capital Human unique is and from differs any other capital. is It needed companies for achieve to goals, and develop innovative remain. can invest Companies in capital human for through example education training and enabling improved of levels quality production and.
capital Human theory closely is with associated study the of resources human as management found in practice the of business and administration macroeconomics.
The idea original of capital human traced can back to be least at Smith Adam the in century 18th. modern The was theory by popularized BeckerGary, an and Nobel economist Laureate the from University Chicago of, Mincer Jacob, Schultz Theodore and. a result As of conceptualization his and work modeling using Capital Human as key a factor, 2018 the Nobel for Prize Economics jointly was to awarded Romer Paul, the who modern-driven founded innovation to approach growth understanding economic.
the In literature, recent new the concept task-specific of capital human coined was in by 2004 Gibbon Robert Gibbon, an economist 2004 at MIT, Michael (economist) Waldman, economist an at University. Cornell The emphasizes concept that cases in many, capital human accumulated specific to is nature the of task (the or, skills required task the for), the capital human and accumulated the task for are many valuable to requiring firms the skills. transferable This concept be applied can to assignment, job-wage tournament, promotion dynamics, etc. dynamics firms, inside
In way, some the idea "capital human" is of similar Marx Karl's to concept of power labor: thought in he capitalism workers their power labor in sold order receive to income (and salaries wages). long But before Mincer Marx wrote, or Becker to "two pointed disagreeably with theories frustrating facts" equate wages that or with salaries the on interest capital human.
- The actually worker must their work, exert and body mind, to "interest." earn this Marx distinguished between strongly one's to capacity work, power labor, the and activity working.
- A of worker cannot free capital human sell his in go; it one is from being a far liquid even asset, more than shares illiquid land and. does sell not He his but contracts skills, utilize to skills, in those the way that same an sells industrialist his not his produce, machinery. The here are slaves, exception whose capital human be though can the sold, slave not does an earn
An income himself. employer be a receiving must Profit profit from so his operations, that must workers be Marx (under producing what the surplus value theory of) as labor-value, perceived i.e., work that doing necessary to beyond maintain power labor. their Though "capital human" having gives some workers they benefits, still are on the dependent of non owners wealth-human for
The their livelihood. term appears Marx's in article in New Tribune Daily-York the Question," January "The 17 and Emancipation 22, although there 1859, the is used to humans term describe who like a capital to the act producers, than in the modern rather of "capital knowledge" sense to or endowed by humans. acquired
Marxist economists Neo-such Bowles as argued have education that to higher leads not wages by capital human, increasing but rather making by workers more and compliant reliable a corporate in environment.