4th Industrial Revolution and Sustainability Policy Reforms for Pakistan

Abstract

In previous centuries, technical advancements have been extraordinary. The rapid and significant advances in technology provide the potential to enhance human living, but there are also questions about the future. One of the big worries about new technology is that robots and artificial intelligence will replace the human element in the work that leads to "technological unemployment." it's not the first time that people are facing a threat to their jobs from technological innovation. Similar fears had arisen in the nineteenth and twentieth century’s, when another significant wave of technological transition occurred, but they were not proven correct; technological developments of these centuries eventually led to the creation of new employment that had fully compensated for the consequences of the implementation of new job-saving technologies. In the 4th industrial revolution which began in Europe and the United States, the fear that automation and digitalization will lead to "Ending of Jobs" is reawakening. The feasibility of human element substituting "creative accident." computers and robots has been the topic of a number of reports with considerable debate. Any variables could expose employees to the automation risk. A low degree of job experience is a real factor that primarily affects young people who work regularly as untrained, automated workers. The lack of knowledge and preparation is another important factor. Unemployment is less impacted by automation than low-skilled workers, whose jobs are easy to automate rather than highly educated and highly qualified employees. Frey and Osborne mentioned in their studies the 47% jobs in US probably at risk due to automation and technology in future. The debate on the impacts of Industry 4.0 at the World Economic Forum in Davos (2016) concluded that over the next 5 years, approximately 7 million jobs would be lost, with women being more impacted. Three main sectors include HDI: health, education and jobs. While these three sectors cover most human development problems, it seems that HDI needs to extend itself in the modern age of technology and should provide other benchmarks as well. The revolution could generate greater disparity, primarily in terms of its ability to disrupt the labor markets. By replacing robots with the economy's labor force, the difference between capital income and labor earnings could be increased. This has challenged the systems of several sectors. The techno-platforms offer fresh ideas through mobile phones and data-driven industries about acquiring products and services in the process. This lowers the hurdles to wealth development and changes the professional and personal climate of employees. By connecting themselves with the fourth industrial revolution, ranging from shopping to parking to travel, and so on, companies are advancing quickly. The strongest factor of 4th industrial revolution is Artificial intelligence (AI).Artificial intelligence is everywhere. Little chips doing mega project, world depends on just one click, from drones to translating software, investing in self-driving vehicles, from Siri in I-phone to Bixby in Samsung. With limitless processing power, extra room, and admittance to data, the possibilities of billions of individuals associated by cell phones are endless. Arising innovative discoveries in territories, for example, man-made reasoning, advanced mechanics, the Internet of Things, self-governing vehicles, 3-D printing, nanotechnology, biotechnology, materials science, energy stockpiling and PC vision would increase these potential outcomes.