Human capital

human capital theoryhumancapitalhuman-capitalcapabilitycapability of the bodyhuman assetsHuman capital (H)human capital accumulationhuman material
Human capital is the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor 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

BeckerGary S. BeckerBecker, Gary
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

different organizations of productionforcesmaterials
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.

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.

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.

Factors of production

resourcesfactor of productionresource
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.

Economic growth

growthgrowth rategrowth theory
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.

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.

Arthur Cecil Pigou

PigouArthur PigouA. C. Pigou
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.

Social capital

goodwillsocialcapital
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. Pierre Bourdieu offers a nuanced conceptual alternative to human capital that includes cultural capital, social capital, economic capital, and symbolic capital.
However, the analogy with capital is misleading to the extent that, unlike traditional forms of capital, social capital is not depleted by use; in fact it is depleted by non-use (use it or lose it). In this respect, it is similar to the now well-established economic concept of human capital.

Labour economics

laborlabor marketlabour market
Human capital is the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.
There are theories which have developed a concept called human capital (referring to the skills that workers possess, not necessarily their actual work).

Labour power

labor powerlabour-powerabstract labour
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.

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's was awarded the Nobel Prize in Economics for his work in human capital theory and economic development.

Labor market segmentation

labor markets.labor-market segmentationlabour 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.

Cultural capital

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

Human resource management

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

Capital accumulation

accumulation of capitalaccumulationaccumulated capital
Capital accumulation
human capital, i.e., new education and training increasing the skills of the (potential) labour force which can increase earnings from work.

Capitalism

capitalistcapitalistscapitalistic
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).
However, damage to human capital has been much more devastating in terms of fatalities (in the case of World War II, about 55 million deaths), permanent physical disability, enduring ethnic hostility and psychological injuries which have effects for at least several generations.

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.

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.

Cross-cultural capital

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

Welfare

social welfarepublic assistancesocial assistance
Human capital is central to debates about welfare, education, health care, and retirement..
According to Barrientos and Santibanez, the programs have been more successful in increasing investment in human capital than in bringing households above the poverty line.