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Human capital is the value that the employees of a business provide through the application of skills, know-how and expertise. [43] It is an organization's combined human capability for solving business problems. Human capital is inherent in people and cannot be owned by an organization.
Schultz coined this theory in his book titled Investment in Human Capital; however, he experienced negative feedback from other economists. He states that knowledge and skill are a form of capital, and investments in human capital leads to an increase in both economic output and workers' earnings.
Human Capital Theory states that the knowledge, experience and skills of employees are developed through processes of advanced education, training and development and job changes (Tharenou, 1997). Human capital acquisition through learning and job satisfaction increases the ability of a workforce to perform effectively (Michael et al., 2000 ...
In his 1964 book Human capital theories Becker introduced the economic concept of human capital. This book is now a classic in economy research and Becker went on to become a defining proponent of the Chicago school of economics. The book was republished in 1975 and 1993. Becker considered labor economics to be part of capital theory.
Herbert Gintis (February 11, 1940 – January 5, 2023) was 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.
Mincer was considered by many to be a father of modern labor economics. [1] [2] 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.
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. [1] [2] A narrower concept is human capital, the knowledge and skills which the individuals command. [3] Similar terms include manpower, labor, labor-power, or personnel.
Human capital, the value that the employees of a business provide through the application of skills, know-how and expertise [13] – Human capital is an organization's combined human capability for solving business problems and exploiting its intellectual property. Human capital is inherent in people and cannot be owned by an organization. [14]