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Human capital is the stock of knowledge, habits and social and personality attributes. Its market value (discounted value) of future labour income (a measure of human capital) is greater than the total market value of traded assets. Human capital is also the nontraded asset that is most importable across time.
National Intangible Capital NIC consists of four basic dimensions according to the model by Edvinsson & Malone (1997). [3] This model has been further developed, [4] now consisting 48 different indicators representing the four main NIC categories: [1] Human capital: Capacity and capability of a country population
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]
Although precise data are not available, the total household wealth in the world, excluding the value of human capital, has been estimated at $418.3 trillion (US$418.3×10 12) at the end of the year 2020. [37] For 2018, the World Bank estimated the value of the world's produced capital, natural capital, and human capital to be $1,152 trillion. [38]
Individual capital, the economic view of talent, comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership.
"Labour is not a commodity" is the principle expressed in the preamble to the International Labour Organization's founding documents. It expresses the view that people should not be treated like inanimate commodities, capital, another mere factor of production, or resources.
Activities may have non-priced costs and benefits which never feature on the balance sheet, at most in propaganda and advertising. The Marxian view is also dismissed by ecologists, because it argues only human labour-time is the substance and source of economic value in capitalist society [ disputed – discuss ] . [ 4 ]
Collective efficacy and social capital are central to two very successful examples of civic-based, non-monetary economies: time banks and local exchange trading systems . These work systems provide alternative forms of currency, earned through time spent in directly serving the community, e.g. working in the community garden, recycling ...