Human Capital

The set of skills which an employee acquires on the job, through training and experience, and which increase that employee’s value in the marketplace is on target but misses the mark when it only targets employees.

 

 

 

 

Human capital refers to the stock of skills and knowledge embodied in the ability to perform labor so as to produce economic value. It is the skills and knowledge gained by a worker through education and experience.  Many early economic theories refer to it simply as labor, one of three factors of production, and consider it to be a fungible resource — homogeneous and easily interchangeable. Other conceptions of labor dispense with these assumptions.
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