PENGARUH TENAGA KERJA, MODAL DAN TEKNOLOGI TERHADAP PERTUMBUHAN EKONOMI INDONESIA
Abstract
This study aims to analyze the impact of capital, labor, and information and communication technology (ICT) on Indonesia’s long-term economic growth. Using annual time-series data from 1971 to 2024, the analysis applies an augmented Cobb-Douglas production function. Independent variables include gross fixed capital formation, labor productivity, and ICT-based capital services growth, with real GDP as the dependent variable. Initial estimates were conducted using OLS, followed by Prais-Winsten regression to correct for autocorrelation. The results show that all three variables have a positive and significant effect on economic growth. Capital contributes the most, followed by labor and technology. These findings highlight the importance of productive investment, human capital development, and digital technology adoption in achieving sustainable economic growth
References
Bagianto, A., & Zulkarnaen, W. (2020). Factors Affecting Economic Development. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 4(1), 316-332. https://doi.org/10.31955/mea.v4i1.263.
Bangun, W. (2019). The Influence of The Production Factors Toward Indonesia Economic Growth In Indonesia. Asia Proceedings of Social Sciences.
Bangun, W. (2020). Employee Production Factor in Economic Development (A Study in Indonesia). Journal of Computational and Theoretical Nanoscience, 17, 859-863..
Basri, R., Karimi, S., & Zulkifli, Z. (2020). Export orientation of Indonesia’s manufacturing industry. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah.
Colther, C., & Doussoulin, J. (2024). Recent Applications and Developments of the Cobb–Douglas Function: From Productivity to Sustainability. Journal of the Knowledge Economy.
Dornbusch, R., Fischer, S., & Startz, R. (2014). Macroeconomics (12th ed.). New York: McGraw-Hill.
Fevriera, S., Archintia, S., & Siwi, V. (2022). How Capital, Labor, and Technology Influence Java’s Economic Growth. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan, 23(2), 269-282.
Gautam, S. (2024). Understanding Cobb-Douglas Production Function in Agricultural Economics. Journal of Technology & Innovation..
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). New York: McGraw-Hill.
Hindrayani, A., Rina, L., & Naufalin, L. R. (2024). Impact of Indonesia’s ICT Development on Economic Growth. Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB), 12(01), 01–10.
Jandhana, I., Zagloel, T., & Nurcahyo, R. (2018). Resilient Structure Assessment using Cobb-Douglas Production Function: The Case of the Indonesian Metal Industry. International Journal of Technology.
Jung, H., Lee, K., & Lim, H. (2020). Catch-up by capital, labor and technology: A decomposition analysis of Korea’s growth. Asian Economic Papers, 19(3), 1–22.
Kala, G., Masbar, R., & Syahnur, S. (2018). The Effect of Exchange Rate, Inflation, Capital and Labor Force on Economic Growth in Indonesia. 5, 35-50.
Kustanto, A. (2024). Can ICT Diffusion Reduce Income Inequality for a Better Life? Evidence from Indonesian Provinces. Asian Journal of Applied Economics, 31(1), 1–36.
Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407–437.
Nugrahadi, E.W., Maipita, I., Firawaty, Hidayat, N., Rinaldi, M. (2023). Impact of labor and health on economic growth in Indonesia during the COVID-19 pandemic: A panel data regression analysis. International Journal of Sustainable Development and Planning, Vol. 18, No. 12, pp. 4015-4021.
Nurunnajib, A., Wulan, E., Awalluddin, A., Supian, S., & Subiyanto, S. (2018). Application of Cobb-Douglas Production Function to Manufacturing Industries in West Sumatra Indonesia. , 101, 145-156.
Nuryakin, C., Rachman, F., Damayati, A., Kurnia, N., & Afrizal, M. (2017). ICT Capital Spending, ICT Sector, and Firm Productivity: Evidence from Indonesian Firm-Level Data. LPEM UI Working Paper Series.
Piven, V., & Kubatko, O. (2023). Sustainable Economic Growth Factors in the EU: Applying a Modified Cobb-Douglas Production Function with Renewable Energy and Digitalization. E3S Web of Conferences.
Prasetyo, M. D. R., & Rini, A. N. (2022). The Capability of Information Communication Technology to Boost Indonesia Economic Growth: Study From 34 Provinces. Jurnal Dinamika Ekonomi Pembangunan, 5(3), 210-220.
Pratiknyo, Y., Bangun, W., Hidayah, Z., & Kambara, R. (2023). Cobb Douglas Production in The Volterra Integral Equation. Asian Journal of Entrepreneurship and Family Business.
Sianturi, T. A. (2024). Analysis Effect of Information and Communication Technology on Economic Growth in Indonesia. Journal of Analytical Research, Statistics and Computation, 3(1)..
Smida, R. (2025). Assessing the impact of ICT on economic growth in Tunisia: A cointegration approach. International Journal of Advances in Engineering and Management, 7(3), 446–459.
Smirnov, R., Wang, K., & Wang, Z. (2022). The Cobb-Douglas Production Function for an Exponential Model. Contributions to Economics.
Solow, R. M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320.
Stehrer, R. (2024). The impact of ICT and intangible capital accumulation on employment growth and labour income shares. Structural Change and Economic Dynamics.
Stijepic, D. (2015). An Argument Against Cobb-Douglas Production Functions (in Multi-Sector-Growth Modeling). SSRN.
Syarifa, L. F. (2021). Analisis Risiko dan Inefisiensi Pada Produksi Perkebunan Karet Rakyat di Sumatera Selatan: Aplikasi Model Cobb-Douglas. Jurnal Penelitian Karet, 39(1), 75–84.
Tsachtsiris, G., Magoutas, A., & Papadogonas, T. (2022). ICT and Economic Growth in EU: A macro Level Comparison of Estimated ICT Output Elasticities. Journal of Global Information Technology Management, 25, 202 - 216.
Wicaksono, B. B. ., Hermawan, A., & Evien. (2024). Unveiling Labor and Capital Investment Potential: How to Impact Productivity in Indonesia’s MSME Sector?. International Journal of Digital Entrepreneurship and Business, 5(1), 29-37.
Bangun, W. (2019). The Influence of The Production Factors Toward Indonesia Economic Growth In Indonesia. Asia Proceedings of Social Sciences.
Bangun, W. (2020). Employee Production Factor in Economic Development (A Study in Indonesia). Journal of Computational and Theoretical Nanoscience, 17, 859-863..
Basri, R., Karimi, S., & Zulkifli, Z. (2020). Export orientation of Indonesia’s manufacturing industry. Jurnal Perspektif Pembiayaan dan Pembangunan Daerah.
Colther, C., & Doussoulin, J. (2024). Recent Applications and Developments of the Cobb–Douglas Function: From Productivity to Sustainability. Journal of the Knowledge Economy.
Dornbusch, R., Fischer, S., & Startz, R. (2014). Macroeconomics (12th ed.). New York: McGraw-Hill.
Fevriera, S., Archintia, S., & Siwi, V. (2022). How Capital, Labor, and Technology Influence Java’s Economic Growth. Jurnal Ekonomi Pembangunan: Kajian Masalah Ekonomi dan Pembangunan, 23(2), 269-282.
Gautam, S. (2024). Understanding Cobb-Douglas Production Function in Agricultural Economics. Journal of Technology & Innovation..
Gujarati, D. N., & Porter, D. C. (2009). Basic econometrics (5th ed.). New York: McGraw-Hill.
Hindrayani, A., Rina, L., & Naufalin, L. R. (2024). Impact of Indonesia’s ICT Development on Economic Growth. Jurnal Pendidikan Ekonomi Dan Bisnis (JPEB), 12(01), 01–10.
Jandhana, I., Zagloel, T., & Nurcahyo, R. (2018). Resilient Structure Assessment using Cobb-Douglas Production Function: The Case of the Indonesian Metal Industry. International Journal of Technology.
Jung, H., Lee, K., & Lim, H. (2020). Catch-up by capital, labor and technology: A decomposition analysis of Korea’s growth. Asian Economic Papers, 19(3), 1–22.
Kala, G., Masbar, R., & Syahnur, S. (2018). The Effect of Exchange Rate, Inflation, Capital and Labor Force on Economic Growth in Indonesia. 5, 35-50.
Kustanto, A. (2024). Can ICT Diffusion Reduce Income Inequality for a Better Life? Evidence from Indonesian Provinces. Asian Journal of Applied Economics, 31(1), 1–36.
Mankiw, N. G., Romer, D., & Weil, D. N. (1992). A contribution to the empirics of economic growth. The Quarterly Journal of Economics, 107(2), 407–437.
Nugrahadi, E.W., Maipita, I., Firawaty, Hidayat, N., Rinaldi, M. (2023). Impact of labor and health on economic growth in Indonesia during the COVID-19 pandemic: A panel data regression analysis. International Journal of Sustainable Development and Planning, Vol. 18, No. 12, pp. 4015-4021.
Nurunnajib, A., Wulan, E., Awalluddin, A., Supian, S., & Subiyanto, S. (2018). Application of Cobb-Douglas Production Function to Manufacturing Industries in West Sumatra Indonesia. , 101, 145-156.
Nuryakin, C., Rachman, F., Damayati, A., Kurnia, N., & Afrizal, M. (2017). ICT Capital Spending, ICT Sector, and Firm Productivity: Evidence from Indonesian Firm-Level Data. LPEM UI Working Paper Series.
Piven, V., & Kubatko, O. (2023). Sustainable Economic Growth Factors in the EU: Applying a Modified Cobb-Douglas Production Function with Renewable Energy and Digitalization. E3S Web of Conferences.
Prasetyo, M. D. R., & Rini, A. N. (2022). The Capability of Information Communication Technology to Boost Indonesia Economic Growth: Study From 34 Provinces. Jurnal Dinamika Ekonomi Pembangunan, 5(3), 210-220.
Pratiknyo, Y., Bangun, W., Hidayah, Z., & Kambara, R. (2023). Cobb Douglas Production in The Volterra Integral Equation. Asian Journal of Entrepreneurship and Family Business.
Sianturi, T. A. (2024). Analysis Effect of Information and Communication Technology on Economic Growth in Indonesia. Journal of Analytical Research, Statistics and Computation, 3(1)..
Smida, R. (2025). Assessing the impact of ICT on economic growth in Tunisia: A cointegration approach. International Journal of Advances in Engineering and Management, 7(3), 446–459.
Smirnov, R., Wang, K., & Wang, Z. (2022). The Cobb-Douglas Production Function for an Exponential Model. Contributions to Economics.
Solow, R. M. (1957). Technical change and the aggregate production function. The Review of Economics and Statistics, 39(3), 312–320.
Stehrer, R. (2024). The impact of ICT and intangible capital accumulation on employment growth and labour income shares. Structural Change and Economic Dynamics.
Stijepic, D. (2015). An Argument Against Cobb-Douglas Production Functions (in Multi-Sector-Growth Modeling). SSRN.
Syarifa, L. F. (2021). Analisis Risiko dan Inefisiensi Pada Produksi Perkebunan Karet Rakyat di Sumatera Selatan: Aplikasi Model Cobb-Douglas. Jurnal Penelitian Karet, 39(1), 75–84.
Tsachtsiris, G., Magoutas, A., & Papadogonas, T. (2022). ICT and Economic Growth in EU: A macro Level Comparison of Estimated ICT Output Elasticities. Journal of Global Information Technology Management, 25, 202 - 216.
Wicaksono, B. B. ., Hermawan, A., & Evien. (2024). Unveiling Labor and Capital Investment Potential: How to Impact Productivity in Indonesia’s MSME Sector?. International Journal of Digital Entrepreneurship and Business, 5(1), 29-37.
Published
2025-08-20
How to Cite
Naufal, H., Lastuti, Y., Kusumaningrum, A., Negara, D. R. E. D., & Mukharohmah, M. S. (2025). PENGARUH TENAGA KERJA, MODAL DAN TEKNOLOGI TERHADAP PERTUMBUHAN EKONOMI INDONESIA. Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA), 9(2), 3067-3079. https://doi.org/10.31955/mea.v9i2.6349
Section
Articles
Copyright (c) 2025 Jurnal Ilmiah Manajemen, Ekonomi, & Akuntansi (MEA)
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
