4IR should create employment in services sectors with moderate living standards.
Output is the yardstick to measure development of an economy.
In official terms, it is referred to as gross domestic product (GDP).
Production is the function of land, labor, capital, management.
Later innovation is added to the production function in the form of technological advancement.
Technology sets the production process from one stage to the upper level.
Industrial revolution is itself a movement by technological achievement, undoubtedly.
In the 18th century, the first industrial revolution started by steam power and mechanization of production.
Economy begins creating divisions of owners and employees.
According to communism economic concept, a new class is born.
In the 19th century, the second industrial revolution began with the discovery of electricity and the assembly line of production.
Third industrial revolution began in the 1970s of last century through partial automation using programmable controls by computers.
Since the introduction of technologies, we are now able to automate an entire production process through machine learning technology without human assistance.
Robots can be cited as programmed sequences without human intervention.
Now, the fourth industrial revolution (4IR) is in progress.
This is characterized by the application of information and communication technologies to industry.
It builds on the developments of the third industrial revolution.
Production systems having computer technology are expanded by a web network supported by internet technology.
These allow communication with other facilities and the output of information.
This is the step towards production automation.
The networking of all systems leads to production processes by auto-commanded machines, in which production systems, components and people communicate via a network.
4IR has the potential to deliver some incredible advances in factory environments.
Examples include machines which can predict failures and trigger maintenance processes autonomously or self-organized logistics which react to unexpected changes in production.
The automated system has the power to change the way that people work.
4IR can pull individuals into smarter networks, with the potential of more efficient working.
The digitalization of the manufacturing environment allows more flexible methods of getting the right information to the right person at the right time.
Solution to problems is easily identified without wasting time.
In short, 4IR is a game-changer, across industrial settings.
On that basis, it can truly establish the claim to represent the beginning of the 4IR.
Lack of opportunities to work is unemployment.
It is called that export brings employment and import exports employment.
Technology leads employment as well as unemployment, the concept of ‘survival for the fittest’ works here.
We are well aware of the term Luddite.
This is basically the name of a person who is used to describe people disliking new technology.
Whether technology brings unemployment or not is a question.
It is also blamed that it displaces employment.
Definitely when paper and ink were invented, use of leaves and clay was phased out.
One will come and another will leave.
Now questions come whether Luddite’s movement to retain employment was right or wrong.
There are talks in favor or in disfavor.
Whatever the issue is, people who are displaced face the real music.
Such a situation brings too many when imports eat up employment through cheap foreign products.
As stated earlier, one is replaced by another.
There is no problem behind the situation since it makes a squired position.
But what is to happen in case of one displacing ten is a matter.
First industrial revolution started with steam power facilitating the generation of huge output; this changed human lives.
Electricity in the second industrial revolution was a supplement to support production.
Conversion of input contents into output required processing, as electricity was the facilitator of the system.
Skills came into operational activities.
It helped skilled people to move to the upper level of standard of living.
But the revolution required manual work to end the production.
The stage facilitated large scale production, resulting in huge employment.
Technology at this level helps a lot for economic growth.
As such, technology becomes a blessing for economic development with employment.
But the classical saying is always true –”might is right” or “survival for the fittest.”
On the other hand, economics can produce but it cannot distribute as required to bring an equitable level among mass people.
People claim, as per old saying, the land where they live as their own.
If they are asked how they become owners of land, the reply may be: it is their ancestral property, or they buy it from others, or the like.
The origin is that it is acquired by force at different stages.
Mass production needs facility stations including land which goes from the weak to the strong.