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Smart Policies for Smart Factories

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  • Kim, Minho
  • Chung, Sunghoon
  • Lee, Changkeun

Abstract

Smart factories have been found to enhance the productivity of the overall production process, proving to be an appropriate policy as a key strategy for domestic manufacturing innovation. However, to maintain its effectiveness even when the scale and recipients of policy support are expanded, there should be improvements in the policy details and action plans. Above all, making factories smart requires not only the adoption of relevant technologies, but also proper management practices and organizational operations necessary to utilize the new technologies. The government should place the policy priority on helping firms to align workers' incentives with the technological change. It is also necessary to smartize the governance system of the overall manufacturing innovation strategy which include smart factories.

Suggested Citation

  • Kim, Minho & Chung, Sunghoon & Lee, Changkeun, 2019. "Smart Policies for Smart Factories," KDI Focus 97, Korea Development Institute (KDI).
    • Handle: RePEc:zbw:kdifoc:97
    DOI: 10.22740/kdi.focus.e.2019.97
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    References listed on IDEAS

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    1. Nicholas Bloom & John Van Reenen, 2007. "Measuring and Explaining Management Practices Across Firms and Countries," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(4), pages 1351-1408.
    2. Chuk Kyo Kim, 2019. "Economic Development of Korea," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number 11117, October.
    3. Catherine Buffington & Kenny Herrell & Scott Ohlmacher, 2016. "The Management and Organizational Practices Survey (MOPS): Cognitive Testing," Working Papers 16-53, Center for Economic Studies, U.S. Census Bureau.
    4. Masayuki Morikawa, 2017. "Firms' Expectations About The Impact Of Ai And Robotics: Evidence From A Survey," Economic Inquiry, Western Economic Association International, vol. 55(2), pages 1054-1063, April.
    5. Catherine Buffington & Lucia Foster & Ron Jarmin & Scott Ohlmacher, 2016. "The Management and Organizational Practices Survey (MOPS): An Overview," Working Papers 16-28, Center for Economic Studies, U.S. Census Bureau.
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    Cited by:

    1. Park, Jeong-Il & Choi, Taelim, 2024. "Regional factors associated with smart factory adoption in South Korea," Technology in Society, Elsevier, vol. 77(C).

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