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Title: A Macroeconomic Approach to the Effects of Information and Communication Technology (ICT) Use on Human Development
Abstract: The development and growth of the economy are thought to be significantly influenced by information and communication technology (ICT). Researchers have spent the last two decades examining how ICT affects economic growth, but there hasn’t been much work on how ICT affects human development, which is one of the key drivers of economic development. From the standpoint of developing nations, which can develop more quickly through the use of ICT, this may be especially significant. In light of the World Bank’s 2020 classification system, the purpose of this paper is to investigate how ICT use affects human development while making distinctions between high, upper-middle, lower-middle, and low income countries. 130 nations are represented in our sample, which spans the years 2007 to 2019. Dynamic panel data regression analysis is the foundation for the empirical analysis. We employ the Generalized Method of Moments (GMM), also known as the two-step system GMM, as an estimator. The findings primarily provide evidence in favor of human development’s dynamic behavior. ICT has highly significant positive effects on human development in lower-middle-income and low-income countries, according to the analysis’s findings, but these effects do not seem to be as strong in high- and middle-income nations. This study supports the need for investments in ICT and its application in low-income nations, but it also raises the possibility that there may be unfavorable effects of ICT use on human development. From the standpoint of economic policy, the findings can serve as a roadmap for the adoption and application of ICT in developing nations, which may result in economic growth and development and a consequent improvement in quality of life. On the other hand, policymakers in developed nations cannot solely rely on ICT; they must also take into account other technological advancements that might guarantee a higher standard of living.
Keywords: human development; HDI; ICT; economic growth and development; dynamic panel analysis; GMM
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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