Quinary sector of the economy
- Quinary sector of the economy
The quinary sector of the economy is the sector of industry suggested by some economists as comprising health, education, culture, research, police, fire service, and other government industries not intended to make a profit. These industries are more often included in the tertiary or quaternary sectors. Despite the implication, it is not the direct successor to quarternary industry, mainly just requiring a population base and the taxing of other profitable industry sectors.
The quinary sector also includes domestic activities such as those performed by stay-at-home parents or homemakers. These activities are not measured by monetary amounts but make a considerable contribution to the economy.
Other researchers (Hatt, Paul, and Foote, Nelson (1953). 'On the expansion of the tertiary, quaternary, andquinary sectors,' American Economic Review, May.) proposed sub-divisions of the service or tertiary industry sector into quaternary and quinary sectors based on information management (4th sector) and knowledge generation(5th sector). The term 'quinary' is there hence used not to characterize of the basis of profit vs. non-profit but to classify industries based on use of knowledge, thus measuring innovation policies and innovation systems. It is also noteworthy that in the same article the authors mentioned that this sector will have to be mainly (but not exclusively) developed through public investment.
ee also
* Three-sector hypothesis
* Industrial policy
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