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Human Capital |
Also found in: Wikipedia, Hutchinson | 0.04 sec. |
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Human Capital A measure of the economic value of an employee's skill set. This measure builds on the basic production input of labor measure where all labor is thought to be equal. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them. The education, experience and abilities of an employee have an economic value for employers and for the economy as a whole. Notes: Economist Theodore Schultz invented the term in the 1960s to reflect the value of our human capacities. He believed human capital was like any other type of capital it could be invested in through education, training and enhanced benefits that will lead to an improvement in the quality and level of production.See also: Asset, Capital, Capital Appreciation, Economics, Intangible Asset, Investment, Social Capital Human capital The unique capabilities and expertise of individuals. |
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? Mentioned in | ? References in periodicals archive | |
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Sharf's (2006) human capital theory is a theory that career development professionals could consider when working with Black/African American students. Human capital theory has a focus on the labour needs of nation-states and the 'human capital theory of education'--a concept emerging from neo--classical economic theory which earned Garry Becket (1957) a Nobel Prize and has dominated educational programs since the 1960s in New Zealand as well as Australia and Canada (Marginson, 1993). On the supply side, classical human capital theory states that the low level or low quality of education received by African Americans explains why African Americans make less money than Caucasians (Becker 1993). |
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