scholarly journals HUMAN CAPITAL AND ITS ROLE IN THE FOURTH INDUSTRIAL REVOLUTION

2021 ◽  
Author(s):  
Yelyzaveta Snitko ◽  
Yevheniia Zavhorodnia
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Labor Market ◽  
Technological Change ◽  
Industrial Revolution ◽  
Skilled Workers ◽  
Fourth Industrial Revolution ◽  
Modern Economy ◽  
The Future ◽  
The Impact

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.

scholarly journals Education of population for the future and the future of education

Stanovnistvo ◽  
2017 ◽  
Vol 55 (1) ◽  
pp. 63-85
Author(s):  
Biljana Jovanovic-Gavrilovic ◽  
Biljana Radivojevic
Keyword(s):  
Sustainable Development ◽  
Human Capital ◽  
Industrial Revolution ◽  
Knowledge And Skills ◽  
Fourth Industrial Revolution ◽  
The World ◽  
The Future ◽  
Future Of Education ◽  
The Impact

The key to the future of any country in the modern world lies in the knowledge, skills and talent of its population. This gives a special importance to education through which human capital is created as an important component of national wealth. Different methods of measuring human capital are found in literature. There is a well-known division into monetary and non-monetary methods, with the latter being specifically addressed in the article. Education plays an important role in achieving sustainable development. Through education, knowledge about sustainable development is acquired while human resources that are capable and willing to achieve this development are created. Education, just like sustainable development, has a long-time perspective. In both cases, the interests of the future are respected when making decisions in the present. The impact of education on sustainable development is manifested through all three of its dimensions ? economic, social and environmental. The key role of education for achieving sustainable development has been globally recognized and embedded in relevant United Nations documents, including a new global development agenda by 2030, focusing on the Sustainable Development Goals, of which Objective 4 explicitly refers to education. The European Union also pays considerable attention to education for the future in the context of the commitment of its members to achieve sustainable development. Serbia, at least declaratively, follows it, given the orientation of the country to join this regional integration. The future of education is under the strong influence of global mega trends, especially the Fourth Industrial Revolution, which strongly influences the world of work and the necessary knowledge and skills. During the earlier industrial revolutions, it took several decades to build appropriate education and training systems, but there is no time for that now. Changes must be anticipated, and reactions should be quick. The quality of educational systems of countries around the world and their preparedness for the challenges of the new age can be evaluated on the basis of the results of the Program for International Student Assessment ? PISA, the most important research in the field of education, which, under the auspices of the OECD, tests the knowledge and skills of fifteen-year-olds, and relying on the composite indicator introduced by the World Economic Forum ? Global Human Capital Index (GHCI). The results for Serbia are generally discouraging, but in some segments, they point to the country?s hidden potentials that should be activated. Education represents the development opportunity of Serbia at the threshold of the Fourth Industrial Revolution. As a small and economically country, Serbia should not remain at the margin of events, in the role of a passive observer. On the contrary, through adapting its education system to the demands of time by adequate financial and institutional support, thus improving human capital of the people, Serbia can find its place in a changing labor market and create preconditions for dynamic and sustainable economic development.

The education system in the era of the fourth industrial revolution: developing skills and thinking for learning

2021 ◽  
Vol 83 (1) ◽  
pp. 44-51
Author(s):  
S. Bespalyy ◽  
◽  
Ye. Ifutina ◽  
Keyword(s):  
Higher Education ◽  
Labor Market ◽  
Education System ◽  
Industrial Revolution ◽  
Digital Technologies ◽  
Professional Activity ◽  
Critical Element ◽  
Higher Education System ◽  
Fourth Industrial Revolution ◽  
The Impact

Computer systems and technologies are changing our society significantly. These changes are interconnected with both social and production spheres. Innovative digital technologies have a huge impact on the labor market and professional activity, contributing to their transfer to the electronic environment. Using digital technologies, modern people set new goals and solve problems with an increasing speed of problem solving, capitalizing on the possibilities of collaborative distributed actions within networks. In this regard, new competencies of specialists are in demand. Purpose: The purpose of this study was to establish the impact of the fourth industrial revolution on the education system and the development of skills and thinking for learning. Methods: When conducting scientific research, economic and statistical methods were used. These methods were also used in comparative analysis, as well as in assessing data and indicators of the higher education system, taking into account the impact of the fourth industrial revolution. The analytical method was used to consider the characteristics and factors influencing the development of skills and thinking for learning in modern conditions. The abstract-logical method is used to identify problems affecting the development of the labor market under the influence of digital technologies. Results and their value: The result of the study is that conclusions are drawn about the upcoming changes. Automation and digitalization are likely to lead to significant unemployment in most countries, so adaptation innovation policies are needed to help offset unemployment due to digitalization. Governments need to invest heavily in higher education as an economic development tool for their citizens. Lifelong learning should be identified as a critical element of success in the era of the fourth industrial revolution. Curricula should develop digital skills and address workforce disruptions due to automation.

Disruptions of the Fourth Industrial Revolution

2021 ◽  
pp. 189-199
Author(s):  
Idris Olayiwola Ganiyu ◽  
Ola Olusegun Oyedele ◽  
Evelyn Derera
Keyword(s):  
Artificial Intelligence ◽  
Technological Innovation ◽  
Industrial Revolution ◽  
Technological Innovations ◽  
Fourth Industrial Revolution ◽  
Skill Gaps ◽  
The World ◽  
The Future ◽  
The Impact ◽  
And Robotics

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.

scholarly journals Human Capital Formation During the First Industrial Revolution: Evidence from the use of Steam Engines

2019 ◽  
Vol 18 (2) ◽  
pp. 829-889 ◽  
Author(s):  
Alexandra de Pleijt ◽  
Alessandro Nuvolari ◽  
Jacob Weisdorf
Keyword(s):  
Human Capital ◽  
Technological Change ◽  
Industrial Revolution ◽  
Capital Formation ◽  
Human Capital Formation ◽  
Skilled Workers ◽  
Synthetic Indicator ◽  
Negative Effect ◽  
Rock Strata ◽  
Carboniferous Rock

Abstract We examine the effect of technical change on human capital formation during England's Industrial Revolution. Using the number of steam engines installed by 1800 as a synthetic indicator of technological change and occupational statistics to measure working skills (using HISCLASS), we establish a positive correlation between the use of steam engines and the share of skilled workers at the county level. We use exogenous variation in carboniferous rock strata (containing coal to fuel the engines) to show that the effect was causal. While technological change stimulated the formation of working skills, it had an overall negative effect on the formation of primary education, captured by literacy and school enrolment rates. It also led to higher gender inequality in literacy.

The Impact of the Asian Financial Crisis on Foreign Workers in Taiwan

1998 ◽  
Vol 7 (2-3) ◽  
pp. 145-169 ◽  
Author(s):  
Joseph S. Lee
Keyword(s):  
Labor Market ◽  
Financial Crisis ◽  
Economic Crisis ◽  
Construction Projects ◽  
Economic Structure ◽  
Asian Financial Crisis ◽  
Foreign Workers ◽  
Skilled Workers ◽  
The Future ◽  
The Impact

Having experienced an economic crisis earlier, Taiwan was on its way to recovery when the crisis struck in 1997. In general, Taiwan's labor market was hardly affected by the crisis. Although the demand for foreign workers continues, there will be a decline in the employment of foreign workers in the future. The completion of construction projects and the upgrading of the economic structure would imply a lesser demand for foreign workers in the next few years. In the future, while the Taiwanese labor market would be more restrictive of less-skilled workers, it would be more open to professionals and highly skilled.

scholarly journals SPECIFIC FORMATION OF HUMAN CAPITAL UNDER THE CONDITIONS OF THE LABOR MARKET TRANSITION TO A DIGITAL MODEL OF DEVELOPMENT

2020 ◽  
pp. 117-125
Author(s):  
Светлана Михайловна Ефремова ◽  
Ирина Васильевна Скоблякова
Keyword(s):  
Human Capital ◽  
Labor Market ◽  
Market Transition ◽  
Competitive Advantages ◽  
Economic Stability ◽  
Modern Economy ◽  
Digital Competencies ◽  
Capital Development ◽  
The Impact ◽  
Digital Capital

Цель исследования - оценить влияние цифровой трансформации на уровень развития человеческого капитала как источника обеспечения конкурентных преимуществ индивида на рынке труда. Научная новизна состоит в обосновании необходимости включения нового компонента в человеческий капитал - «цифровой капитал», формировании авторского подхода к определению цифрового капитала и оценке влияния цифровых компетенций на структуру и формы занятости его носителей. В качестве общего итога обоснована необходимость формирования кадрового потенциала, владеющего цифровыми компетенциями, как основы социально-экономической стабильности общества. The purpose of the study is to assess the impact of digital transformation on the level of human capital development as a source of ensuring the competitive advantages of an individual in the labor market. A model for the formation of human capital based on the inclusion of digital capital as a leading component that determines the level of its development in a modern economy is proposed. Scientific novelty consists in highlighting the issues of the influence of carriers of digital competencies on the growth of their employment and income. As a general result, the need for the formation of human resources with digital competencies as the basis for the socio-economic stability of society is substantiated.

scholarly journals Eurointegration tendencies in implementation of ‘Industry 4.0’ in European companies

2020 ◽  
Vol 25 (2) ◽  
pp. 251-261
Author(s):  
Andrea Seňová ◽  
Lucia Šebeščáková
Keyword(s):  
Labor Market ◽  
Digital Technology ◽  
Industrial Revolution ◽  
Technological Development ◽  
Business Organization ◽  
Fourth Industrial Revolution ◽  
Current Trends ◽  
Digital Disruption ◽  
External Risk ◽  
The Impact

The current level of technological development made it possible to predict upcoming changes, the expected commercial availability of breakthrough technologies and the impact they will have on business organization, manufacturing and labor market. The fourth industrial revolution, driven by automation, digital technology and Big Data, is expected to start in a few years. The number one external risk currently perceived by companies is digital disruption. The aim of the paper is to examine the current trends in terms of technological development and workforce transition for the preparedness of companies and labor market for the upcoming changes. The paper reviews the results of research, indicating the dominant orientation of companies, with regards to the expected digital disruption, trends shaping the fourth industrial revolution and strategies for preparation for the upcoming changes.

Book review: Mirosław Grewiński, Marek Kawa, Joanna Lizut, Gilberto Marzano: TOWARDS CHANGES OF THE LABOR MARKET, SKILLS AND COMPETENCES

2021 ◽  
Vol 562 (1) ◽  
pp. 29-30
Author(s):  
Łukasz Arendt
Keyword(s):  
Labor Market ◽  
Information And Communication Technologies ◽  
Industrial Revolution ◽  
Technological Development ◽  
Communication Technologies ◽  
Economic Changes ◽  
Fourth Industrial Revolution ◽  
The Future ◽  
Information And Communication

The monograph published in English, which is the result of the project "Transformers - for the future labor market", takes up important issues of changes in the labor market in the context of technological development, which recently focuses on topics such as labor market polarization, automation and robotization , the effects of the fourth industrial revolution. The main threads discussed in the following chapters of the monograph relate to social and economic changes conditioned by the development of technology, in particular information and communication technologies, as well as the fourth industrial revolution, referred to as Industry 4.0. The main areas of analysis in the project "Transformers - for the future labor market" were presented in a synthetic way: the future of skills and competences, the future of professions and jobs, challenges related to education, as well as the conclusions drawn from desk-research analyzes and focus groups.

scholarly journals LABOUR MARKET TENDENCIES IN THE ERA OF THE FOURTH INDUSTRIAL REVOLUTION

2020 ◽  
Author(s):  
Julianna Csugány ◽  
Keyword(s):  
Technological Change ◽  
Labour Market ◽  
Digital Literacy ◽  
Industrial Revolution ◽  
Supply And Demand ◽  
Skilled Workers ◽  
Fourth Industrial Revolution ◽  
Digital Era ◽  
International Trends ◽  
Routine Tasks

In the era of the Fourth Industrial Revolution, technological change is also transforming the labour market. Technological and structural unemployment is simultaneously present in the economy, as well as the labour shortage causes many problems for the firms. The labour market has to respond to both demographic and technological change, while workers’ expectations and workers’ preferences are transformed in the digital era. The biggest fear in the new technological era is related to robots, which generate the loss of jobs because they can substitute human resources in an efficient way. Technological changes typically threaten lower-skilled workers doing routine tasks, while the need for a high-skilled workforce combined with creativity is increasing. This asymmetry of training already appeared in the earlier industrial revolution, but nowadays digital literacy, as well as the technological knowledge necessary for the operation of machines and equipment, are becoming a basic skill, so new competence requirements are formulated for the employees. In the era of the Fourth Industrial Revolution, not only robots cause problems in the global labour market, but also international trends that cause major transformation in both the supply and demand side of the labour market. Effective labour market adaptation to technological change can be the key to competitiveness in the new technological era. This research aims to provide a short analysis of the differences in the European labour market in the era of the Fourth Industrial Revolution. The labour demand and supply will be analysed in order to highlight the main tendencies related to the qualitative features of labour market in the new technological era.

Sign in / Sign up

Export Citation Format

Share Document