Industrial revolutions: From Industry 3.0 to Industry 5.0 in the context of the Russian economy

Objectives . The study set out to substantiate the principles of Industry 5.0 as a necessary development for the classical model of economic growth proposed by Solow. An adapted and expanded Solow model is presented that takes into account technological progress, as well as social and environmental aspects, which influence long-term development and economic growth in the context of the Russian economy. Methods . The main results of the work are obtained through a comparative analysis of the distinctive features of Industry 3.0, Industry 4.0, and Industry 5.0 in the context of an extended Solow model and an expert survey to assess the factors influencing economic growth. Results . Inorder tosubstantiate the necessity oftransition tomore promising models ofproduction and development, the main distinguishing features of Industry 3.0, Industry 4.0, and Industry 5.0, are shown to be determined by unique orientations, technologies, objectives, approaches to working with data, and types of interfaces. The Russian economy is shown to be insufficiently prepared for the challenges of Industry 5.0. The principles of Industry 5.0 apply to such factors of the Solow economic growth model as labor, capital, and technological progress, as well as human capital, natural resources, and the current technological level. A survey of experts was conducted to assess the contribution of factors to production processes. The extended Solow model is a convenient tool for developing specific economic policy strategies based on the analysis of the interrelated factors. Conclusions . The transition to Industry 4.0 technologies and subsequent planning for the implementation of Industry 5.0 technologies are necessary steps prior to the creation of an innovative and competitive economy. The conducted expert survey exemplified the different contributions of various factors to Industry 5.0 production processes, including a decrease in the role of capital and labor, along with a concomitant increase in the importance of human capital, technological development, and natural resources. This transition is evidenced by the presented numerical values for the Solow model coefficients for Industry 3.0, Industry 4.0, and Industry 5.0. Such Industry 5.0 priorities not only do not contradict economic growth, but can be expected to enhance it in the long term.