The mystery of productivity growth in the digital economy era
August 26, 2020 09:24 Source: "China Social Sciences", August 26, 2020, No. 1997 Author: Dai Xiaoyong

The rapid development of the new generation of information technology is fully promoting the digital transformation of the economic form,and reflect the growth rate of productivity growth of technological progress and economic growth potential, but it has shown a decline in the global scale,This phenomenon is called "the mystery of productivity growth"。Slowing global productivity growth,not only reflects the production rate calculation method of the digital economy era needs to be improved,It also shows that the potential of digital and information technology promotes productivity growth has not yet appeared。Therefore,How to accurately calculate the digital economy and productivity,Understand and stimulates new kinetic energy of productivity growth in the era of digital economy,It will be an important topic for future economic research and policy formulation。

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Looking at the history of human economic development,The law of economic growth is not a stable process of moving forward at a constant speed,The productivity growth promoted by innovation and technological progress is the key to economic sustainable growth and increased per capita income。Before the 1870s,Global economic growth is slow; until mechanization of mechanization、Electrification、The arrival of the industrial revolution marked by automation,Innovation and technological changes have greatly promoted the improvement of labor productivity,Only major global economies have ushered in remarkable economic growth。

Under the background of the rapid development of the new generation of information technology,The phenomenon of the slowdown of global productivity growth in recent years has caused widespread attention。According to bet365 live casino games the calculation results of the McKinsey Global Research Institute,The British productivity growth rate increased by 2%from 2000 to 2005,but 2010-2015 to 0.2%。After 2004,The productivity growth rate in the United States has also decreased sharply,Only 0.57% in 2010-2015。Similar,Australia、Japan and some countries in the European Union have experienced the dilemma of slowing down the growth rate of productivity to varying degrees。Although the Chinese economy has achieved miraculous growth in the past 20 years,But in recent years,Especially after 2008,Full factor productivity growth has decreased significantly,China's economy also enters the new normal of low -speed growth。

The reasons for the slowdown in the growth of global productivity,There are two different explanations in the main existence。Some scholars believe。Today's innovation and technological progress is far less subversive than the technical changes in the industrial revolution period,The potential and impact of digital technology have not fully appeared。At the same time,Capital investment rate decreases、Mistration between resources between enterprises、Losses in production efficiency caused by problems such as zombie companies,It is also an important reason for the decline in the growth rate of economic productivity。Another scholar believes that the slowdown of global productivity growth is related to the contribution of underestimation of the digital economy。The productivity growth rate observed in existing research slows down,It may be a bias of the measurement of the input and output difficulty in the digital economy.,Not a real productivity change。Therefore,Accurately calculate the productivity of Bet365 lotto review the digital economy era,It has become an important basis for understanding the current slowdown of global productivity growth。

 New challenges of productivity calculation in the digital economy era

The ratio of productivity bet365 live casino games is measured between the input and output in the production process,Accurately calculating the input and output of production of production are the prerequisite for productivity estimation。In the traditional era of industrial economy,The input and output in the production process are very clear。Where,Capital、Labor、Land, etc. is the main production factors investment,The final product produced by the enterprise is output。The full factor productivity measured is,The final output level that the unit's element input can achieve。Whether it is parameter estimation method or non -parameter estimation method,All need to rely on factor input and production to build production functions or production frontiers,To estimate productivity。Different from the traditional industrial economy,In the era of digital economy,Digital knowledge and information become an important production factors,Digital output is often difficult to measure,Fusion of digital technology and the real economy even changed the traditional production function form,Make the productivity calculation under the digital economy full of challenges。

Actual output accounting is the main challenge of productivity calculation in the digital economy,But statistics on the digital economy are far behind the development of the digital economy。The "Solo Paradox" proposed in the 1980s pointed out,"The change brought by the computer is everywhere,But the data statistics of productivity are not reflected "。The era of digital economy has created many new products、New consumption forms such as new service and sharing economy,Reduce search and transaction costs,enhanced the role of intangible assets in the economy,But these newly created values ​​have not been fully reflected in corporate financial statements or official statistics。For example,The supplier of digital products may sell digital content to consumers,Profitable by selling digital products to third Bet365 lotto review parties and release online advertising,Only time for consumers is time,But digital products are free,The value it creates is difficult to accurately measure。Digital economy,New products are constantly created and replaced by the original old products,The price change of the product may be derived from quality upgrades, not just inflation factors,The upgrade of the quality of the product may also underestimate the actual output and productivity。

Digital Economy Satellite Account (Digital Economy Satellite Account,Desa) Construction,It is a useful exploration of the current challenges of digital economic statistics in many countries。Satellite account is an auxiliary statistical account for traditional national economic accounting,DESA is a satellite account that can be used to manage and statistics from all institutional departments to conduct digital economic activities.。DESA Considering the value of the products and services provided by the digital intermediary platform, as well as the use of digital tools in the production link,and evaluate the value of free services and data provided in the digital economy。other,Considering the challenge of productivity calculation of the digital economy,Some studies have also turned to the calculation of digital economic benefits。For example,Simulation of consumer surplus calculations or demand models based on online selection experiments,Can measure digital technology、Products or services to consumers' welfare improvement。Although the digital transformation of economic digitalization cannot fully explain the phenomenon of the current slowdown in the global economic growth,But after considering the error of the digital economy and productivity calculation,The actual productivity growth rate of some economies may be higher than the current productivity growth rate observed。

  New momentum of productivity growth in the digital economy era

Understand the new momentum and growth potential of productivity growth in Bet365 lotto review the digital economy era,It is of great significance for policy design and optimization for promoting productivity growth。Digital Economy Era of productivity increase,Not only does the productivity growth of the digital technology department,Including the improvement of productivity brought about by the integration and development of digital technology and traditional departments。According to the definition of the China Information and Communication Research Institute,The digital economy can be divided into two parts: digital industrialization and industrial digitalization。Digital industrialization refers to a narrow digital economy composed of the information industry,It mainly includes: electronics and communication equipment manufacturing,Telecom、Radio and television and satellite transmission services,Internet and related services,Software and information technology services and other industries。Digitalization of Industrial Digitalization Represents the Grand Digital Economy,refers to in the process of integrating information technology and traditional industries,Digital economic activities generated in the traditional department。

Promote the supply of digital and information technology、Adopting and diffusion is the key to improving productivity in the era of digital economy。Big data、Cloud computing、Blockchain、A new generation of information technology represented by artificial intelligence, such as artificial intelligence, has typical general technology attributes。General technology attributes of information technology mean,Technical progress of the information technology department will promote the product of the information technology use department、Process and Organization Innovation,Bring technical overflow in departments and departments。Due to the reduction of digital storage due to information technology、bet365 best casino games Calculation and transmission cost,Search under the digital economy、Copy、Transportation、Tracking and verification costs greatly reduced,It will be operated by enterprises、Innovative management and practice bring a profound impact,Finally transmitted to corporate productivity and business performance。

Global productivity growth slows,At the same time, there are still many obstacles in the process of digitalization of economic digitalization,It restricts the promotion of information technology on the improvement of productivity。Digital transformation is not just the diffusion and penetration of information technology,Successful technology adoption and application is often a process of repeated trial and error,Require enterprises to have skills、Organizational change、Process innovation、Complementity and assets in the business model and other aspects; and the lack of complementary sexual abilities and assets,It may be the reason why the potential of productivity growth is difficult to show。Information technology under the digital economy as promoting technology,Challenge the ownership of the traditional business model and the ownership of complementary assets,Complement assets no longer become a mechanism for value acquisition,Instead, it is a condition for the function of information technology,Difficulty of value capture becomes an important challenge for innovative activities in the digital economy。At the same time,Digital transformation and innovation increase the proportion of intangible assets,Improving the degree of information asymmetry of both parties in financing,Extract the financing constraints of innovative enterprises,thereby curbing digital innovation and the adoption and diffusion of information technology。Even if you consider the calculation bias of productivity,It can be speculated that the impact of the digital Bet365 app download technology revolution has not really appeared、Have a certain lag。In order to fully stimulate the growth of productivity in Bet365 lotto review the digital economy era,Optimized design and management of innovative policies,thus focusing on eliminating obstacles in the process of digitalization of economic digitalization。

(Author Unit: School of Economics and Finance of Xi'an Jiaotong University)

Editor in charge: Cui Cen
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