Understand why the factor of production which was omitted in your Economics textbook rules the world. Discover Knowledge as a factor of production, at Tekedia Mini-MBA. The show begins on Monday, Feb 7.
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Comment 1: Prof sir. Was knowledge omitted as a factor of production in economics? Not really. It was the classicals that did not explicitly include knowledge as a factor of production. The new growth theorists led by Paul Romer explicitly accounted for knowledge among others as a factor of production that have explained the differences over time and across countries.
My Response: In your AO Lawal, was Knowledge included as a Factor of Production. That it is included now does not change that it was not explicitly there.
Comment 1a: You are right Prof. Knowledge was not included in AO Lawal because it is an elementary economics textbook. Like every other science, economics starts from simple to complex. Paul Romer modeled the place of knowledge as a factor of production in 1986, that is, 35 years ago.
My Response: “Knowledge was not included in AO Lawal because it is an elementary economics textbook.” – what did I write? I was hoping you can point otherwise. I said it was not in your textbook and you just confirmed.
On the reason it was not there could be another discussion. Yet, new economic textbooks are now including it even in secondary school books. In a knowledge economy era, KNOWLEDGE is the real factor of production and new secondary school economics are adding it, not because it has become less complex but because the economic system runs on it. In the industrial age economy, it was not evidently necessary.
On Paul Romer, I think he is a very young person. Peter Drucker wrote of knowledge workers decades before Romer published his work. That was in 1956. But few paid attention because it was not considered catalytic.
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