Digitalization impact estimation on the economic growth of the European countries
The article deals with an attempt to assess an impact of digitalization on the economic development of the European countries. For these purposes, it is proposed to supplement the classical Cobb-Douglas production function with a digital capital parameter. However, the study showed the problem of ab...
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| Format: | Article |
| Language: | English |
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Publishing House of the State University of Management
2023-06-01
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| Series: | Вестник университета |
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| Online Access: | https://vestnik.guu.ru/jour/article/view/4440 |
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| author | I. V. Somina S. P. Gavrilovskaya |
| author_facet | I. V. Somina S. P. Gavrilovskaya |
| author_sort | I. V. Somina |
| collection | DOAJ |
| description | The article deals with an attempt to assess an impact of digitalization on the economic development of the European countries. For these purposes, it is proposed to supplement the classical Cobb-Douglas production function with a digital capital parameter. However, the study showed the problem of absence of a representative statistical base for the cost estimation of the digital capital of the European countries. Under these conditions, method for the impact assessment of digitalization on the indicators of the countries’ economic growth was developed, based on the application of the rating correlation analysis to the classical production function calculations results and the business digitalization index. In general, the results of the performed calculations confirmed the positive impact of business digitalization on the economic growth of the European countries and made it possible to estimate the nature of the digital processes’ impact on the main production factors – labor and fixed asset. The prospects for further development of this subject should be associated with the scientific grounds of the general approaches to estimating digital capital and the formation of the corresponding statistical arrays. |
| format | Article |
| id | doaj-art-194ae161c1944b67aa83a3af3582830e |
| institution | Kabale University |
| issn | 1816-4277 2686-8415 |
| language | English |
| publishDate | 2023-06-01 |
| publisher | Publishing House of the State University of Management |
| record_format | Article |
| series | Вестник университета |
| spelling | doaj-art-194ae161c1944b67aa83a3af3582830e2025-02-04T08:28:16ZengPublishing House of the State University of ManagementВестник университета1816-42772686-84152023-06-010413814810.26425/1816-4277-2023-4-138-1482766Digitalization impact estimation on the economic growth of the European countriesI. V. Somina0S. P. Gavrilovskaya1Belgorod Shukhov State Technological UniversityBelgorod Shukhov State Technological UniversityThe article deals with an attempt to assess an impact of digitalization on the economic development of the European countries. For these purposes, it is proposed to supplement the classical Cobb-Douglas production function with a digital capital parameter. However, the study showed the problem of absence of a representative statistical base for the cost estimation of the digital capital of the European countries. Under these conditions, method for the impact assessment of digitalization on the indicators of the countries’ economic growth was developed, based on the application of the rating correlation analysis to the classical production function calculations results and the business digitalization index. In general, the results of the performed calculations confirmed the positive impact of business digitalization on the economic growth of the European countries and made it possible to estimate the nature of the digital processes’ impact on the main production factors – labor and fixed asset. The prospects for further development of this subject should be associated with the scientific grounds of the general approaches to estimating digital capital and the formation of the corresponding statistical arrays.https://vestnik.guu.ru/jour/article/view/4440digitalizationdigital capitalcobb-douglas functionbusiness digitalization indexeconomic growtheuropean countries |
| spellingShingle | I. V. Somina S. P. Gavrilovskaya Digitalization impact estimation on the economic growth of the European countries Вестник университета digitalization digital capital cobb-douglas function business digitalization index economic growth european countries |
| title | Digitalization impact estimation on the economic growth of the European countries |
| title_full | Digitalization impact estimation on the economic growth of the European countries |
| title_fullStr | Digitalization impact estimation on the economic growth of the European countries |
| title_full_unstemmed | Digitalization impact estimation on the economic growth of the European countries |
| title_short | Digitalization impact estimation on the economic growth of the European countries |
| title_sort | digitalization impact estimation on the economic growth of the european countries |
| topic | digitalization digital capital cobb-douglas function business digitalization index economic growth european countries |
| url | https://vestnik.guu.ru/jour/article/view/4440 |
| work_keys_str_mv | AT ivsomina digitalizationimpactestimationontheeconomicgrowthoftheeuropeancountries AT spgavrilovskaya digitalizationimpactestimationontheeconomicgrowthoftheeuropeancountries |