In economics we are taught there are three factors of production. Factors of production, resources, or inputs are what is used in the production process to produce output—that is, finished goods and services.
Those who control the factors of production often enjoy the greatest wealth in a society.
Land, labor, and capital as factors of production were originally identified by early political economists such as Adam Smith, David Ricardo, and Karl Marx.
However the economy has changed. We are now in a digital economy. Before, the wealthiest companies were those that used land, labour and capital. Fore example to create railroads, oil, farming, cars, and factories. But in 2022, the wealthiest companies are now technology and media companies.
Therefore we should be including media and code as the factors of production. Media – influencers are now some of the wealthiest people in the world. For example Mr. Beast, Kim Kardashian. Code can now often replace the work of labour.
Self driving cars for example. Facebook, and Microsoft and amazon for example and AI companies. It is their code that is so valuable because it enables us to do things.
In 2022, some of the wealthiest people and companies in the world, are those that control and utilise all 5 of those factors. Elon Musk and Tesla, SpaceX for example.
