The Quaternary City

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 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, workers are entering services (a generally low-income sector with a wide dispersion of wages). This has created opportunities to do things that had never been done before and, on the other hand, to do old things in new ways. The purpose of this paper show ways to produce new highly-value-added products with financial returns and growth rates far above those in the economy as a whole in the future cities, using leisure also as an opportunity of financial returns.

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