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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]
Human capital in the form of education shares many characteristics with physical capital. Both require an investment to create and, once created, both have economic value . Physical capital earns a return because people are willing to pay to use a piece of physical capital in work as it allows them to produce more output.
Educational capital refers to educational goods that are converted into commodities to be bought, sold, withheld, traded, consumed, and profited from in the educational system. Educational capital can be utilized to produce or reproduce inequality, and it can also serve as a leveling mechanism that fosters social justice and equal opportunity.
Additionally, education is an important tool in the transmission of core values. The core values in education reflect on the economic and political systems that originally fueled education. One of the most important core value that is transmitted through the education system is individualism, the principle of being independent and self-reliant.
The concept of human development expands upon the notion of economic development to include social, political and even ethical dimensions.Since the mid-twentieth century, international organisations such as the United Nations and the World Bank have adopted human development as a holistic approach to evaluating a country’s progress that considers living conditions, social relations ...
Human Capital Theory states that the knowledge, experience and skills of employees are developed through processes of advanced education, training and development and job changes (Tharenou, 1997). Human capital acquisition through learning and job satisfaction increases the ability of a workforce to perform effectively (Michael et al., 2000 ...
Regulations also cover the exact qualifications and requirements that teachers need to fulfill. An important aspect of education policy concerns the curriculum used for teaching at schools, colleges, and universities. A curriculum is a plan of instruction or a program of learning that guides students to achieve their educational goals.
Training and development have historically been topics within adult education and applied psychology, but have within the last two decades become closely associated with human resources management, talent management, human resources development, instructional design, human factors, and knowledge management. [1]