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Economic Analysis: Theory and Practice
 

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Sustainability and adaptability of regional development in the conditions of digitalization

Vol. 19, Iss. 9, SEPTEMBER 2020

Received: 11 June 2020

Received in revised form: 28 June 2020

Accepted: 12 July 2020

Available online: 29 September 2020

Subject Heading: ECONOMIC ADVANCEMENT

JEL Classification: R13, R58

Pages: 1590–1613

https://doi.org/10.24891/ea.19.9.1590

Akimova O.E. Volgograd State Technical University (VSTU), Volgograd, Russian Federation
akimovann25@mail.ru

https://orcid.org/0000-0001-6967-7608

Volkov S.K. Volgograd State Technical University (VSTU), Volgograd, Russian Federation
ambiente2@rambler.ru

https://orcid.org/0000-0002-4852-145X

Gladkaya E.A. Volgograd State University (VolSU), Volgograd, Russian Federation
gea@volsu.ru

https://orcid.org/0000-0002-4395-7721

Kuzlaeva I.M. Guarantee Fund of the Volgograd Oblast, Volgograd, Russian Federation
kmn07@mail.ru

https://orcid.org/0000-0003-3965-8531

Subject. The article discusses the sustainability of regional economy development, its definition, and the substance of sustainable development.
Objectives. We aim at performing a comprehensive analysis of indicators of sustainability and adaptability of regional development in the context of digitalization, formulating a strategy for economic behavior that takes into account the multidimensional nature of regional inequality and is focused on boosting the economic potential of regions.
Methods. The study draws on dialectic and systems approaches, general scientific methods of retrospective, situational, economic and statistical, and comparative analysis.
Results. The sustainability of the region focuses on improving the human welfare over long time horizon. This happens in three areas, i.e. maximizing the efficiency of resource use; ensuring justice and democracy; minimizing resource consumption and environmental damage. The stability of the region can be assessed by using one parameter, or by combining the parameters in accordance with the type of region and expected results.
Conclusions. The adaptation of a region to changing conditions depends on its type (‘adapted’, ‘adaptive’, and ‘non-adapted’). Regional inequality has two main components: difference in economic potential and social satisfaction of residents. Another component, affecting the stability and adaptability of regions, is the level of their digitalization. However, some regions have only formally embarked on the path of digitalization. Moreover, a focus on smart technologies, solutions and digitalization often leads to ignoring the goals of sustainable development. Smart technologies should be aimed at ensuring sustainability within the framework of the smart sustainable city concept.

Keywords: regional sustainability, adaptability, digitalization, smart sustainable city

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