Reinforcement of Innovative Infrastructure in the Fourth Industrial Revolution

Sangkyu Lee ()
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Sangkyu Lee: Korea Institute for Industrial Economics and Trade, http://www.kiet.re.kr

No 19-2, Industrial Economic Review from Korea Institute for Industrial Economics and Trade

Abstract: As is generally known, the Fourth Industrial Revolution (4IR) can have a great impact on various industries. Revolutionary phenomena are being observed at the early stages where multiple advanced technologies are converging and being combined, ultimately resulting in new high-tech services and goods. For example, IoT and AI technologies could work together in a case where an AI-equipped refrigerator connected to the Internet sends recipe information recommended by the AI to a similarly-equipped oven that would cook a dish following the specifics of the recipe. The technologies expected to appear in these revolutionary ways are as follows: big data, cloud computing, smart factories, IoT, AI, 3D printing, blockchain and more. These services and technologies have a large impact on economic society by creating new markets or enhancing productivity in current industries, and on the demand side they can satisfy the demands and needs for high-end customers by providing new services and goods. This in turn might raise new regulatory issues or highlight social agendas. Apart from these various issues, in this paper I focus on the utilization of 4IR in current manufacturing industries that can lead to the reinforcement of innovation bases across all industries. In this sense, I will try to give answers to the problem of how to respond to 4IR so as to promote innovation, from the perspective of both the supply and demand sides for related policies.

Keywords: 4IR; Manufacturing Industries; Innovation (search for similar items in EconPapers)
JEL-codes: L60 O33 (search for similar items in EconPapers)
Pages: 8 pages
Date: 2023-01-08
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