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Can ideas be capital? Factors of production in the post-industrial economy: a review and critique

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  • Economics


Economic and social relations are undergoing radical change, expressed in such concepts as "knowledge economy," "weightless economy," "postindustrial society," and "information society." The literature suggests the arrival of a distinct new factor of production--intellectual capital--replacing or perhaps supplementing land, labor, and capital. We give a historically informed theoretical exposition of capital as the durable result of past production processes, transforming future production while not being transformed itself and associated with a particular economic actor. We then construct a taxonomy of the possible characteristics and location of intellectual capital in postindustrial production.

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