Pengaruh Teknologi, Modal Manusia, Tenaga Kerja dan Investasi Terhadap Pertumbuhan Ekonomi tahun 2013-2023 = THE IMPACT OF TECHNOLOGY, HUMAN CAPITAL, LABOR, AND INVESTMENT ON ECONOMIC GROWTH IN INDONESIA, 2013–2023

This study aims to analyze the impact of technology, human capital, labor, and investment on economic growth, both directly and indirectly through micro, small, and medium enterprises (MSMEs) as a mediating variable in Indonesia. The study employs panel data from 33 provinces over the period 2013–2023 using a quantitative approach. The Fixed Effect Model (FEM) is applied as the main estimation method, selected based on the Chow and Hausman tests, and complemented by White cross-section robust corrections (EGLS) to address potential heteroskedasticity and autocorrelation. The findings indicate that increases in technology, human capital, labor, and investment do not automatically translate into higher economic growth in Indonesia. The weak direct effects of these factors reflect structural constraints in the absorption and utilization of development inputs at the regional level. However, when mediated by MSMEs, these factors contribute positively to economic growth. MSMEs function as an economic transformation mechanism that internalizes technology, human capital, labor, and investment into value-added real productive activities. These results emphasize that the effectiveness of growth factors depends not merely on their availability, but on the capacity of MSMEs to process and integrate them into regional economic structures. From a theoretical perspective, this study strengthens endogenous growth theory by positioning MSMEs as a key internal channel of growth creation, while also offering policy implications that strengthening MSME capacity is a fundamental prerequisite for achieving inclusive, sustainable, and regionally balanced economic growth in Indonesia.

Keyword : economic growth, technology, human capital, labor, investment.