Socio-economic dimensions and human centricity in Industry 5.0: a study on manufacturing sectors in central and Eastern European economies

Devesh Singh and Viktorija Cohen

Journal of Economic Studies, 2024, vol. 52, issue 2, 254-275

Abstract: Purpose - This study aims to quantify the concept of Industry 5.0, with a focus on human-centricity in the manufacturing sector. Design/methodology/approach - The panel nonlinear autoregressive distributed lag method is applied to assess asymmetry and vulnerability in the food, textile, chemical manufacturing, high-tech and transportation sectors. The robustness of the results is tested using a panel Granger non-causality test and panel vector autoregressive models. Findings - This study finds that financial unions, fair internal markets, gender and youth participation are significant factors for human centricity in the manufacturing sectors. The NARDL results suggest that both the chemical and high-tech industries human participation are insignificant in both the long run and short run. The results of the food industry are significant in both the sort run and the long run. Research limitations/implications - Manufacturing sectors need to create sustainable employment strategies that lead to stable, enduring and satisfying jobs in order to achieve human centricity. Involve skilled workers in important decision-making processes and empower them with technology. Originality/value - This study differed from prior research in several ways. Firstly, it incorporates the social dimension as a control variable in the pursuit of I5.0 implementation across various manufacturing sectors. Secondly, it quantifies the human-centricity aspect of I5.0 within these sectors.

Keywords: Human-centric manufacturing; Industry 5.0; Human–machine relationship; Social fairness; Manufacturing (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jespps:jes-02-2024-0067

DOI: 10.1108/JES-02-2024-0067

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