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Personnel economics emphasizes the importance of human resources practices for inducing workers’ self-sorting to firms. Better fit or performance is achieved when complementary people are matched to each other within the firm, or when complementary human resources practices are matched to each other.
- 141KB
- Edward P. Lazear, Kathryn L. Shaw
- 34
- 2007
- What Is Human Capital?
- Understanding Human Capital
- Special Considerations
- History of Human Capital
- Criticism of Human Capital Theories
- The Bottom Line
The term human capital refers to the economic valueof a worker's experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality. As such, it is an intangible asset or quality that isn't (and can't be) listed on a company's balance sheet. H...
An organization is often said to only be as good as its people from the top down, which is why human capital is so important to a company. It is typically managed by an organization's human resources (HR) department, which oversees workforce acquisition, management, and optimization. Its other directives include workforce planning and strategy, rec...
Human capital tends to migrate, especially in global economies. That's why there is often a shift from developing places or rural areas to more developed and urban areas. Some economists have dubbed this a brain drainor human capital flight. This describes the process that keeps certain areas underdeveloped while others become even more developed.
The idea of human capital can be traced back to the 18th century. Adam Smith referred to the concept in his book An Inquiry into the Nature and Causes of the Wealth of Nations, in which he explored the wealth, knowledge, training, talents, and experiences of a nation. Adams suggested that improving human capital through training and education leads...
The theory of human capital has received a lot of criticism from many people who work in education and training. In the 1960s, the theory was attacked primarily because it legitimized bourgeois individualism, which was seen as selfish and exploitative. The bourgeois class of people included those of the middle class who were believed to exploit tho...
Human capital refers to the economic value of a worker's abilities and skills. Companies can enhance their human capital through recruitment or training, as well as by implementing management techniques that optimize the productivity of their existing workers. Maintaining and improving the value of human capital is usually the role of a company's H...
- Will Kenton
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Jul 20, 2023 · Abstract. The paper provides an overview of applications of human capabilities analysis, as described by Sen, to issues in the economics of health labor development and economic growth. Section “ Theory and Foundations ” offers an accessible introduction to the outline of the theory focusing on functionings (doings and beings), experiential ...
Abstract. The purpose of this paper is to analyze human resources in terms of quantitative and qualitative side with special focus on the human capital accumulation influence. The paper examines the human resources trough human capital accumulation in terms of modern theory of human resources, educational capital, health, unemployment and ...
Human resources (HR) is the set of people who make up the workforce of an organization, business sector, industry, or economy. A narrower concept is human capital, the knowledge and skills which the individuals command. Similar terms include manpower, labor, labor-power, or personnel.
Economics is the study of how human beings coordinate their wants and desires, given the decision-making mechanisms, social customs, and political realities of the society (Colander, 2006a, p. 4). y Roger E. Backhouse is Professor of the History and Philosophy of Economics, University of Birmingham, Edgbaston, Birmingham, United Kingdom. Steven ...
The handbook relates to relevant fields in law, behavioral science, psychology, health, biology, sociology and political science, among others, where basic human processes are considered. This innovative research handbook contains 30 sections with about 20 chapters per section and average 20 pages in the range of 5,000 – 15,000 words per (10 ...
