THE 4th INDUSTRIAL REVOLUTION opportunities and challenges
in favour
The Fourth Industrial Revolution has the potential to raise global income levels and improve the quality of life for populations around the world.
booking a flight
buying a product
making a payment
playing a game
Ordering a cab
in favour
In the future, technological innovation will also lead to a supply-side miracle, with long-term gains in efficiency and productivity
trasportation and communication costs will drop
Logistics and global supply chains will become very effective
the cost of trade will diminish
against
the revolution could produce greater inequality, particularly in its potential to disrupt labor markets.
the net displacement of workers by machines might exacerbate the gap between returns to capital and returns to labor
talent will represent the critical factor of production.
against
In addition to being a key economic concern, inequality represents the greatest societal concern associated with the Fourth Industrial Revolution
the rising gap in wealth between those dependent on capital versus labor.
Technology is therefore one of the main reasons why incomes have stagnated, or even decreased, for a majority of the population in high-income countries
The Fourth Industrial Revolution, finally, will change not only what we do but also who we are. It will affect our identity and all the issues associated with it
our sense of privacy
our notions of ownership
the time we devote to work and leisure
how we develop our careers
meet people
cultivate our skills
the revolutions occurring in biotechnology and AI, which are redefining what it means to be human by pushing back the current thresholds of life span, health, cognition, and capabilities, will compel us to redefine our moral and ethical boundaries.
