Data Reshaping Productivity:A Discussion on Embedding Data Elements into Production Functions
Development economics employs the production function to explain the mechanism of changes in productive forces.In this function,significant production factors serve as independent variables and explain the dependent variable of economic output through internal relations and interactions.Labor,land,and capital are the main productive factors adopted by classical theory.When dealing with the influence of other factors,the production function incorporates technology,institutions,etc.,into an indivisible residual term.With the development of social economy,people's understanding of the impact of the factors on productive forces is also continuously deepening.After recognizing the impact of technology and institutions on productive forces,a comprehensive method for internalizing technology and institutions has yet to be found.Thus we attempt to construct a theoretical framework to explain these issues by introducing data elements into the production function.The prerequisite for incorporating data elements into the production function is to delineate their roles and functions in the process of economic growth.It can be used as a meta concept to explain the dynamic mechanism of knowledge and technology,and reveal the changing patterns of data elements themselves,and their impact on other production factors.The absence of data elements in the traditional process of economic growth does not mean that they did not exist in the early stages of human civilization,but rather were less conspicuous and significant.Information,knowledge,and skills can be seen as the products of data processing,while computers enable humans to process and utilize natural and social information at the data level,which is an achievement achieved by human beings in the industrialization stage.By utilizing artificial intelligence technology,we can process and utilize data elements to produce higher economic value,thereby enhancing the level of productive forces.In this situation,data elements have clearly become an indispensable production factor,as well as the main driving force for productive forces and economic growth.This paper uses generalized technology as a function of data elements,analyzing the reconstruction of labor and capital by data elements in the process of data capitalization,and constructing a new production function to explain human society's development stages,in order to achieve technological internalization.We can use this production function to explain the economic growth process and characteristics of the agricultural and industrial eras.This paper preliminarily discusses the difficulties encountered in the promotion and application of innovation in society,and the impact of factors such as institutions and social culture on economic growth,and proposes the view that institutions also have endogeneity.
data elementsdata capitalizationeconomic growthinnovationinstitutional factors
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