Industrial Robots, Economic Growth, and Sustainable Development in an Aging Society

Chi Gong, Xianghui Yang (), Hongru Tan () and Xiaoye Lu
Additional contact information
Chi Gong: Department of Global Business, Kyonggi University, Suwon 16227, Republic of Korea
Xianghui Yang: School of Economics, Sichuan University, No.24, South Section 1, Yihuan Road, Chengdu 610068, China
Hongru Tan: Bay Area International Business School, Beijing Normal University, Zhuhai 519087, China
Xiaoye Lu: Department of Global Business, Kyonggi University, Suwon 16227, Republic of Korea

Sustainability, 2023, vol. 15, issue 5, 1-12

Abstract: The impact of industrial robots and aging on economic growth is analyzed using both theoretical and empirical models in this paper. An aging mechanism is integrated into the task model and Solow model, which integrates the existing relationship between industrial robots and economic growth. Our data come from the International Robot Federation, Penn World Table, and the World Bank, and we obtain robot usage data and macroeconomic data for 77 countries and regions between 1993 and 2019. We found that industrial robots can stimulate economic growth, but aging does not affect it. It is worth noting that aging has more adverse effects on economies using industrial robots than economies without industrial robots. Further, according to mechanism analysis, the main channel of economic growth is industrial robots replacing labor, followed by improving total factor productivity (TFP), a measure of technological change in an economy. Given endogenous problems, the results are still stable.

Keywords: industrial robot; aging society; economic growth (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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