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The Impact of IoT on Economic Growth: A Multifactor Productivity Approach

The impact of Information and Communication Technology (ICT) investments in macroeconomic growth via multifactor productivity (MFP) has been characterized as a three-stage process, starting with a period of technical adoption, a plateau of increased productivity, and a diminished returns phase due to saturation. As the Internet of Things expands the ICT application domain, it has the potential to avoid the MFP growth stagnation related to ICT capital surplus observed in industrialized economies. This paper suggests a research direction for analyzing the impact of IoT on economic growth.