Society 4.0: general economic implications

Abstract

The term «Society 4.0» is used to define a group of people in advanced economies who form a modern cultural society, which is heavily influenced by technological developments and digitalization and having a significant impact on most aspects of human life. The notion of Society 4.0 is closely related to and factually corresponds with the Fourth Industrial Revolution, which is also referred to as «Industry 4.0» and widely debated. Despite its topicality, this concept has not received as much publishing attention as anticipated. Surprisingly, the term «Society 5.0», which describes what the current society will gradually transform into in the near future, receives much more focus in this context. The aim of this article is to present the concept of Society 4.0 in its factual form and to identify its general exogenous and endogenous implications, in particular in the sphere of economics.