Eudaimonia and Industry 4.

In this era of Industry 4.0, researchers and scientists are developing innovative
technologies that would fundamentally change the firm’s approach towards business. We are
witnessing a drastic transformation in the business environment, risks are modulated,
opportunities catalyzed and more importantly, the definition of “Business Ethics” has been
revolutionized. Whilst developing nations are facing an ethical dilemma regarding this
revolution, Industry 4.0 still remains a heated topic of debate. Is it ethical to prioritize
technological advancement? Should the firms replace skilled workforce in countries with high
unemployment to maximize their profits? Eudaimonia may provide a solution to many such kind
of questions.

Eudaimonia is a Greek word that means “Human flourishing or prosperity”. Aristotle

described this in terms of “Proper Functioning”; an object is good till it fulfills its function, for
example, a flower is considered good till it blooms and a seed is considered good till it bears
sapling, a flower that doesn’t bloom or a seed that doesn’t bear sapling is simply bad. In the same
vein, businesses are not built on the sole objective of profit maximization; each firm has their
own set of goals and objectives, one of which could be wealth maximization too. Hence,
accordingly, if adopting Industry 4.0 would mean that the businesses are failing to fulfill their
objectives and goals then that business would be considered bad.

This research paper will focus on Eudaimonic approach towards ethical decision making
in this era of Industry 4.0.

Introduction

The First Industrial Revolution marked the use of sophisticated machines for the process
of manufacturing that began in the United States and Europe in the 1760s. Machines increased
the production capacity of the firm, especially the ones involved in textile and iron industry,
which led to increase of Gross Domestic Product (GDP) hence resulting in better economic
condition of the countries. The Second Industrial Revolution along with further development in
manufacturing and production brought new technologies such as telegraphs & telephones,
Railroads, Sewage systems, Gas & Water Supply and Electrical power which enhanced
connectivity resulting in fresh wave of Globalization. The Second Industrial Revolution came to
an end with the beginning of World War I in the year 1914, and then after the World War II,
began the Third Industrial Revolution or the Digital Revolution that introduced us to digitization;
the industries recognized a very different way of carrying on its operations. Everything including
marketing, manufacturing, selling, advertising, warehousing, has now been digitalized which has
not only improved the production capacity and ease of doing business but also the competition,
which is now more fierce than ever. In a rapid pace we are now moving towards the era of the
Fourth Industrial Revolution i.e. Industry 4.0, where industry blends with robotics, artificial
intelligence, nanotechnology, quantum computing, biotechnology, The Industrial Internet of
things (IIoT), 3D printing and autonomous vehicles.

Marvin Minsky defines Artificial Intelligence as “the science of making machines do

things that would require intelligence if done by men.” However, as human intelligence varies
from person to person, so the definition of “Intelligence” in Artificial Intelligence is still vague.

Technology experts associate Industry 4.0 with the First Industrial Revolution in relation to the
impact it will have not only on the industries and economies across the globe but also on the
lives of every single human being. When the positive or the negative impact of the Revolution is
still debatable, it is safe to say that each and every one of us would be impacted by it. The degree
and the nature of the affect lie in the hands of the decision makers of the firms in the industry.

Industry 4.0 will bring in new opportunities and new trends in the industry making it need
of the hour for the decision makers to make quick and profitable decisions, decisions that would
change the way their firm functions from the very scratch. Hence, during this crucial period the
quality of their decisions would be of utmost importance.

“Eudaimonia”
With the threats that Industry 4.0 proposes to the mankind the decision makers must not forget
the purpose of setting up their firms, i.e. the objective of their firms.