Human capital is a term popularized by Gary Becker, an economist from the University of Chicago, and Jacob Mincer that refers to the stock of knowledge, habits, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.
Alternatively, human capital is a collection of resources—all
the knowledge, talents, skills, abilities, experience, intelligence,
training, judgment, and wisdom possessed individually and collectively
by individuals in a population. These resources are the total capacity
of the people that represents a form of wealth which can be directed to
accomplish the goals of the nation or state or a portion thereof.
It is an aggregate economic view of the human being acting within
economies, which is an attempt to capture the social, biological,
cultural and psychological complexity as they interact in explicit
and/or economic transactions. Many theories explicitly connect
investment in human capital development to education, and the role of
human capital in economic development, productivity growth, and
innovation has frequently been cited as a justification for government
subsidies for education and job skills training.
Reference:
Simkovic Michael, (2013). "Risk-Based Student Loans". Washington and Lee Law Review. 70 (1): 527. SSRN 1941070.
Spence, Michael (1973). "Job Market Signaling". Quarterly Journal of Economics. 87 (3): 355–374
Considering the above understanding of Human Capital, comment on the aspects that you have developed and the skills and competencies that you have not developed..
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