I've been leaning towards H.C douglas theory that cultural heritage and accumulated knowledge is the fourth factor of production. What do economists think about it ?
What are the widely accepted theories regarding what is the fourth factor of production ?
byu/Inevitable_Bid5540 inAskEconomics
Posted by Inevitable_Bid5540
2 Comments
[deleted]
No one doing “real” economics really cares about delimiting the factors of production, as such. It’s a framework to help introduce a base level of theoretical modelling. So, sure, figure what “cultural heritage”^1 is, how to measure who has how many units and test your theory and we’ll be fine with it.
^1 the one that’s gotten more “acceptance” in economics is “institutions” which has the same problem as above.