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_( | '''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 roles for human capital as managerial expertise, the knowledge and experience of workers, skill levels, dexterity, motivation and a host of other conditions. | ||
Revision as of 12:01, 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 roles for human capital as managerial expertise, the knowledge and experience of workers, skill levels, dexterity, motivation and a host of other conditions.