Labor market risks of industry 4.0, digitization, robots and AI

Abstract

Digitization changes our world. Industry 4.0, the digital transformation of manufacturing changes the labor market. The impacts of rapid technology development of the fourth industrial revolution present huge challenges for the society and for policy makers. Are we facing reduction of employment by automation rendering human work force uncompetitive with machines? Can creation of new fields of employment, new types of jobs compensate for the loss of traditional labor market requirements?