ECONOMIC GROWTH UNDER THE INFLUENCE OF TECHNICAL AND TECHNOLOGICAL CHANGES OF INDUSTRY 5.0
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Abstract
The purpose of the scientific research is to graphically present and scientifically analyse economic growth under the influence of digital production factors as a result of technical progress, technological improvement and the use of Industry 5.0 tools. The оbject of the scientific research is the ranking of data by world country according to various indices and sub-indices of the "Global Innovation Index 2023: Innovation in the face of uncertainty" of the World Intellectual Property Organisation (WIPO), Geneva, which reflect innovative and scientific and technological activities. They allow for a qualitative comparative analysis of countries and regions in terms of their technological activity and the identification of factors of leadership or lagging. WIPO's analytical materials provide a picture of the current state of innovation and digitisation, allowing for targeted and methodologically substantiated research. Methodology. The study employs a range of methodologies, including a graphical approach to analyse the impact of digital production factors on the production capability curve and economic growth in the country. Additionally, it examines the shift in the position of the production function curve under the influence of technical progress and technological advancement towards Industry 5.0. The comparative method helped to present the evaluation indicators of the Global Innovation Index in terms of country groups by income level. The methods of analysis, synthesis, induction and deduction are used in the presentation of the factors influencing the effectiveness of digital entrepreneurship. The method of concretisation found its manifestation in the development of the author's proposals in the part of finding the driving forces of innovative and digital development of the economy. Results. The paper reveals clear changes and adjustments in the partial priority of using economic growth factors, which are the drivers of economic progress in the 20th–21st centuries. It was possible to present a graphical interpretation of the production possibilities curve and economic growth under the influence of digital production factors; to analyse changes in the position of the production function curve under the influence of technical progress and technological improvement on the path to the formation of Industry 5.0. The Global Innovation Index 2023 is analysed in order to provide an overview of the rankings of countries according to income level in terms of income and sales from intellectual property, high-tech imports and exports. The authors present their vision of the content of the work of the owner of a digital enterprise, and indicate the role that this owner plays. Practical implications. A comprehensive review of the extant literature revealed that the factors conducive to economic growth encompass the expansion of human capital quantity and quality; technological progress, technological quality and digital entrepreneurship; the formation of financial capital and an increase in the volume of its offers; and the augmentation of natural resources quantity and quality. Thus, the drivers of the formation of Industry 5.0 based on digital entrepreneurship, formed under the influence of technical and technological changes, are hyperintelligence, hyperknowledge, hyperinformation and hypercommunication, updated under the influence of economic growth factors. Value/Оriginality. The VII technical and technological system is predicated on creative intelligence. The objective of implementing new technologies and technological enhancement is to facilitate the digitalisation of entrepreneurship and the establishment of a novel virtual reality conducive to expeditious and efficient business operations. Consequently, utilising a dialectical, systematic and graphic approach, the impact of technical and technological progress on the transformations in Industry 5.0 was investigated. This investigation determined the prospective reserve of innovation and digitalisation of entrepreneurship, with a view to achieving economic growth.
How to Cite
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economic growth, technical and technological changes, digital entrepreneurship, Industry 5.0, smart manufacturing, institutional approach
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