Instant Digital Economy? – Hungary Going Digital

Analysis by Olivér Kovács

The aim of this paper is threefold. First, it addresses the question whether optimism about the instant productivity-boosting character of Industry 4.0 and digital transformation is justified. Second, by keeping in mind the potential pitfalls of such a production revolution, it looks at Hungary to see how it is progressing in terms of Industry 4.0 development and asks whether there are any the potential pitfalls to watch out for. Third, we outline the basic policy principles needed by the economic governance to support the sustainable emergence of Industry 4.0 and digital transformation. Our conclusion is that economic governance should take pro-active care of the evolving Industry 4.0 and digital economy in order to avoid increasing uncertainty.

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