From the 1970s, up to three factors of classical economics (land, labor, capital) are added as equally important based on the third technological revolution resulting from the development of computer science. During this time, neoclassical trends developed, according to which classic factors (land, labor, capital) are added such as: information, innovations, patents, knowledge, technology etc.

Currently in the era of the IV technological revolution based on advanced, computerized processing of large knowledge collections the importance of knowledge concerning new, innovative technologies is growing and increasingly determines the development of technological startups, other companies and corporations and affects the development of the economy of developed countries.

The current technological revolution, known as Industry 4.0, is determined by the development of the following technologies of advanced information processing:

Big Data database technologies, cloud computing, machine learning, Internet of Things, artificial intelligence, Business Intelligence and other advanced data mining technologies.

The information technologies mentioned above are increasingly used in manufacturing processes, in the production processes of economic dells, in the processes of supplying products and services to the markets, which are becoming more and more technologically processed. In this way, technology becomes one of the key production factors in modern developed countries.

Do you agree with my opinion on this matter?

In view of the above, I am asking you the following question:

How has the importance of information about innovations and technologies in production processes changed since the mid-20th century?

Please reply

I invite you to the discussion

Best wishes