The Empirical Analysis on Role of Smart City Development in Promoting Social and Economic Growth

Based on Internet of things ‘‘wisdom city’’ based on the development of emerging information technology industry, such as operation system connected cities of all levels with wisdom, to achieve the production and the life convenient, the wisdom of the new urban development pattern, it can not only bring short-term economic growth, can also bring the progress of the society as a whole and economic all-round development. With the expansion of the construction of smart cities, it becomes very important to study whether the development of smart cities plays a driving role in economic growth. The purpose of this paper is to study the role of smart city development in promoting social and economic growth. This paper first expounds the smart city, and then, based on the empirical analysis of Cobb-Douglas production function, establishes an econometric model to promote economic growth by developing smart city, and obtains the output promoting elasticity index of smart city to economic growth by linear regression. The empirical results show that the construction of smart cities can indeed drive economic growth. This paper obtains that the sum of the coefficients of labor force, capital and smart city for the gross national product is greater than 1.