Search results
Results from the WOW.Com Content Network
Accountants refer to physical capital as a tangible asset. Compering the physical capital and human capital is easy to find on the balance, but the human capital is often only assumed. In addition to goodwill, analysts can value the impact of human capital on operations with efficiency ratios, such as return on assets (ROA) and return on equity ...
Human capital or human assets is a concept used by economists to designate personal attributes considered useful in the production process. It encompasses employee knowledge, skills, know-how, good health, and education. [1] Human capital has a substantial impact on individual earnings. [2]
In contrast, many economists today consider "human capital" (skills and education) as the fourth factor of production, with entrepreneurship as a form of human capital. Yet others refer to intellectual capital. More recently, many have begun to see "social capital" as a factor, as contributing to production of goods and services.
This unified theory of inequality and growth, developed by Oded Galor and Omer Moav, [124] suggests that the effect of inequality on the growth process has been reversed as human capital has replaced physical capital as the main engine of economic growth. In the initial phases of industrialization, when physical capital accumulation was the ...
It is used in technical economics to define "balanced growth", which is the goal of improving human capital as much as economic capital. Public capital is a blanket term that attempts to characterize physical capital that is considered infrastructure and which supports production in unclear or poorly accounted ways. This encompasses the ...
The faster the turnover of constant capital (i.e., the shorter the turnover time), other things being equal, the higher the rate of profit. The concept of "constant capital" is closely related to the concept of "real capital" which is used by Marx to distinguish physical capital goods from fictitious capital.
Get AOL Mail for FREE! Manage your email like never before with travel, photo & document views. Personalize your inbox with themes & tabs. You've Got Mail!
As economically valuable worktime, human labour is spent to add value to products or assets (thereby conserving their capital value, and/or transferring value from inputs to outputs). In this sense, labour is an activity which creates/maintains economic value pure and simple, which could be realized as a sum of money once labour's product is ...