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Consequences of Industry 4.0 in Business and Economics

Author

Listed:
  • Petra Maresova

    (Department of Economics, University of Hradec Králové, Rokitanskeho 62, 50003 Hradec Králové, Czech Republic)

  • Ivan Soukal

    (Department of Economics, University of Hradec Králové, Rokitanskeho 62, 50003 Hradec Králové, Czech Republic)

  • Libuse Svobodova

    (Department of Economics, University of Hradec Králové, Rokitanskeho 62, 50003 Hradec Králové, Czech Republic)

  • Martina Hedvicakova

    (Department of Economics, University of Hradec Králové, Rokitanskeho 62, 50003 Hradec Králové, Czech Republic)

  • Ehsan Javanmardi

    (School of Economics, Management and Social Sciences, Shiraz University, Shiraz 7194854358, Iran)

  • Ali Selamat

    (Malaysia Japan International Institute of Technology (MJIIT), Universiti Teknologi Malaysia Kuala Lumpur, Kuala Lumpur 54100, Malaysia)

  • Ondrej Krejcar

    (Center of Basic and Applied Research, Faculty of Informatics and Management, University of Hradec Králové, Rokitanskeho 62, 500 03 Hradec Králové, Czech Republic)

Abstract

The introduction of information technology into all aspects of our lives has brought forth qualitative and quantitative changes on such a large scale that this process has come to be known as the Fourth Industrial Revolution, or Industry 4.0. The aim of this paper is to fill in the gaps and provide an overview of studies dealing with Industry 4.0 from the business and economic perspectives. A scoping review is performed regarding business, microeconomic and macroeconomic economic problems. Four investigators performed a literature search of the Web of Science, Scopus, and Science Direct. The selected period spanned from 2014 to 2018, and the following keywords were used for the search: Industry 4.0, economics, economic development, production economics, and financial sector. A total of 2275 results were returned. In all, 67 full papers were screened. Results obtained from the relevant studies were, furthermore, divided into the following categories: work and skills development; economy growth and macroeconomic aspect; sustainability; intelligent manufacturing; policy; and change in business processes. Findings show that the aspects of work and skills development, smart technology adoption, intelligent manufacturing, and digitalization are very well described. The government and its policies usually play the role of a needed supportive element. Usually studies lack a coherent view of the topic in question and solve partial questions.

Suggested Citation

  • Petra Maresova & Ivan Soukal & Libuse Svobodova & Martina Hedvicakova & Ehsan Javanmardi & Ali Selamat & Ondrej Krejcar, 2018. "Consequences of Industry 4.0 in Business and Economics," Economies, MDPI, vol. 6(3), pages 1-14, August.
    • Handle: RePEc:gam:jecomi:v:6:y:2018:i:3:p:46-:d:162878
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    References listed on IDEAS

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    1. Antonella Petrillo & Fabio De Felice & Raffaele Cioffi & Federico Zomparelli, 2018. "Fourth Industrial Revolution: Current Practices, Challenges, and Opportunities," Chapters, in: Antonella Petrillo & Raffaele Cioffi & Fabio De Felice (ed.), Digital Transformation in Smart Manufacturing, IntechOpen.
    2. Viktoria Akberdina & Anatoliy Grebenkin & Olga Smirnova, 2017. "Comprehensive Assessment of Industries Economic Security: Regional Aspect," Economy of region, Centre for Economic Security, Institute of Economics of Ural Branch of Russian Academy of Sciences, vol. 1(4), pages 1264-1279.
    3. Chovancova, Bozena & Dorocakova, Michaela & Malacka, Viera, 2018. "Changes in industrial structure of GDP and stock indices also with regard to the Industry 4.0," Business and Economic Horizons (BEH), Prague Development Center (PRADEC), vol. 14(2), February.
    4. Antony, Jürgen, 2009. "Capital/Labor substitution, capital deepening, and FDI," Journal of Macroeconomics, Elsevier, vol. 31(4), pages 699-707, December.
    5. Daniel Kiel & Julian M. Müller & Christian Arnold & Kai-Ingo Voigt, 2017. "Sustainable Industrial Value Creation: Benefits And Challenges Of Industry 4.0," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 21(08), pages 1-34, December.
    6. Martina Hedvicakova, 2018. "Unemployment and effects of the first work experience of university graduates on their idea of a job," Applied Economics, Taylor & Francis Journals, vol. 50(31), pages 3357-3363, July.
    7. Hartmut Hirsch-Kreinsen, 2016. "Digitization of industrial work: development paths and prospects [Digitalisierung industrieller Arbeit: Entwicklungspfade und Perspektiven]," Journal for Labour Market Research, Springer;Institute for Employment Research/ Institut für Arbeitsmarkt- und Berufsforschung (IAB), vol. 49(1), pages 1-14, July.
    8. Saam, Marianne, 2008. "Openness to trade as a determinant of the macroeconomic elasticity of substitution," Journal of Macroeconomics, Elsevier, vol. 30(2), pages 691-702, June.
    9. Bozena Chovancova & Michaela Dorocakova & Viera Malacka, 2018. "Changes in the industrial structure of GDP and stock indices also with regard to industry 4.0," Business and Economic Horizons (BEH), Prague Development Center, vol. 14(2), pages 402-414, April.
    10. Joseph Evans Agolla, 2018. "Human Capital in the Smart Manufacturing and Industry 4.0 Revolution," Chapters, in: Antonella Petrillo & Raffaele Cioffi & Fabio De Felice (ed.), Digital Transformation in Smart Manufacturing, IntechOpen.
    11. Hector Sala & Pedro Trivín, 2018. "The effects of globalization and technology on the elasticity of substitution," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 154(3), pages 617-647, August.
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    2. Grybauskas, Andrius & Stefanini, Alessandro & Ghobakhloo, Morteza, 2022. "Social sustainability in the age of digitalization: A systematic literature Review on the social implications of industry 4.0," Technology in Society, Elsevier, vol. 70(C).
    3. Ghannouchi, Imen, 2023. "Examining the dynamic nexus between industry 4.0 technologies and sustainable economy: New insights from empirical evidence using GMM estimator across 20 OECD nations," Technology in Society, Elsevier, vol. 75(C).
    4. Özköse, Hakan & Güney, Gül, 2023. "The effects of industry 4.0 on productivity: A scientific mapping study," Technology in Society, Elsevier, vol. 75(C).
    5. Afriyadi Cahyadi & Róbert Magda, 2021. "Digital Leadership in the Economies of the G20 Countries: A Secondary Research," Economies, MDPI, vol. 9(1), pages 1-15, March.
    6. Andrey A. Zaytsev & Roman S. Blizkyi & Irina I. Rakhmeeva & Nikolay D. Dmitriev, 2021. "Building a Model for Financial Management of Digital Technologies in the Areas of Combinatorial Effects," Economies, MDPI, vol. 9(2), pages 1-15, April.

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