Answer to Question #303281 in Philosophy for Adidi

Question

Maximizing the benefit of the Fourth Industrial Revolution

Answer 1

The Fourth Industrial Revolution (4IR) is growing at an exponential rate. Maximizing the benefits of 4IR can happen in the following ways:

1. Expanding the access for the bottom billion. This can happen in terms of hard facilities such as sensors, telecoms networks, and ICT equipment as well as software infrastructure, human capital and pertinent regulation, including fiscal policy and taxation.
2. Innovation for sustainability and job creation. Whereas there are increasing issues that 4IR will displace jobs in certain sectors, digitalization also seeks to bring new job opportunities by reducing the expenses of trade, lowering obstacles to market entry, increasing market access and enhancing productivity.
3. Financing and scaling up tech for good. Notably, unclear direction, short-term objectives and little government support for key investment are essential obstacles in leveraging the full potential of 4IR.
4. Updating the regulatory frameworks for the digitization platform. The development of 4IR is making it increasingly vital for nation to develop capacity to create fiscal policies and appropriate competition.