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Fixing Inequality in Hong Kong$
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Yue Chim Richard Wong

Print publication date: 2017

Print ISBN-13: 9789888390625

Published to Hong Kong Scholarship Online: January 2018

DOI: 10.5790/hongkong/9789888390625.001.0001

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New Strategies Needed as Third Industrial Age Unfolds

New Strategies Needed as Third Industrial Age Unfolds

Chapter:
(p.214) 29 New Strategies Needed as Third Industrial Age Unfolds
Source:
Fixing Inequality in Hong Kong
Author(s):

Yue Chim Richard Wong

Publisher:
Hong Kong University Press
DOI:10.5790/hongkong/9789888390625.003.0029

Many today believe the world has entered the Third Industrial Age, during which technological improvements in robotics and automation will boost productivity and efficiency, implying significant gains for companies. These advancements have three biases: they tend to be capital-intensive (favoring those with financial resources), skill-intensive (favoring those with a high level of technical proficiency), and labor saving (reducing the total number of unskilled and semi-skilled jobs). The pundits speculate the economic impact on the job market will be significant and will present serious social and political challenges for society in growing inequality and the provision of safety nets to mitigate the consequences of disruptive technological progress. History has shown capitalist markets and business enterprises are incredibly efficient at turning technological advances into profitable businesses and providing incentives to discover new technologies. They succeed because companies that compete successfully with each other to provide benefits for clients are rewarded handsomely.

Keywords:   Technology, New skills, Robotics, Automation, Third Industrial Age, Education

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