Human capital, manpower and human resources, Microeconomics

Human Capital, Manpower and Human Resources


As has already been noted earlier, the term human capital became popular after it was used by Theodore Schultz in the title itself of his Presidential Address to the American Economic Association. Schultz identified five sources/five forms of human capital which have already been noted. Classical economic theory recognised only two factors of production that best explained agricultural economies – Land and Labour.

With the growth of industrialisation in Europe and England, a third factor came to be recognised and that was capital in the form of machinery and equipments. Land, machinery and equipments were together treated as physical capital. With the popularity of ‘money’ as a medium of exchange in trade and services, a development over the barter system, David Ricardo distinguished between fixed capital like land or machinery from money which he referred to as ‘circulating capital’.

 


Posted Date: 12/17/2012 3:03:23 AM | Location : United States







Related Discussions:- Human capital, manpower and human resources, Assignment Help, Ask Question on Human capital, manpower and human resources, Get Answer, Expert's Help, Human capital, manpower and human resources Discussions

Write discussion on Human capital, manpower and human resources
Your posts are moderated
Related Questions
inflation wide equality while deflation narrow it down due in aggree distify we answer with algement?

It is also known a sleadig indicators forecasting National Bureau of Economic Research of U. S.A has identified three types of indicate Leading indicators coincidental indicators a

ESTIMATION OF NATIONAL INCOME: In India, the first attempt to estimate national income and per capita income was made in the year 1867-68 by Shri Dadabhai Naoroji. This was fo


what is the use of models in economics?

Is it possible for a firm to be both Price taker and price maker?  A firm can either be a price taker or a price maker. It cannot be price maker and price taker at the similar

Is there any relation between inflation and unemployment?  The Phillips Curve was a relationship among unemployment and inflation discovered by Professor A.W. Phillips. He foun

The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. What would answer be

solution for -calculate price elasticity of demand for demand function Q= 10 - 2p for decrease in price from Rs. 3 to Rs.2

Illustrate the income changes and consumption choice. Income Changes and Consumption Choice: This is of interest to see at how the consumer’s demand changes when we hold pri