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
The market demand function of a firm is given by 4P + Q - 16 = 0 And the AC function takes the form AC = 4/Q + 2 - 0.3Q + 0.05Q 2 Find the Q which gives: (a)  Maxim

Suppose that there is a credit market imperfection because of limited commitment. As in the setup with collateralized wealth, each consumer has a component of wealth which has valu

causes of market failure and its solutions?

A portion of the demand schedule for wax candles (per case) is shown below. Px $50 $30 $10 Qx 500 600 700 What is the demand curve (straight line) that corresponds to the schedu

what is multi-plant monopoly?

The Bloomington Electric Company operates in a stable industry and therefore has predictable dividend growth of 8% per year. The most recent annual dividend was paid yesterday in t

Working Capital: A business requires a certain revolving fund of finance to pay for regular purchases of initial labour, raw materials and other inputs to production. Working capit

Air is one of the important constituent in the environment that is prone to pollution. Pollution of air refers to that part of atmosphere which is very nearest to the earth’s surf

You are the final voter in a brand new start-up league, the Ultra Fun Foosball League (UFFL). The directors are looking to you to make the decisions on how many teams to place in a

TRADE policy: The well known economist D. H. Robertson has immortalized the role of trade in development with his famous statement that "trade is an engine of growth". The pol