-operation and Development, Digital Economy Outlook 2020. Paris: OECD Publishing, 2020. doi: 10.1787/bb167041-en.
K. J. Arrow и G. Debreu, «Existence of an Equilibrium for a Competitive Economy», Econometrica, т. 22, вып. 3, сс. 265–290, 1954, doi: 10.2307/1907353.
J. W. Forrester, Industrial Dynamics. Cambridge, MA: MIT Press, 1961.
D. C. North, Institutions, Institutional Change, and Economic Performance. Cambridge: Cambridge University Press, 1990.
J. E. Stiglitz, A. Sen, и J.-P. Fitoussi, Mismeasuring Our Lives: Why GDP Doesn’t Add Up. New York: The New Press, 2010.
J. D. Sachs, The Age of Sustainable Development. New York: Columbia University Press, 2015.
M. Geissdoerfer, P. Savaget, N. M. P. Bocken, и E. J. Hultink, «The Circular Economy – A New Sustainability Paradigm?», Journal of Cleaner Production, т. 143, сс. 757–768, 2017, doi: 10.1016/j.jclepro.2016.12.048.
K. Polanyi, The Great Transformation: The Political and Economic Origins of Our Time. Boston: Beacon Press, 1944.
M. Castells, The Rise of the Network Society. Oxford: Blackwell Publishers, 1996.
E. Brynjolfsson и A. McAfee, The Second Machine Age: Work, Progress, and Prosperity in a Time of Brilliant Technologies. New York: W. W. Norton & Company, 2014.
J. A. Schumpeter, The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge, MA: Harvard University Press, 1934.
D. Acemoglu и J. A. Robinson, Why Nations Fail: The Origins of Power, Prosperity, and Poverty. New York: Crown Business, 2012.
World Bank, World Development Report 2020: Trading for Development in the Age of Global Value Chains. Washington, DC: World Bank, 2020. doi: 10.1596/978-1-4648-1457-0.
Copyright (c) 2025 Alimov Fazliddin Khalimovich
This work is licensed under a Creative Commons Attribution 4.0 International License.
In submitting the manuscript to the Central Asian Journal of Innovations on Tourism Management and Finance, the authors certify that:
- They are authorized by their co-authors to enter into these arrangements.
- The work described has not been formally published before, except in the form of an abstract or as part of a published lecture, review, thesis, or overlay journal.
- That it is not under consideration for publication elsewhere,
- The publication has been approved by the author(s) and by responsible authorities – tacitly or explicitly – of the institutes where the work has been carried out.
- They secure the right to reproduce any material that has already been published or copyrighted elsewhere.
- They agree to the following license and copyright agreement.
License and Copyright Agreement
Authors who publish with Central Asian Journal of Innovations on Tourism Management and Finance agree to the following terms:
- Authors retain copyright and grant the Central Asian Journal of Innovations on Tourism Management and Finance right of first publication with the work simultaneously licensed under Creative Commons Attribution License (CC BY 4.0) that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors can enter into separate, additional contractual arrangements for the non-exclusive distribution of the Central Asian Journal of Innovations on Tourism Management and Finance published version of the work (e.g., post it to an institutional repository or edit it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) before and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work.
