digital economy

digital economy The sector of the economy that is based on the use of digital technologies to allocate resources and generate wealth; it thus comprises all transactions conducted over the Internet and (in the widest definition) any other commerce that is enabled by modern information technology. The phrase was first coined by Don Tapscott in his 1995 book of this name. In the early 21st century the digital economy was characterized by rapid change, constant technological development, and high rates of growth. At the same time governments faced challenges in responding to the competition and regulation issues raised by these changes.

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