Human capital

human capital theorycapitalhumanhuman assetsHuman Capital Indexhuman-capitalWorld Bank Human Capital Indexcapabilitycapability of the bodyHuman capital (H)
Human capital is the stock of habits, knowledge, social and personality attributes (including creativity) embodied in the ability to perform labour so as to produce economic value.wikipedia
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Human resources

HRmanpowerhuman resource
Human capital theory is closely associated with the study of human resources management as found in the practice of business administration and macroeconomics.
"Human capital" is sometimes used synonymously with "human resources", although human capital typically refers to a narrower effect (i.e., the knowledge the individuals embody and economic growth).

Gary Becker

Gary S. BeckerNew Home EconomicsBecker
The modern theory was popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, Jacob Mincer, and Theodore Schultz. The best-known application of the idea of "human capital" in economics is that of Mincer and Gary Becker of the "Chicago School" of economics.
He was also among the foremost exponents of the study of human capital.

Means of production

productive propertydifferent organizations of productionforces
Thus, human capital is a means of production, into which additional investment yields additional output.
In the terminology of classical economics, the means of production are the "factors of production" minus financial and human capital.

Social capital

goodwillsocialcapital
Pierre Bourdieu offers a nuanced conceptual alternative to human capital that includes cultural capital, social capital, economic capital, and symbolic capital. Most commonly, social capital, the sum of social bonds and relationships, has come to be recognized, along with many synonyms such as goodwill or brand value or social cohesion or social resilience and related concepts like celebrity or fame, as distinct from the talent that an individual (such as an athlete has uniquely) has developed that cannot be passed on to others regardless of effort, and those aspects that can be transferred or taught: instructional capital.
The term generally refers to (a) resources, and the value of these resources, both tangible (public spaces, private property) and intangible ("actors", "human capital", people), (b) the relationships among these resources, and (c) the impact that these relationships have on the resources involved in each relationship, and on larger groups.

Factors of production

factor of productionresourcesinputs
It was assumed in early economic theories, reflecting the context – i.e., the secondary sector of the economy was producing much more than the tertiary sector was able to produce at the time in most countries – to be a fungible resource, homogeneous, and easily interchangeable, and it was referred to simply as workforce or labor, one of three factors of production (the others being land, and assumed-interchangeable assets of money and physical equipment).
Recent usage has distinguished human capital (the stock of knowledge in the labor force) from labor.

Capital (economics)

capitalcapital flowsinvestment capital
In this view, human capital is similar to "physical means of production", e.g., factories and machines: one can invest in human capital (via education, training, medical treatment) and one's outputs depend partly on the rate of return on the human capital one owns.
For example, investment in skills and education can be viewed as building up human capital or knowledge capital, and investments in intellectual property can be viewed as building up intellectual capital.

Theodore Schultz

Theodore W. SchultzT. W. Schultz
The modern theory was popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, Jacob Mincer, and Theodore Schultz.
In 1979, Schultz was awarded the Nobel Prize in Economics for his work in human capital theory and economic development.

Jacob Mincer

The modern theory was popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, Jacob Mincer, and Theodore Schultz. The use of the term in the modern neoclassical economic literature dates back to Jacob Mincer's article "Investment in Human Capital and Personal Income Distribution" in the Journal of Political Economy in 1958.
As a leading member of a group of economists known as the Chicago School of Economics, Mincer and Nobel Laureate Gary Becker helped to develop the empirical foundations of human capital theory, consequently revolutionizing the field of labor economics.

Intellectual capital

intellectualimmaterialintangibles
Less commonly, some analyses conflate good instructions for health with health itself, or good knowledge management habits or systems with the instructions they compile and manage, or the "intellectual capital" of teams – a reflection of their social and instructional capacities, with some assumptions about their individual uniqueness in the context in which they work.
Intellectual capital is the intangible value of a business, covering its people (human capital), the value relating to its relationships (relational capital), and everything that is left when the employees go home (structural capital), of which intellectual property (IP) is but one component.

Economics

economiceconomisteconomic theory
The use of the term in the modern neoclassical economic literature dates back to Jacob Mincer's article "Investment in Human Capital and Personal Income Distribution" in the Journal of Political Economy in 1958.
Different individuals or nations may have different real opportunity costs of production, say from differences in stocks of human capital per worker or capital/labour ratios.

Economic growth

growthGDP growthgrowth rate
Some contemporary growth theories see human capital as an important economic growth factor.
Many theoretical and empirical analyses of economic growth attribute a major role to a country's level of human capital, defined as the skills of the population or the work force.

Chicago school of economics

Chicago SchoolChicago school economistsChicago
The best-known application of the idea of "human capital" in economics is that of Mincer and Gary Becker of the "Chicago School" of economics.
In 1979, Schultz was awarded the Nobel Prize in Economics for his work in human capital theory and economic development.

Arthur Cecil Pigou

Arthur PigouA. C. PigouPigou
The term "human capital" was not used due to its negative undertones until it was first discussed by Arthur Cecil Pigou:
A neglected aspect of Pigou's work is his analysis of a range of labour-market phenomena studied by subsequent economists, including collective bargaining, wage rigidity, internal labour markets, segmented labour market, and human capital.

Instructional capital

Most commonly, social capital, the sum of social bonds and relationships, has come to be recognized, along with many synonyms such as goodwill or brand value or social cohesion or social resilience and related concepts like celebrity or fame, as distinct from the talent that an individual (such as an athlete has uniquely) has developed that cannot be passed on to others regardless of effort, and those aspects that can be transferred or taught: instructional capital.
Some have objected to this phrasing, which is an elaboration of referring to training as "human capital", either for the same reason that phrase is objectionable, or on the grounds that it implies that the human in which the knowledge is "invested" is a resource to be exploited.

Labour economics

laborlabor economicslabor market
Some labor economists have criticized the Chicago-school theory, claiming that it tries to explain all differences in wages and salaries in terms of human capital.
Some theories focus on human capital (referring to the skills that workers possess, not necessarily their actual work).

Cultural capital

culturalcultural currencyculture capital
Pierre Bourdieu offers a nuanced conceptual alternative to human capital that includes cultural capital, social capital, economic capital, and symbolic capital.

Labour power

labor powerlabor-powerlabour-power
In some way, the idea of "human capital" is similar to Karl Marx's concept of labor power: he thought in capitalism workers sold their labor power in order to receive income (wages and salaries).
While Marx's concept of labour power has been compared to that of human capital, Marx himself may have considered a concept such as "human capital" to be a reification, the purpose of which was to imply that workers were a kind of capitalist.

Individual capital

individualone of several bodily forms ofskills
Most commonly, social capital, the sum of social bonds and relationships, has come to be recognized, along with many synonyms such as goodwill or brand value or social cohesion or social resilience and related concepts like celebrity or fame, as distinct from the talent that an individual (such as an athlete has uniquely) has developed that cannot be passed on to others regardless of effort, and those aspects that can be transferred or taught: instructional capital.
Human development theory reflects both distinctions: it sees labour as the yield of individual capital in the same way that neoclassical macro-economics sees financial capital as the yield of the looser idea of human capital.

Labor market segmentation

Labour market segmentationlabor markets.labor-market segmentation
This points to the existence of market imperfections such as non-competing groups and labor-market segmentation.
In this model, the difference between different workers' wages and conditions arise from individual differences in their human capital (skills, experience, or formal education) or tastes.

Human resource management

human resources managementhuman resourcepersonnel management
HR professionals manage the human capital of an organization and focus on implementing policies and processes.

Capital accumulation

accumulation of capitalaccumulationLaw of accumulation

Capital asset

capital assetscapitalcapital cost
Management accounting is often concerned with questions of how to model human beings as a capital asset.
See human capital, natural capital, triple bottom line, human development theory.

Cross-cultural capital

(cultural skill set)
It is considered a facet of human capital.

Herbert Gintis

Gintis
Herbert Gintis (born February 11, 1940) is an American economist, behavioral scientist, and educator known for his theoretical contributions to sociobiology, especially altruism, cooperation, epistemic game theory, gene-culture coevolution, efficiency wages, strong reciprocity, and human capital theory.

Structural capital

structural
Structural capital is one of the three primary components of intellectual capital, and consists of the supportive infrastructure, processes, and databases of the organisation that enable human capital to function.