Human capital is a quantification of the economic value of a worker’s skill set. This measure builds on the basic production input of labor measure where all labor is thought to be equal. The concept of human capital recognizes that not all labor is equal and that the quality of employees can be improved by investing in them; the education, experience and abilities of employees have economic value for employers and for the economy as a whole.
Capital is defined as:
“The knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances”.
Factors that determine human capital
• Skills and qualifications
• Education levels
• Work experience
• Social skills – communication
• Emotional intelligence
• Personality – hard working, harmonious in an office
• Habits and personality traits
• Creativity. Ability to innovate new working practices/products.
• Fame and brand image of an individual. e.g. celebrities paid to endorse a product.
• Geography – Social peer pressure of local environment can affect expectations and attitudes.
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Study of Comparative Public Administration | Hindi & Urdu
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