A Study on the Economic Drivers of the Data Element

Research Article
Open access

A Study on the Economic Drivers of the Data Element

Luyu Chen 1*
  • 1 Public Finance, Zhejiang University of Finance & Economics, Hangzhou, China 310018    
  • *corresponding author chenluyu001@163.com
Published on 21 March 2023 | https://doi.org/10.54254/2754-1169/4/20221097
AEMPS Vol.4
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-915371-17-1
ISBN (Online): 978-1-915371-18-8

Abstract

As the development of information technology has entered a new stage, data has become a novel factor of production in the digital economy. With its unique and fundamental economic characteristics, data participate in the production process and brings an innovative driving force to the economy. Thus, how data factors act on production and contribute to economic growth need further study. This article analyses the economic characteristics unique to the data element from the perspective of its causes. In the following parts, we propose three ways in which the data element can be combined with traditional factors of production to drive productive development: value multiplication, input substitution, and resource optimization. Furthermore, the article extends the Cobb Douglas function to investigate the possible paths of the data element economic growth model, and initially constructs a production function model including the data factor to deepen the understanding of the function of the data factor.

Keywords:

economic characteristics, production function model, data elements, economic growth

Chen,L. (2023). A Study on the Economic Drivers of the Data Element. Advances in Economics, Management and Political Sciences,4,358-365.
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References

[1]. Yu Li, Wang Jianlin. New Theory on Production Factors —Commonness and Characteristics of Data Factor, 41(4), 12 (2020).

[2]. EU. Digital Agenda for Europe, 2010.

[3]. Liu Wenge, Jia Weiping. Research on Structural Transformation and Economic Growth Driven by Data Element. Industrial Technology and Economics.

[4]. Zhang Jinxin. What is digitalization? The Concept of Digitalization and Connotation in Detail. (2020/11/18) [2021/12/14].

[5]. Chen Shuqing, Ren Haoxiang, Tao Sijia, Hong Tao, Sun Ke, Ma Tao. Research on the Integration Mechanism of Data Elements and Multiple Market Entities. Information and Communication Technology and Policy (1), 9 (2022).

[6]. Samuelson. Economics 10th edn. The Commercial Press (1979).

[7]. Su Jin, Xu Jin. Non-Competitive Elements Analysis in Economic Growth. Financial Science (3), 10 (2019).

[8]. Xin Wen. Large Danish Research Shows That Playing on Cell Phones Does Not Cause Cancer. Foreign Nuclear News, 02, 23-23 (2001).

[9]. Swan, T. W. Economic growth and capital accumulation. economic record 32, 334-361. Economic Record, 32(2), 334-361 (2007).

[10]. Z Org. A Contribution to the Theory of Economic Growth.

[11]. Wang Li, Peng Yong. Promote the Market Allocation of Data Elements to Fully Stimulate the Value of Data Elements.

[12]. Joseph Alois Schumpeter, Wu Liang jian. Chinese Translation of World Academic Masterpieces Series: Capitalism, Socialism and Democracy. The Commercial Press, (1999).

[13]. Yang Dairu. Big Data and Economic Growth. Research on Financial Issues (2), 4 (2018).

[14]. Jones, C. I., Tonetti, C. Nonrivalry and the economics of data. American Economic Review, 110 (2020)

[15]. Xu Xiang, Zhao Mofei. Data Capital and Economic Growth Path. Economic Research, 55(10), 17 (2020).

[16]. Cong, L. W., Xie, D., Zhang, L. Knowledge accumulation, privacy, and growth in a data economy. Management Science (2021).

[17]. Du Qinchuan. Preliminary Study on Economic Growth Model That Contains the Data Elements. China Prices (5), 3 (2021).

Cite this article

Chen,L. (2023). A Study on the Economic Drivers of the Data Element. Advances in Economics, Management and Political Sciences,4,358-365.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

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About volume

Volume title: Proceedings of the 6th International Conference on Economic Management and Green Development (ICEMGD 2022), Part Ⅱ

ISBN：978-1-915371-17-1(Print) / 978-1-915371-18-8(Online)
Editor：Canh Thien Dang, Javier Cifuentes-Faura
Conference website: https://www.icemgd.org/
Conference date: 6 August 2022
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.4
ISSN：2754-1169(Print) / 2754-1177(Online)

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References

[1]. Yu Li, Wang Jianlin. New Theory on Production Factors —Commonness and Characteristics of Data Factor, 41(4), 12 (2020).

[2]. EU. Digital Agenda for Europe, 2010.

[3]. Liu Wenge, Jia Weiping. Research on Structural Transformation and Economic Growth Driven by Data Element. Industrial Technology and Economics.

[4]. Zhang Jinxin. What is digitalization? The Concept of Digitalization and Connotation in Detail. (2020/11/18) [2021/12/14].

[5]. Chen Shuqing, Ren Haoxiang, Tao Sijia, Hong Tao, Sun Ke, Ma Tao. Research on the Integration Mechanism of Data Elements and Multiple Market Entities. Information and Communication Technology and Policy (1), 9 (2022).

[6]. Samuelson. Economics 10th edn. The Commercial Press (1979).

[7]. Su Jin, Xu Jin. Non-Competitive Elements Analysis in Economic Growth. Financial Science (3), 10 (2019).

[8]. Xin Wen. Large Danish Research Shows That Playing on Cell Phones Does Not Cause Cancer. Foreign Nuclear News, 02, 23-23 (2001).

[9]. Swan, T. W. Economic growth and capital accumulation. economic record 32, 334-361. Economic Record, 32(2), 334-361 (2007).

[10]. Z Org. A Contribution to the Theory of Economic Growth.

[11]. Wang Li, Peng Yong. Promote the Market Allocation of Data Elements to Fully Stimulate the Value of Data Elements.

[12]. Joseph Alois Schumpeter, Wu Liang jian. Chinese Translation of World Academic Masterpieces Series: Capitalism, Socialism and Democracy. The Commercial Press, (1999).

[13]. Yang Dairu. Big Data and Economic Growth. Research on Financial Issues (2), 4 (2018).

[14]. Jones, C. I., Tonetti, C. Nonrivalry and the economics of data. American Economic Review, 110 (2020)

[15]. Xu Xiang, Zhao Mofei. Data Capital and Economic Growth Path. Economic Research, 55(10), 17 (2020).

[16]. Cong, L. W., Xie, D., Zhang, L. Knowledge accumulation, privacy, and growth in a data economy. Management Science (2021).

[17]. Du Qinchuan. Preliminary Study on Economic Growth Model That Contains the Data Elements. China Prices (5), 3 (2021).

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