Digitalization and economic growth in the new classical and new structural economics perspectives

Jia, W, Collins, A ORCID: https://orcid.org/0000-0001-9805-9091 and Liu, W, 2023. Digitalization and economic growth in the new classical and new structural economics perspectives. Digital Economy and Sustainable Development, 1 (1): 5.

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Abstract

This paper introduces ‘data elements’ into a neoclassical general equilibrium model and the new structural general equilibrium model to study the choice of economic growth paths for developing countries. It derives and compares a general expression for the economic growth rate in equilibrium within the two analytical frameworks following the introduction of digital development comprising primarily the data elements. Additionally, the optimal economic growth path for developing countries before and after the introduction of data elements under both frameworks is identified with important policy implications regarding direct technological progress with respect to the two alternative general equilibrium frame works. This study finds that: (1) No matter what kind of general equilibrium corresponding economic growth path the developing countries choose, the economic growth rate after the introduction of data elements will always be higher than before. (2) Developing countries find the optimal path of economic growth by comparing the different results of economic growth rates under the two analytical frameworks. This paper aligns with a view that when developing countries choose the path of economic growth, they need to combine their own endowment conditions and choose a new structural economics analysis framework for decision-making.

Item Type:	Journal article
Publication Title:	Digital Economy and Sustainable Development
Creators:	Jia, W., Collins, A. and Liu, W.
Publisher:	Springer
Date:	26 April 2023
Volume:	1
Number:	1
Identifiers:	Number Type 10.1007/s44265-023-00007-0 DOI 1782085 Other
Rights:	This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit http://creativecommons.org/licenses/by/4.0/.
Divisions:	Schools > Nottingham Business School
Record created by:	Jonathan Gallacher
Date Added:	27 Feb 2024 11:07
Last Modified:	27 Feb 2024 11:07
URI:	https://irep.ntu.ac.uk/id/eprint/50957

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