The paper discusses some of the probable effects of what is sometimes called the “Fourth Industrial Revolution”, based on cyber-physical systems, the internet of things and artificial intelligence. The attention focuses on their impact on the volume and composition of employment and the distribution of income. Some measures to be taken to ward off or at least mitigate the socially detrimental effects of the new waves of technological change are discussed.
Prof. Dr. Heinz D. Kurz is Professor em. of economics at the Karl-Franzens- University of Graz and Fellow of the Graz Schumpeter Center. Presently he directs a project financed by the Austrian Research Foundation (FWF) on "How 'Smart' Machines Transform the Austrian Economy. A Systemic Approach to the Economic Opportunities and Risks of New Technologies ".