Faculty of Economics
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Item type:Publication, Labour Market in Terms of the Fourth Industrial Revolution(Faculty of Economics - Prilep, 2019-10); ; ; Recently, many studies and analysis confirmed that the world is at the beginning of a powerful process of transformation that will radically change our lives, ways of working and communicating.The Fourth Industrial Revolution is expected to improve the computerization of manufacturing industry and focuses on equipping the production with high technology. Three main goals of Industry 4.0 could be highlighted as: (1) Reduction of the human factor in manufacturing thus eliminating human errors. (2) Achieving high level of manufacturing flexibility and creating conditions for designing products that meet the specific requirements of the consumer. (3) Intensification of the production process.This paper aims to present the main trends in this field, to explain the benefits of technology and digitalization for the global economy as well as to elaborate the importance of preparing different segments of society for effects from the Fourth Industrial Revolution onto the global labor market. This study obtains a panel data of six countries (France, Germany, Italy, Spain, UK and USA) for period between 1985 to 2017. The results have shown thatinformation and communications technology and multifactor productivity are variables whohave significant and positive impact on labor productivity while the variable average hours worked per person employed has a negative impact. Additional analysis of the demographic and socio-economic trends shows that the labor market will experience radical changes in the future. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Labour Productivity in terms of the Fourth Industrial Revolution(Faculty of Economics - Prilep, 2020-06); ; ; Recently, many studies and analysis confirmed that the world is at the beginning of a powerful process of transformation that will radically change our lives, ways of working and communicating.The Fourth Industrial Revolution is expected to improve the computerization of manufacturing industry and focuses on equipping the production with high technology. Three main goals of Industry 4.0 could be highlighted as: (1) Reduction of the human factor in manufacturing thus eliminating human errors. (2) Achieving high level of manufacturing flexibility and creating conditions for designing products that meet the specific requirements of the consumer. (3) Intensification of the production process.This paper aims to present the main trends in this field, to explain the benefits of technology and digitization for the global economy as well as to elaborate the importance of preparing different segments of society for effects from the Fourth Industrial Revolution onto the global labour market. This study obtains a panel data of six countries (France, Germany, Italy, Spain, UK and USA) for period between 1985 to 2017. The results have shown that information and communications technology and multifactor productivity are variables who have significant and positive impact on labour productivity while the variable average hours worked per person employed has a negative impact. Additional analysis of the demographic and socio-economic trends shows that the labour market will experience radical changes in the future. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The Impact of ICT on Labour Productivity – Europe vs. U.S.(EDP Sciences, 2021-12-16); ; ; Research background: The European economy has been experiencing declining productivity growth rates since the 1970s despite high investments in information and communication technologies (ICT). Investments in ICT are considered a key driver of productivity growth that serves as a basis for further improvements in living standards. However, despite the emergence of new technologies and industries, especially after 1995, European productivity growth has slowed and lagged behind the United States. The critical question is why? Purpose of the article: This article aims to examine the effects of ICT on the European labour market in the period when machines and systems such as artificial intelligence, new information technologies, the Internet of things, and other technologies are becoming increasingly interconnected and intertwined. Additionally, the article examines the key reasons why European productivity lags behind the U.S. and explains them. Methods: The panel regression method analyzes the productivity lag of selected European developed countries and emerging markets in 2007-2019. The article additionally makes a qualitative analysis of the benefits of new technologies on productivity in Europe compared to the U.S. Findings & Value added: The results of the econometric analysis applied in this article confirm the positive but insignificant impact of ICT investments on the labour productivity of the case of European developed countries in the post-Great Recession period. Thus, the article fills the gap in the research literature regarding the relationship between ICT investments and the labour productivity of selected European countries.