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A Critique of Economic Literature on Technology and Fourth Industrial Revolution: Employment and the Nature of Jobs

Author

Listed:
  • Ishaan Gera

    (Delhi Technological University)

  • Seema Singh

    (Delhi Technological University)

Abstract

Technology has come to the centre stage of the capitalist framework after the advent of the Fourth Industrial Revolution. Almost all schools of economic thought have realised the importance of technology in the production process. For the classical economists, technology is a tool to increase the output of the economy, ultimately leading to an increase in employment. However, Ricardo of the classical school differs in his approach from others. Despite being optimistic about the adoption of technology, he contends that labour will be worse off with the onset of technology. The issue of jobs remained the same for Marx and Keynes. For Marx, technology represents a duality which is both advantageous and disadvantageous for labour. For Keynes, it is a root for unemployment and a structural change in society and nature of work. Schumpeter, Veblen and other economists also address the issue of technology. Despite the focus, technology is not central to the theory of development or labour. However, with the Fourth Industrial Revolution, there needs to be more emphasis on the role of technology. By refining the existing literature and using anecdotal and subjective evidence, an attempt is made to put forth a modified idea of technology.

Suggested Citation

  • Ishaan Gera & Seema Singh, 2019. "A Critique of Economic Literature on Technology and Fourth Industrial Revolution: Employment and the Nature of Jobs," The Indian Journal of Labour Economics, Springer;The Indian Society of Labour Economics (ISLE), vol. 62(4), pages 715-729, December.
    • Handle: RePEc:spr:ijlaec:v:62:y:2019:i:4:d:10.1007_s41027-019-00191-8
    DOI: 10.1007/s41027-019-00191-8
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    References listed on IDEAS

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    1. Thomas M. Humphrey, 2004. "Ricardo versus Wicksell on job losses and technological change," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 90(Fall), pages 5-24.
    2. Samuelson, Paul A, 1989. " Ricardo Was Right!," Scandinavian Journal of Economics, Wiley Blackwell, vol. 91(1), pages 47-62.
    3. Ceyhun Gurkan, 2005. "A Comparison of Veblen and Schumpeter on Technology," STPS Working Papers 0509, STPS - Science and Technology Policy Studies Center, Middle East Technical University, revised Sep 2005.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Anel A. Kireyeva & Zaira T. Satpayeva & Gaukhar K. Kenzhegulova & Dana M. Kangalakova & Aruzhan Jussibaliyeva, 2022. "Kazakhstani womenʼs participation in online marketplaces: Benefits and barriers," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 9(3), pages 343-369, September.
    2. Stepan Zemtsov, 2020. "New technologies, potential unemployment and ‘nescience economy’ during and after the 2020 economic crisis," Regional Science Policy & Practice, Wiley Blackwell, vol. 12(4), pages 723-743, August.
    3. Adriana Grenčíková & Marcel Kordoš & Jozef Bartek & Vladislav Berkovič, 2021. "The Impact of the Industry 4.0 Concept on Slovak Business Sustainability within the Issue of the Pandemic Outbreak," Sustainability, MDPI, vol. 13(9), pages 1-14, April.

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    More about this item

    Keywords

    Fourth Industrial Revolution; Technology change; Job losses; Computerisation; Robotics; 3D printing; Automation; Artificial intelligence;
    All these keywords.

    JEL classification:

    • B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B24 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Socialist; Marxist; Scraffian
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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