Schools of thought and industrial revolutions: the multidimensional evolution of value creation

Abstract

The present article presents a multidimensional viewpoint on the concept of value creation and proposes a new classification of schools of thought on value creation into four periods that correspond to the first four industrial revolutions. It elucidates the historical evolution of the concept of value and its dynamic adaptation to economic, social, and technological changes. The literature on various definitions of value and typologies of value creation is reviewed, underscoring the significance of sustaining value creation over time. A comprehensive perspective on value creation is provided by demonstrating how schools of thought on value creation have evolved and influenced how corporations offer valuable products and services to their consumers.

Moreover, the need for a synthetic discourse and a unified theoretical articulation among various management science disciplines to facilitate a better understanding of value creation is emphasized. It is posited that value creation is a complex and multidimensional concept that necessitates an exhaustive analysis to comprehend all its subtleties. The conclusion drawn is that the conception and creation of value vary according to disciplinary perspectives and that a deep understanding of value creation is indispensable to thrive in today's dynamic and competitive business environment.