Challenges of the Fourth Industrial Revolution and Social Welfare in Korea : An Exploratory Study on the Direction of Social Welfare in the Future

2018 ◽  
Vol 2 (2) ◽  
pp. 1-21
Author(s):  
So-young LEE ◽  
Author(s):  
Yelyzaveta Snitko ◽  
Yevheniia Zavhorodnia

The development of a modern economy, in the context of the fourth industrial revolution, is impossible without the accumulation and development of human capital, since the foundation of the transformation of the economic system in an innovative economy is human capital. In this regard, the level of development and the efficiency of using human capital are of paramount importance. This article attempts to assess the role of human capital in the fourth industrial revolution. In the future, human talent will play a much more important role in the production process than capital. However, it will also lead to a greater division of the labor market with a growing gap between low-paid and high-paid jobs, and will contribute to an increase in social tensions. Already today, there is an increase in demand for highly skilled workers, especially in high-income countries, with a decrease in demand for workers with lower skills and lower levels of education. Analysis of labor market trends suggests that the future labor market is a market where there is simultaneously a certain demand for both higher and lower skills and abilities, combined with the devastation of the middle tier. The fourth industrial revolution relies heavily on the concept of human capital and the importance of finding complementarity between human and technology. In assessing the impact of the fourth industrial revolution, the relationship between technology, economic growth and human resources was examined. The analysis was carried out in terms of three concepts of economic growth, technological change and human capital. Human capital contributes to the advancement of new technologies, which makes the concept of human capital an essential factor in technological change. The authors emphasize that the modern economy makes new demands on workers; therefore it is necessary to constantly accumulate human capital, develop it through continuous learning, which will allow the domestic economy to enter the trajectory of sustainable economic growth. The need to create conditions for a comprehensive increase in the level of human capital development is noted.


2021 ◽  
Vol 66 (1) ◽  
pp. 32-48
Author(s):  
Andrzej Sokołowski ◽  
Małgorzata Markowska

The aim of the paper is to propose a composite indicator characterising the level of development of Polish NUTS 2 regions with respect to the implementation and results of the changes the fourth industrial revolution (Industry 4.0) entails, and to present a ranking of regions illustrating the degree to which enterprises have adjusted to the requirements of Industry 4.0. Data used for the calculations have been based on the results of an experimental research conducted by Statistics Poland (GUS) in 2019. Two methods for constructing the composite indicators have been used – classical and iterative which is to assess the indicator’s resilience to the influence of any potential outliers. 10 sub-criteria, covered by 21 variables have been taken into account. Opolskie region appeared to be the best NUTS 2 region in Poland in terms of the implementation of the requirements outlined by Industry 4.0. The evaluation of the proposed composite indicator will be possible when comparing it with the results of similar surveys carried out by GUS in the future.


Author(s):  
Idris Olayiwola Ganiyu ◽  
Ola Olusegun Oyedele ◽  
Evelyn Derera

The Fourth Industrial Revolution has resulted in the disruption of the world of work whereby technological innovation such as artificial intelligence (AI) and robotics. These disruptions may be creative in that as some jobs are lost due to the development of artificial intelligence, new ones are created. This chapter explored the impact of disruptive technological innovations on the future of work. The skill gaps brought about by the emergence of the Fourth Industrial Revolution was also explored in this chapter.


Author(s):  
Alfred Kent Van Cleave

This chapter examines the issues of work satisfaction, employee well-being, and the future of work from the perspective of and as impacted by two prominent and contemporary models of corporate governance. It begins with an examination of work satisfaction and leadership, informed by motivation, leadership, and workplace attachment theories, then discusses how these theories have been impacted by changes in corporate governance. Present-day implications of corporate governance on work satisfaction and well-being are examined, followed by the implications of these considerations for the future of work in the fourth industrial revolution.


Author(s):  
Hanaa Abdulraheem Yamani ◽  
Waleed Tageldin Elsigini

The current era is witnessing many changes on various levels. The information and communication revolutions are considered one of the important changes which has cast a shadow over how different institutions in society work via the phenomenon of digitization. As some of the most important institutions of society, industrial companies have been responding to this phenomenon of digital transformation to improve products and customer service while achieving a significant profitable return. This response by these institutions to the digital transformation has resulted in the emergence of the so-called fourth industrial revolution. In this context, this chapter reviews the definition of digital transformation as well as its dimensions, benefits, and obstacles. It also comments on the future of digital transformation and its relationship with industry. Ultimately it presents the fourth industrial revolution in terms of its definition, history, criteria, benefits, and the challenges it faces moving into the future.


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