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:
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He jumped so high he reached the sky,
And didn’t get back till the Fourth of July.”
—Unknown. I Asked My Mother (l. 1–4)