Taking A Closer Look At The End Of The Third Industrial Revolution

Since the early 1980’s, the beginning of the third industrial revolution is under way fueled by the internet, machinery advancements and artificial intelligence. Like the past two industrial revolutions, this one promises to deliver its share of victims. As processing power is getting faster, allowing for better AI, it is likely that machines, robots and drones will replace human jobs with some economist predicting 47% of jobs at risk. Looking at these numbers, it is easy to forget the benefits such as more productivity and the increase in job opportunities in the software and engineering sectors. The governments also play a part in it as well, creating a better transition to the new age. Though the third industrial revolution will create winners and losers, the government can ease the transition, resulting in fewer losers. Though the third great wave will give jobs away to machines, it will allow the population to go into new sectors and ultimately creating a

These people that are high skilled workers can invest their wealth in their children’s education making them have opportunities. Those with middle level and low level skills will find it more difficult to find a job in the future but those who are highly educated will find more job opportunities. Developing economies usually lacks skilled workers that the, the digital revolution requires and will be hindered as a result. Not only will these economies find it more difficult to industrialize since it lacks education infrastructure and skilled workers, but there is a chance that the countries low skilled and low paid workers will be replace by machines and computers. Since locating production in low wage countries would no longer have an advantage over locating production in developed countries, more productive automated production could be brought back to developed economies where there are more educated