Author(s)

M. Tomelin & R.G. DaSilva

Abstract

In economic theory until now, the three factors of production have been: labour, capital, and land. Today a third industrial revolution is under way. Microelectronics, computer science, telecommunication, robotics and biotechnology are transforming all facets of life - what we do and how we do it. The "knowledge-based economy" really changes the way we workout every day necessities of life. A knowledge worker is an "executive" who knows how to allocate knowledge to productive use, just as the capitalist knew how to allocate capital to productive use. In this third industrial revolution, technologies are changing so rapidly that no one knows whether future cities will work. In the first and second industrial revolutions workers were leaving agriculture (a low-income sector) and entering manufacturing and mining (high-income sectors). At the third revolution, wor

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