Transcending the threshold limitation: a fifth industrial revolution?

Abstract

Purpose The purpose of this paper is to present the argument that there exists a threshold limitation to new knowledge creation, associated with a global productivity growth slowdown, a global decline in research and development (R&D) productivity and a decline in the growth of globalisation. Design/methodology/approach Taking the form of a conceptual paper, this paper seeks to advance the polemic that despite discussions of a ‘fourth industrial revolution,’ there has been no substantive change in a global decline in productivity growth, particularly in developed countries. Specific threats are identified and related to the consequences of technological proliferation in the absence of an effective research response to address them. Certain theoretical propositions are derived, with the suggestion that novel theory promises a ‘fifth industrial revolution,’ one that might ultimately reverse the downward trend in global productivity growth. Findings Drawing on management theory, derivation of the theoretical propositions suggests the existence of a mechanism related to research productivity enhancement. Discussions suggest that this mechanism might ultimately explain how the R&D productivity decline, evident since the 1970s, may ultimately be reversed. Originality/value The paper seeks to provoke novel thinking about the consequences of a failure to develop a research agenda explicitly focused on the attainment of economies of scale in the research process itself.