The Impact of Industry 4.0 on Economic Growth: An Empirical Analysis for Innovative Economies

Abstract

The concept of industrialization defines the change not only in the economic welfare of countries but also in social areas, due to the increase in the share of rising production in GDP with the use of developing technologies. The information society has been formed with mechanical and electronic changes, and the information revolution has taken place with the integration of communication technologies and computers into this process. In this context, the last industrial revolution known as Industry 4.0 has become very important with the changes and transformations created by smart production systems and advanced information-communication technologies in industrialization. The Slow growth model has been argued that the source of economic growth is not only capital, labor, and capital accumulation for the per worker but also technological developments and innovation, which are considered as external factors in the long run. Based on this argument, the aim of the study is to statistically examine the development of countries that have succeeded in integrating with the Industry 4.0 process and/or have succeeded in the necessary reforms in the process of adaptation. R&D expenditures, high technology product exports (HTE), human capital index, direct foreign capital investments, and hıgh technology export impact on economic growth have analyzed by using the system GMM model for the selected innovative economies.

Keywords

• Industry 4.0
• System GMM
• Economic Growth
• Innovation

Endüstri 4.0’ın Ekonomik Büyümeye Etkisi: Yenilikçi Ekonomilere Yönelik Ampirik bir Analiz

Öz

Endüstrileşme kavramı, gelişen teknolojilerin kullanımı ile artan üretimin GSYH içindeki payının artması dolaysıyla ülkelerin sadece iktisadi olarak refahının yanı sıra sosyal alanlarda da değişimini nitelendirmektedir. Mekanik ve elektronik değişimler ile bilgi toplumu oluşmuş, iletişim teknolojileri ve bilgisayarların sürece entegre edilmesi ile de enformasyon devrimi gerçekleşmiştir. Bu bağlamda, günümüzde Endüstri 4.0 olarak bilinen son sanayi devrimi, akıllı üretim sistemlerinin ve gelişmiş bilgi- iletişim teknolojilerinin endüstrileşmede yarattığı değişim ve dönüşümleriyle oldukça önemli hale gelmiştir. Solow büyüme modeli uzun dönemde ekonomik büyümenin tek kaynağının sermaye, emek ve işçi başına sermaye birikiminin yanı sıra dışsal faktörler olarak kabul edilen teknolojik gelişmeler ve inovasyon olduğunu savunmaktadır. Bu kapsamda, Endüstri 4.0 sürecine entegre olmayı başaran ve/veya uyum noktasında gerekli reformları yapmayı başarmış yenilikçi ülkelerin gelişim sürecini incelemek bu çalışmanın amacıdır. Sistem GMM modeli kullanarak seçilmiş 16 ülkenin; Ar-Ge harcamaları, yüksek teknoloji ürün ihracatları, beşeri sermaye endeksi, doğrudan yabancı sermaye yatırımları ve patent başvurularının ekonomik büyümeye etkisi incelenmiştir. Elde edilen sonuçlar yüksek teknoloji ihracatı ve doğrudan yabancı sermaye yatırımlarının kişi başına GSYH’a pozitif etki ettiğini göstermektedir.

Anahtar Kelimeler

• Endüstri 4.0
• Sistem GMM
• Kişi Başına GSYH

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