Information, Fifth Factor of Production, Says Professor Adebayo
With the widening gap between the industry and the university, the Director of Grants Management, Professor Kolawole Adebayo, has called for the acceptance of information as the fifth factor of agricultural production. According to him, “There are ways that traditional economics should have improved itself longtime ago by bringing in information as a fifth factor of production. Today’s economics is telling us that without critical information, all the other factors of production cannot be harnessed at their best and optimally useful”. Delivering a keynote speech at a 3-Day Capacity Building Workshop on Agricultural Information Systems Development, organised by the World Bank Africa Centre of Excellence in Agricultural Development and Sustainable Environment (CEADESE), Professor Adebayo said that information was the secret weapon among the factors of production and that was why the traditional economics have been silent about it, adding that what distinguishes a successful entrep...
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