Economic Innovation Caused by Digital Transformation and Impact on Social Systems

Abstract

The purpose of this study is to review studies on innovation and identify factors that affect the acceleration of digital economic innovation. This study also analyzes the impact of economic innovation on social systems. A systematic literature review method was used to analyze the findings of extant studies on digital transformation and economic growth. Results indicate that different drivers trigger economic innovation in different times. Our analyses reveal that digital economic innovation results in changes in the industrial structure and helps productivity improvement and cost reduction in the production sector. Results show that the impact of economic innovation on technology and society spheres interacts with economic innovation. This study contributes to the literature by providing a comprehensive framework of how economic innovation and social systems are connected and how technology, economy, society, and policy sectors coevolve within the enormous framework of social systems.