The law of value in the context of Industry 4.0

The law of value is the basic economic law of commodity production, and it was studied by British classical bourgeois political economists and Karl Marx more than 200 years ago. The law of value plays an important role in helping regions and countries exploit their potential and advantages so that resources can be distributed effectively and reasonably. The law of value also promotes scientific and technological development, especially the birth of digital technology and the Internet of Things. Humanity has gone through four industrial revolutions, with each revolution opening a new era with great achievements. The Fourth Industrial Revolution (Industry 4.0) has created numerous impacts and can lead to the entire replacement of the current traditional production systems and strong economic changes in all three aspects, including production organization, product consumption, and distribution processes.