Title: Income for successful life in the pleasure economy: the financial aspect of developing countries' transition to Industry 4.0

Authors: Elena B. Gerasimova; Victoria O. Fedorovskaya; Sergey S. Lomakin; Vasilina A. Brusentseva

Addresses: Department of Business Analysis and Audit, Financial University under the Government of the Russian Federation, Moscow, 125167, Russian Federation ORCID: 0000-0003-4557-5935 ' Sechenov First Moscow State Medical University of the Ministry of Health of the Russian Federation (Sechenov University), Moscow, 119991, Russian Federation ORCID: 0000-0002-3255-1750 ' Russian State University of Tourism and Service, Moscow, 141221, Russian Federation ORCID: 0000-0002-7066-9020 ' Russian Presidential Academy of National Economy and Public Administration (RANEPA) Lipetsk Branch, Lipetsk, 398050, Russian Federation ORCID: 0000-0002-6973-880Х

Abstract: The purpose of the paper is to study the financial aspect of the developing countries' transfer to Industry 4.0 based on determining the influence of population's incomes on development of the pleasure economy. For studying the influence of incomes on the pleasure economy and the financial aspect of the developing countries' transfer to Industry 4.0 the authors use the method of imitation modelling, which is based on regression analysis and optimisation with the simplex method. It is substantiated that distribution of incomes in society in developing countries has insignificant influence on the pleasure economy and does not influence the speed of transition to Industry 4.0. The authors develop a pyramid model of financial management of development of the pleasure economy and transition to Industry 4.0 and offer the following recommendations for financial management of development of the pleasure economy and transition to Industry 4.0.

Keywords: income; success; happiness; pleasure economy; finances; transition to Industry 4.0; developing countries; modern Russia; population.

DOI: 10.1504/IJTGM.2021.116735

International Journal of Trade and Global Markets, 2021 Vol.14 No.4/5, pp.516 - 524

Received: 29 Jan 2020
Accepted: 14 Apr 2020

Published online: 15 Jul 2021 *

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