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In the Information Age, Data Becomes a New Factor of Productivity
Singapore, Singapore (Newsfile Corp. - April 29, 2021) - In economics, factors of production, also known as production inputs, are essential resources for the production of goods and services. In his epochal work Principles of Economics , famous British economist Marshall put forward the theory of four factors of production land, labor, capital and entrepreneurial talent. National income (NI) is the reward of four factors, and that is, national income (NI) = labor wage (w) + land rent (r) + capital interest (i) + operating profit (π). This four-in-one formula sums up the core of western economic production theory and distribution theory, which has been widely accepted for more than a century.
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