A Fourth Factor?
As mentioned, recent authors have added to the classical list. For example, J.B. Clark saw the co-ordinating function in production and distribution as being served by entrepreneurs; Frank Knight introduced managers who co-ordinate using their own money (financial capital) and the financial capital of others. In contrast, many economists today consider "human capital" (skills and education) as the fourth factor of production, with entrepreneurship as a form of human capital. Yet others refer to intellectual capital. More recently, many have begun to see "social capital" as a factor, as contributing to production of goods and services.
Read more about this topic: Factors Of Production
Famous quotes containing the word fourth:
“‘Tis said of love that it sometimes goes, sometimes flies; runs with one, walks gravely with another; turns a third into ice, and sets a fourth in a flame: it wounds one, another it kills: like lightning it begins and ends in the same moment: it makes that fort yield at night which it besieged but in the morning; for there is no force able to resist it.”
—Miguel De Cervantes (1547–1616)