Christopher Pissarides, a Nobel laureate economist, has called for a UK equivalent of Germany’s Work 4.0 white paper. Work 4.0, a German government initiative, addresses the impact of digitisation on the labour market and proposes solutions to ensure the workforce is ready for the future. Pissarides believes that the UK must also take proactive steps to prepare for the digital revolution. He warns that without proper planning and preparation, the digital era could lead to increased income inequality and social unrest.
Pissarides highlights the importance of education and training to equip workers with the skills needed for digital jobs. He suggests that the government should subsidise the training of workers in new technologies. Furthermore, he emphasises the need for a universal basic income to support those who lose their jobs due to automation.
He also points out that the digital revolution will not necessarily lead to fewer jobs, but it will change the nature of work. New jobs will be created in sectors such as health care, education, and leisure, which will require a different set of skills. Therefore, he argues, it’s vital to ensure that workers are prepared for these changes.
Pissarides’s call to action underscores the urgency of addressing the challenges and opportunities presented by the digital revolution. His views echo the growing consensus among experts about the need for proactive measures to manage the transition to a digital economy.
Go to source article: http://blogs.lse.ac.uk/businessreview/2018/06/22/christopher-pissarides-id-like-to-see-a-uk-equivalent-of-germanys-work-4-0-white-paper/