Human capital is a concept of western economics, also known as "intangible capital". As opposed to "material capital", it is the capital embodied in workers. Such as knowledge and skills, cultural and technical level, health status, etc. Its main feature is that it is linked to personal freedom and does not transfer with the sale of products. Formed through human investment. Mainly includes: (1) education expenditure; (2) health care expenditure; (3) domestic labor mobility expenditure; (4) Immigration expenditure. The most important one is education expenditure, which forms education capital. Through education, we can improve the quality of the labor force, improve the working ability and technical level of workers, and thus improve labor productivity. Its growth, especially the growth of education expenditure, is one of the sources of economic growth. [ 1]

Chinese name

manpower capital

Foreign name

manpower capital

Another name

Intangible capital

source

republic

Subject category

western economics

quick

navigate by water/air

The origin and development theory of multi-group human capital management is insufficient, and the three incentive methods have related effects.

Overview of nouns

Comparison between human capital and other capital

Human capital has more value-added space than hard capital such as material and currency, especially in the post-industrial period and the early stage of knowledge economy, human capital will have greater value-added potential. Because human capital, as "living capital", is innovative and creative, and has the ability to effectively allocate resources and adjust the development strategy of enterprises. Human capital investment has a higher contribution rate to GDP growth. [2]

source and course

The bud of human capital thought

The germination of human capital thought (the study of labor value by classical economists)

The earliest thought of human capital can be traced back to the works of Plato, an ancient Greek thinker. He discussed the economic value of education and training in the famous Republic. Aristotle also recognized the economic role of education and the importance of maintaining education in a country to ensure public welfare. But in their eyes, education is still a consumer product, and its economic role is indirect.

Human capital management

Quesnay, the representative of the physiocratic school, was the first economist to study human quality. He believes that people are the first factor that constitutes wealth, and "it is people that constitute national wealth". William petty, the founder of British classical economics, first put forward and demonstrated the viewpoint that labor determines value, which laid the foundation of labor theory of value. And put forward that "land is the mother of wealth and labor is the father of wealth". He believes that people have different qualities and different working abilities. Of course, Petty's labor theory of value is still in its infancy, and there are many places worth discussing.