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The Fourth Industrial Revolution €“ Advantages And Disadvantages

Author

Listed:
  • SAVICA DIMITRIESKA

    (European University - Republic of Macedonia, Faculty of Economics)

  • ALEKSANDRA STANKOVSKA

    (European University - Republic of Macedonia, Faculty of Economics)

  • TANJA EFREMOVA

    (National Bank of the Republic of Macedonia)

Abstract

People have always wanted to improve and ease their lives. They used a variety of means, tools, machines, and other people to achieve that goal. In achieving it, people change the way they live, work and relate to one another. All these rapid and abrupt changes in society that radically changed human life and occurred in a certain period of time are called Revolutions. Human history recognizes about 3 Revolutions so far that have affected all aspects of life. The world is facing the Fourth Industrial Revolution (4IR) which is characterized by a range of new technologies that are fusing physical, digital and biological worlds, impacting all disciplines, economies and industries. The 4IR will fundamentally change people’s lives. It covers wide-ranging fields such as Artificial intelligence, The Internet of Things (IoT), robotics, autonomous vehicles, 3D printing, nanotechnology, biotechnology, materials science, energy savings, computing, etc. This paper aims to explain in detail the advantages and disadvantages of the Fourth Industrial Revolution and warn people to understand it and make adaptations to it. Understanding the 4IR and its new technologies and their threats is critical for all the nations.

Suggested Citation

  • Savica Dimitrieska & Aleksandra Stankovska & Tanja Efremova, 2018. "The Fourth Industrial Revolution €“ Advantages And Disadvantages," Economics and Management, Faculty of Economics, SOUTH-WEST UNIVERSITY "NEOFIT RILSKI", BLAGOEVGRAD, vol. 14(2), pages 182-187.
    • Handle: RePEc:neo:journl:v:14:y:2018:i:2:p:182-187
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    Citations

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    Cited by:

    1. M.E. Selelo & M.N. Khwela, 2022. "Analysis of the Business Inequalities Stimulated by the Fourth Industrial Revolution Between Corporates and Small and Micro Enterprises in South Africa," Technium Social Sciences Journal, Technium Science, vol. 29(1), pages 497-508, March.
    2. Ornella Tanga & Opeoluwa Akinradewo & Clinton Aigbavboa & Ayodeji Oke & Samuel Adekunle, 2022. "Data Management Risks: A Bane of Construction Project Performance," Sustainability, MDPI, vol. 14(19), pages 1-20, October.

    More about this item

    Keywords

    4th Industrial Revolution; robotics; artificial intelligence; 3D printing; new technologies;
    All these keywords.

    JEL classification:

    • M31 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - Marketing

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