CONCEPTUAL PERSPECTIVES ON PRODUCTION: THE ROLE OF LABOR, CAPITAL, AND TECHNOLOGY IN VALUE CREATION
Keywords:
Production Theory, Labor, Capital, Technology, Value Creation, Economic ProductivityAbstract
Production plays a fundamental role in economic activities by utilizing labor, capital, and technology to generate goods and services that create economic value. This study aims to conceptually analyze the role of labor, capital, and technology in modern production processes and their contribution to value creation. The research employs a qualitative approach, using library research to review scholarly articles, books, and international research publications on production theory and economic growth. The findings indicate that technological advancement significantly improves productivity and production efficiency, while labor quality and capital investment remain essential in supporting sustainable production systems. However, rapid technological development also presents challenges to labor markets due to changes in job structures and skill requirements. The study concludes that effective integration of labor, capital, and technology is crucial in achieving sustainable economic value creation in modern production systems.
Downloads
References
Autor, D. H. (2015). Why are there still so many jobs? The history and future of workplace automation. Journal of Economic Perspectives, 29(3), 3–30.
Becker, G. S. (1993). Human capital: A theoretical and empirical analysis, with special reference to education (3rd ed.). University of Chicago Press.
Brynjolfsson, E., & McAfee, A. (2014). The second machine age. W. W. Norton & Company.
Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others? Quarterly Journal of Economics, 114(1), 83–116.
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312–320.
Autor, D. H. (2015). Why are there still so many jobs? The history and future of workplace automation. Journal of Economic Perspectives, 29(3), 3–30.
Becker, G. S. (1993). Human capital: A theoretical and empirical analysis, with special reference to education (3rd ed.). University of Chicago Press.
Brynjolfsson, E., & McAfee, A. (2014). The second machine age. W. W. Norton & Company.
Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others? Quarterly Journal of Economics, 114(1), 83–116.
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312–320.
Autor, D. H. (2015). Why are there still so many jobs? The history and future of workplace automation. Journal of Economic Perspectives, 29(3), 3–30.
Becker, G. S. (1993). Human capital: A theoretical and empirical analysis, with special reference to education (3rd ed.). University of Chicago Press.
Brynjolfsson, E., & McAfee, A. (2014). The second machine age. W. W. Norton & Company.
Hall, R. E., & Jones, C. I. (1999). Why do some countries produce so much more output per worker than others? Quarterly Journal of Economics, 114(1), 83–116.
Solow, R. M. (1957). Technical change and the aggregate production function. Review of Economics and Statistics, 39(3), 312–320.
