Error: Cannot find module 'webpack-cli/bin/config-yargs' rails code example

Example: Error: Cannot find module 'webpack-cli/bin/config-yargs'

For webpack-cli 3.x:
"scripts": {
  "start:dev": "webpack-dev-server --mode=development"
}

For webpack-cli 4.x:
"scripts": {
  "start:dev": "webpack serve --mode=development"
}