The effects of air transportation, energy, ICT and FDI on economic growth in the industry 4.0 era: Evidence from the United States

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Adedoyin F. F., Bekun F. V., Driha O. M., Balsalobre-Lorente D.

Technological Forecasting and Social Change, cilt.160, 2020 (SSCI) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 160
  • Basım Tarihi: 2020
  • Doi Numarası: 10.1016/j.techfore.2020.120297
  • Dergi Adı: Technological Forecasting and Social Change
  • Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus, ABI/INFORM, Aquatic Science & Fisheries Abstracts (ASFA), Compendex, Geobase, INSPEC, Political Science Complete, Social services abstracts, Sociological abstracts, Worldwide Political Science Abstracts, DIALNET
  • Anahtar Kelimeler: Air transport, Coal rents, Foreign direct investment, ICTs, Industry 4.0, Tourism led growth hypothesis
  • İstanbul Gelişim Üniversitesi Adresli: Evet

Özet

© 2020 Elsevier Inc.This study analyses the causal and long-run linkage between air transport and economic growth. It was conducted to validate the tourism-led growth hypothesis for the United States (US) during the period 1981–2017 and includes Information and Communication Technologies (ICTs) alongside coal rents in the tourism-led growth hypothesis. This study presents a new direction for future studies by considering the relevance of the fourth industrial revolution (Industry 4.0), particularly in the US. To achieve the stated claim, this study considers as additional explanatory variables how ICTs moderate the impact of Foreign Direct Investment (FDI) on GDP. The empirical result confirms a connection between the Industry 4.0 era and the role of ICTs, which promotes substantial changes in the way of life and productivity. This has led to a vast technological advancement, which is in line with but at a faster pace than the technological advancement of previous revolutions. From empirical results, the study provides relevant policy recommendations related to the role of natural resources, new technologies and tourism on US GDP, while it also provides evidence of the positive effect of ICTs over FDI under the Industry 4.0 era.