The Readiness of the European Union to Embrace the Fourth Industrial Revolution

Abstract

Knowledge has become a crucial factor of production in the developed economies and, as humans are the carriers and utilisers of knowledge, skilled human resource is gaining similarly large relevance. These advancements are elements of the substantial changes that characterise the fourth industrial revolution – a phenomenon worth studying in detail. The European Union has been explicitly concerned about the shift to the knowledge economy since the Lisbon Summit of 2000. More than one and a half decades later the eu’s readiness to embrace the knowledge-driven fourth industrial revolution can be examined. We undertake that by creating an index based on various related data.

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