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| An Economic Growth Model with Data Elements: Productivity Effect and Data into Factor of Production |
| Ma Lumeng,Yu Donghua |
| (Economics School, Shandong University, Jinan 250000, China) |
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Abstract Data has become an independent factor of production and a new driving force for high-quality economic development.Constructing an economic growth model including data elements and accurately measuring the contribution of each production factor are of great significance to solve the source of economic growth in the era of digital economy.However, how to introduce data into production as a separate factor has become an important yet unsettled issue to promote data into factor of production and release the value of data elements.#br#This paper follows the following ideas to solve the above problems.Firstly,it takes data into factor of production from the perspective that “pure digital assets and data matching input jointly constitute input of data elements”.A comprehensive index system of data matching input is constructed based on the principle that “hardware, software and network jointly complete the basic functions of computer storage, calculation and connectivity”.The global principal component analysis score of data matching input by province is used to analyze the spatial-temporal distribution characteristics of data elements.This paper deals with the relationship between “pure digital assets” and “data matching input” by referring to the similarity between data resources and human capital, which has certain reference significance for the quantitative analysis of data elements.Secondly, a three-factor economic growth model including data elements is constructed to analyze the productivity effect of the input of data elements.The interaction of production factors is also analyzed to understand the synergy of production factors in highly integrated industries.Thirdly, this paper analyzes the conditions for data into factor of production from the heterogeneity of the productivity effect of data matching input.Considering the integrity of “pure digital assets”, network externality and production spillover effect, it is believed that the degree of economic integration has an important impact on the conditions for data into factor of production.The above conclusions have also been proven by the econometric analysis.#br#In summary, this research understands data from the perspective of an independent factor of production,and analyzes the characteristics of data elements and the conditions for data into factor of production.Because of the virtual characteristics of data and the general fact of bundled pricing of data with matching input, the input of data elements is mainly reflected in data matching input.There are obvious regional differences in the input of data elements, which do not completely coincide with the traditional division of regions in China.Developed provinces have established leading advantages in absolute level and growth rate.The leading provinces are not completely adjacent geographically, which is inconsistent with the regional agglomeration characteristics of traditional production factors, but verifies the “virtual agglomeration” characteristics of new production factors in the digital economy era.The productivity effect of data elements is jointly realized by data matching input and pure digital assets, and the empirical research shows that China has already overcome the “ICT productivity paradox”.The productivity effect of data matching input in China has been fully verified and it is of practical significance to promote the construction of data-related infrastructure.On the basis of its positive effect on economic output, it also has an important impact on the coordinated development of regional economies in the context of the digital divide.The accelerated substitution of data elements for capital input is proven, changing the interaction mechanism between production factors.The use of new factors of production promotes fundamental changes in the mode of production, and factor allocation efficiency plays an important role in the productivity effect of production factors.#br#This paper explains the conditions for data into factor of production theoretically.The integrity of data resources is an important condition for their productivity effect.The function of data resources is supported by its network infrastructure and it has significant production spillover and innovation spillover effects for its widespread existence on the Internet.Given the above reasons, connectivity and economic integration have an important impact on the productivity of data elements and have proven to be important condition for data into factor of production.This research suggests that the confirmation of data right and rational allocation of production factors can promote industrial innovation and high-quality economic development.#br#
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Received: 08 September 2022
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