by Umut Evlimoglu, Ahmet Unlu*, Bulent Akdemir
ABSTRACT
Some technological innovations have not only made daily life easier; they have also led to fundamental transformations in production methods. With the change in the structure of production, the emergence of industrialization stages has also become possible. This process, which began with Industry 1.0, has affected the economic and social structure in a multidimensional way at every stage. With the transition to Industry 4.0, the production structure and industrial organization are being reshaped, and this transformation is producing various macroeconomic results. The aim of this study is to analyze the possible effects of Industry 4.0 and the anticipated Society 5.0 on macroeconomic variables in the short, medium, and long term. The analysis is approached from the perspective of developed, developing, and less developed countries. The study evaluates the effects of these transformations, particularly on economic growth, employment, income distribution, development gaps, and capital and labor factors. The findings indicate that Industry 4.0 and Society 5.0 may have negative effects on the labor market, income distribution, and development disparities in the short term; however, they show a positive impact on economic growth.
