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The internet of things and economic growth in a panel of countries

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Title: The internet of things and economic growth in a panel of countries
Authors: Edquist, H
Goodridge, P
Haskel, J
Item Type: Journal Article
Abstract: Is the world on the cusp of a fourth industrial revolution driven by technological developments in ICT including artificial intelligence and the Internet of Things (IoT)?Thispaper focuses on IoT and how it might affect economic growth. We attempt to gauge the potential impact of IoT using: 1) regressions based on current IoT data; and 2) longer run estimates of growth accounting parameters based on those observed in a previous wave of the ICT-revolution. We find that: a) according to definitions in the literature IoT an innovational complementarity to ICT; b) early data already suggest an economically and statistically significant correlation between IoT connections and TFP growth, implying that an increase of 10 percentage points in the growth of IoT connections per inhabitant is associated with a 0.23 percentage points increase in TFP growth; c) longer run predictions of the IoT contribution based on a growth-accounting framework suggest a potential global annual average contribution to growth of 0.99% per annum (pa) in 2018-2030, approximately $849 billion pa of world GDP in 2018 prices.
Issue Date: 1-Mar-2021
Date of Acceptance: 8-Nov-2019
URI: http://hdl.handle.net/10044/1/88376
DOI: 10.1080/10438599.2019.1695941
ISSN: 1043-8599
Publisher: Taylor & Francis (Routledge)
Start Page: 262
End Page: 283
Journal / Book Title: Economics of Innovation and New Technology
Volume: 30
Issue: 3
Replaces: 10044/1/75229
Copyright Statement: © 2019 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis GroupThis is an Open Access article distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/),which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
Sponsor/Funder: Engineering & Physical Science Research Council (E
Economic & Social Research Council (ESRC)
Ericsson Enterprise AB
Ericsson Enterprise AB
Funder's Grant Number: EP/K503733/1
Keywords: Social Sciences
Business & Economics
Internet of things
diffusion of new technology
general-purpose technology
economic development
total factor productivity
communications technology
1402 Applied Economics
Publication Status: Published
Online Publication Date: 2019-12-06
Appears in Collections:Imperial College Business School

This item is licensed under a Creative Commons License Creative Commons