The fourth industrial revolution and some economic theories Cover Image

Czwarta rewolucja przemysłowa a wybrane aspekty teorii ekonomii
The fourth industrial revolution and some economic theories

Author(s): Magdalena Olender-Skorek
Subject(s): Socio-Economic Research
Published by: Wydawnictwo Uniwersytetu Rzeszowskiego
Keywords: industrial revolution; production function; economic theory, labour and capital; Industry 4.0

Summary/Abstract: The article presents some economic theories in view of the fourth industrial revolution. Itshows that computer appearance (and development of ICT after that) may be treated as a response tolack of ability to process information (big-data in real time). The fourth revolution implicates a productionfunction revision, changes in usage of inputs and their role in production process. Outputexpansion paths start to be more labor saving (what means: they are capital intensive) just becausecapital productivity is higher (isoquants are next to capital not labor axis). Classical labor definitionof Smith’s is replacing with human and social capitals, where knowledge is accumulating. First group,classical labor and “ordinary” employees are going to decrease in strength – they are substitutingby machines and robots. It requires special political remedies to support these blue-collar workersand to ensure new employees (via education) useful digital skills.In market structure and entrepreneurships behaviors, there are economic research fields connectedto coopetition theory and share economics. Firms start to be more like partners than competitorsor rivals, what leads to higher effectiveness and bigger welfare from social point of view.The conclusion is that there is an impact of Industry 4.0 on economic theory, and it will andshould be developed along with some empirical studies (if only proper statistical data are available).

  • Issue Year: 2017
  • Issue No: 51
  • Page Range: 38-49
  • Page Count: 12
  • Language: Polish