Quaternary sector of the economy
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The quaternary sector of the economy is a way to describe a knowledge-based[1] part of the economy - which typically includes services such as information technology, information-generation and -sharing, media, and research and development, as well as knowledge-based services like consultation, education, financial planning, blogging, and designing.[2]
The quaternary sector is based on knowledge and skill. It consists of intellectual industries providing information services, such as computing and ICT (information and communication technologies), consultancy (offering advice to businesses) and R&D (research, particularly in scientific fields). According to some definitions, the quaternary sector includes other pure services, such as the entertainment industry, and the term has been used[by whom?] to describe media, culture, and government.
"Quaternary sector" is a further delineation of the three-sector hypothesis of industry in the sense that the quaternary sector refers to a part of the third or tertiary sector along with the quinary economic sector. It has been argued[by whom?] that intellectual services is distinct enough to warrant a separate sector and not be considered merely as a part of the tertiary sector.[citation needed] This sector evolves in well-developed countries and requires a highly educated workforce.[3]
Between them, the tertiary and quaternary sectors form the largest part of the UK economy, employing 76% of the workforce. The number of people who earn their living in these activities is increasing,[citation needed] as they make human life easier and more comfortable.[citation needed]
Companies invest in the quaternary sector to promote further expansion.[citation needed] It is seen[by whom?] as a way to generate higher margins or returns on investment.[4] Research will be directed[by whom?] into cutting costs, tapping into markets, producing innovative ideas, new production methods and methods of manufacture, amongst others.[when?] To many industries, such as the pharmaceutical industry, the sector is the most valuable because it creates future secondary-sector branded products from which companies may profit.[citation needed]
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