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:
“For the Lord thy God is a jealous God among you.”
—Bible: Hebrew Deuteronomy, 6:15.
The words are also found in Exodus 20:5, referring to the second commandment: “Thou shalt not make unto thee any graven image ... for I the Lord thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me.”