Politics as the fourth factor of production, By Majeed Dahiru
Nigeria, March 28 -- The advent of the industrial revolution in the 18th century in the United Kingdom, continental Europe and the United States of America, established land, labour and capital as the primary factors of production. While land included natural, mineral and water resources above and beneath it, capital essentially referred to money, the legal tenders or any other means of exchange, and labour was the work force deployed to till, mine and cultivate the land, as well as oversee the proper utilisation of capital. But of the three primary factors of economic production, labour is the most important. Although interdependent of each other, and with none dispensable, labour is needed to convert the enormous potentials of land to s...
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