Dimensions and components of information economy as a novel economy: a systematic review

Abstract

Objective of the Study: Despite the critical role and impact of the information economy in the modern world, the dimensions and components of this multi-faceted concept remain understudied and unknown. The complexity and vagueness of information economy and its dimensions has made it challenging, especially for developing countries, to create value and wealth from the appropriate usage of information. This study aims to identify the dimensions and components of the information economy at the micro and macro level.Methodology/Approach: A systematic review guided by PRISMA recommendations was carried out in which 20 papers that met the inclusion criteria were analyzed. ScienceDirect, Google Scholar, Embase, PubMed, Emerald, Scopus, Web of Science and Econlit databases were searched to find relevant English documents.Originality/Relevance: This study conceptualizes and determines the dimensions and components of information economy through a systematic review of the literature.Main Results: The analysis determined eight themes (i.e., dimensions) for the information economy, including human capital, economic factors, governing laws and regulations, political factors, information and communication technology, cultural factors, stakeholders, and information. These themes had a total of 15 sub-themes and 60 codes.Theoretical/Methodological Contribution: This study conceptualizes information economy by identifying and defining its various dimensions and components. The results can be used to develop information economy strategies at the managerial level, especially in developing countries.