Human capital: Difference between revisions
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'''Human capital''' refers to the stock of knowledge and skills embodied in the ability of [[human]] [[person]]s to perform [[labor]] and create economic [[value]]. Classical economic theories emphasized three forms of [[Capital_(economics)|capital]] - land, labor and capital stock - and treated labor as a largely [[fungible]] resource, more recent economic approaches beginning with [[neoclassical]] theories have recognized such diverse types of human capital as managerial expertise, the knowledge and experience of workers, skill levels, dexterity, motivation and a host of other conditions. | '''Human capital''' refers to the stock of knowledge and skills embodied in the ability of [[human]] [[person]]s to perform [[labor]] and create economic [[value]]. Classical economic theories emphasized three forms of [[Capital_(economics)|capital]] - land, labor and capital stock - and treated labor as a largely [[fungible]] resource, more recent economic approaches beginning with [[neoclassical]] theories have recognized such diverse types of human capital as managerial expertise, the knowledge and experience of workers, skill levels, dexterity, motivation and a host of other conditions. | ||
There are various accounts and histories of the concept of human capital. One thing is clear, however, and that is that the concept is centrally important in all contemporary configurations of [[knowledge economy|knowledge economies]]. | |||
Latest revision as of 16:51, 4 March 2009
Human capital refers to the stock of knowledge and skills embodied in the ability of human persons to perform labor and create economic value. Classical economic theories emphasized three forms of capital - land, labor and capital stock - and treated labor as a largely fungible resource, more recent economic approaches beginning with neoclassical theories have recognized such diverse types of human capital as managerial expertise, the knowledge and experience of workers, skill levels, dexterity, motivation and a host of other conditions. There are various accounts and histories of the concept of human capital. One thing is clear, however, and that is that the concept is centrally important in all contemporary configurations of knowledge economies.