Unlocking the potential: How does technological innovation shape inclusive wealth? Empirical insights from top seven emerging economies

Zhang Y., Ather Bukhari W. A., ÜZAR U., Pervaiz A.

Journal of Environmental Management, cilt.370, 2024 (SCI-Expanded) identifier identifier

  • Yayın Türü: Makale / Tam Makale
  • Cilt numarası: 370
  • Basım Tarihi: 2024
  • Doi Numarası: 10.1016/j.jenvman.2024.122783
  • Dergi Adı: Journal of Environmental Management
  • Derginin Tarandığı İndeksler: Science Citation Index Expanded (SCI-EXPANDED), Scopus, Academic Search Premier, International Bibliography of Social Sciences, PASCAL, Aerospace Database, Agricultural & Environmental Science Database, Aqualine, Aquatic Science & Fisheries Abstracts (ASFA), BIOSIS, CAB Abstracts, Communication Abstracts, Environment Index, Geobase, Greenfile, Index Islamicus, Metadex, Pollution Abstracts, Public Affairs Index, Veterinary Science Database, Civil Engineering Abstracts
  • Anahtar Kelimeler: Human capital, Inclusive wealth, Natural capital, Produced capital, Technological advancements
  • Karadeniz Teknik Üniversitesi Adresli: Evet

Özet

Amidst the pursuit of sustainable development and economic prosperity, there has been growing criticism directed towards traditional metrics such as GDP because of their narrow focus on societal well-being and environmental considerations. Therefore, our study shifts its focus from GDP to a more comprehensive measure of wealth, known as inclusive wealth. Our objective is to investigate how technology contributes to the advancement of inclusive wealth encompassing produced, natural, and human capital. We centred our analysis on the top seven emerging economies (E−7) and utilized data from the period of 1998–2022. Employing Fully Modified Least Squares (FMOLS), we develop four distinct models to examine the impact of technology on its various components and overall inclusive wealth. We also checked the robustness of our results by employing Cross-Sectionally Augmented Autoregressive Distributed Lag (CS-ARDL) model. Our findings reveal that technological advancement has a positive effect on each component of inclusive wealth, including produced capital, human capital and natural capital. Additionally, our results indicate a favourable impact of technological progress on overall inclusive wealth. These results emphasize the importance of incorporating technology into strategies for sustainable development and inclusive wealth.