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The Digital, Quaternary, or 4.0 Web Economy: Aspects, Effects and Implications

The Digital, Quaternary, or 4.0 Web Economy: Aspects, Effects and Implications
Philip CookeYun, Jinhyo JosephZhao, XiaofeiKim, Young-Duk
DGIST Authors
Yun, Jinhyo JosephKim, Young-Duk
Issue Date
International Journal of Knowledge-Based Development
Author Keywords
Quaternary economy; the fourth sector; Web 4.0; knowledge economy; and information technology.
The world economy is changing dynamically with the expansion of information technology (IT). The change is not only happening at the technology industry itself; other industries are also being disrupted with the appearance of smart factories, autonomous cars, smart e-commerce, and the like. This paper preliminarily analyzes the economic effects and concrete aspects of the quaternary economy, the knowledge-based part of the economy, which typically includes services such as information technology, information generation and sharing, media, research and development, as well as knowledge-based services. First, it analyzes the economic effect of the quaternary economy on the United States, United Kingdom, and Israel in addition to the technological base of the quaternary such as Internet of Everything and financialization effects. Second, it investigates the concrete aspects of the quaternary economy in five main areas including interactive or crossover innovation in artificial intelligence, appearance of cybersecurity from firewalls to cyber warfare, precision agriculture and smart farming, smart grid, electric vehicles and pilotless planes, and precision medicine. Third, the paper discusses the governance of the quaternary economy along with thin globalization and relevant regulatory issues of the digital culture of our time.
Inderscience Publishers
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