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Capital formation is notoriously difficult to measure statistically, mainly because of the valuation problems involved in establishing what the value of capital assets is. When a fixed asset or inventory is bought, it may be reasonably clear what its market value is, namely the purchaser's price.
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.
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.
In sociology, academic capital is the potential of an individual's education and other academic experience to be used to gain a place in society. Much like other forms of capital (social, economic, cultural), academic capital doesn't depend on one sole factor—the measured duration of schooling—but instead is made up of many different factors, including the individual's academic ...
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.
Capital accumulation is the dynamic that motivates the pursuit of profit, involving the investment of money or any financial asset with the goal of increasing the initial monetary value of said asset as a financial return whether in the form of profit, rent, interest, royalties or capital gains.
"The limited size of the domestic market in a low income country can thus constitute an obstacle to the application of capital by any individual firm or industry working for the market. In this sense the small domestic market is an obstacle to development generally." [3] The process of economic development as per Ragnar Nurkse's balanced growth ...