Page 89 - RUICHSS 2023 Proceeding

University of Ruhuna ISSN: 2706-0063
Matara, Sri Lanka

own needs." Global human well-being, as measured by factors such as

security, satisfaction of material needs, health, social relationships, and
freedom of choice and action, is the objective of sustainable development

policy. To achieve this goal, it is necessary to generate and distribute wealth

in a way that reduces poverty and ensures a decent standard of living for all
individuals. Long-term success requires policies and strategies that strike a

balance between economic development, social growth, and environmental
sustainability (CIOCOIU, 2011).

The empowerment of the digital economy generates new employment
opportunities and self-employment, increased formal and non-formal

education and improved health and gender-related information and services.
Mobile applications and social media enable the formation of new knowledge

in spaces mediated by the digital economy, participation in social
conversations, the creation of new content, and the formation of socially

relevant connections and networks (Dharmayanti et al., 2022). The digital

economy has significantly altered people's consumption habits due to
technological innovation.

In addition, its financial accessibility has encouraged the entrepreneurial spirit
of households. We analyse how the digital economy affects the likelihood of

household entrepreneurship. The empirical findings suggest that digital
economy tools such as mobile payments, by altering people's attitudes toward

risk, enhancing households' social networks, and providing formal and
informal lending support, can significantly increase the likelihood of
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