When people talk about the Fourth Industrial Revolution, they are often implying a single paradigm shift or several paradigm shifts taking place simultaneously. The old way of doing things is suddenly broadly understood to be sub-optimal and inefficient. Kuhn argued that when a paradigm shift occurs, entirely new methods, arrangements and ways of measuring performance are adopted. He described it as a fundamental change in the underlying concepts and practices of a scientific discipline. Kuhn (1922-96), a highly regarded philosopher of science. The phrase "paradigm shift" was popularized in the writings of Thomas S. While physical technologies appear to develop exponentially, public organizations and social institutions develop linearly. Social institutions are being stressed because emergent technologies enable far more decentralized and rapid decision making, whereas public institutions are often slow, centralized and conservative. And their biggest impact is not the physical technological change, but the increasing pressure that they exert on the social institutions in our societies. Rather, it seems to me that many smaller mini-revolutions are taking place in certain domains. I am not altogether convinced that we are facing the next single, huge, overarching industrial revolution. While I appreciate the fantastic resources made available by the World Economic Forum, I do not fully buy into the concept of the Fourth Industrial Revolution as popularized by the WEF and so many techno-enthusiasts. Some believe that we may be on the cusp of the great Fourth Industrial Revolution that will determine the answers to these questions. How will new technologies affect the regions and value chains we work with? How will developing countries participate in global value chains and trade systems? What kind of skills will the workforce need? As economic development practitioners, we often wonder how emerging technological and social changes might affect the people we work with.
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