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[[Marxist economics]] refers instead to "an '''individual's''' [[social capital]]—individuals are sources neither of creativity and innovation, nor management skill. A problem with that analysis is that it simply cannot explain the substitution problem and lack of demand that occurs when, for instance, an understudy takes on a leading role, or a second author takes over writing a popular book series. At the very least there must be some conditional, if not '''firm-specific''' then [[class struggle|"class specific"]], special ability to command premiums for outstanding personal performance. |
[[Marxist economics]] refers instead to "an '''individual's''' [[social capital]]—individuals are sources neither of creativity and innovation, nor management skill. A problem with that analysis is that it simply cannot explain the substitution problem and lack of demand that occurs when, for instance, an understudy takes on a leading role, or a second author takes over writing a popular book series. At the very least there must be some conditional, if not '''firm-specific''' then [[class struggle|"class specific"]], special ability to command premiums for outstanding personal performance. |
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[[Neoclassical economics]] by contrast refers to [https://web.archive.org/web/20030802115152/http://www.auburn.edu/~johnspm/gloss/human_capital.html "the individual in whom the human capital is ... embedded"], which implies a strong association of the individual with the instructional capital they learn from, with little or no [[social capital]] influence. This is orthogonal to the Marxist view, but not necessarily opposed. |
[[Neoclassical economics]] by contrast refers to [https://web.archive.org/web/20030802115152/http://www.auburn.edu/~johnspm/gloss/human_capital.html "the individual in whom the human capital is ... embedded"], which implies a strong association of the individual with the [[instructional capital]] they learn from, with little or no [[social capital]] influence. This is orthogonal to the Marxist view, but not necessarily opposed. |
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[[Human development theory]] reflects both distinctions: it sees labour as the yield of individual capital in the same way that neoclassical [[macro-economics]] sees [[financial capital]] as the yield of the looser idea of [[human capital]]. But the [[rest problem]] and [[social welfare function]] selection, as well as the subjective factors in [[behavioral finance]], has led to a closer analysis of [[factors of production]]. In effect, the [[financial architecture]] is no longer trusted as an arbiter of the [[value of life]] as it was in [[neoclassical economics]]. [[Money]] is not seen as [[Value (ethics)|values]]-neutral, but as embodying a set of larger social choices about [[money supply]] rules, made by [[measuring well-being]] of whole populations. |
[[Human development theory]] reflects both distinctions: it sees labour as the yield of individual capital in the same way that neoclassical [[macro-economics]] sees [[financial capital]] as the yield of the looser idea of [[human capital]]. But the [[rest problem]] and [[social welfare function]] selection, as well as the subjective factors in [[behavioral finance]], has led to a closer analysis of [[factors of production]]. In effect, the [[financial architecture]] is no longer trusted as an arbiter of the [[value of life]] as it was in [[neoclassical economics]]. [[Money]] is not seen as [[Value (ethics)|values]]-neutral, but as embodying a set of larger social choices about [[money supply]] rules, made by [[measuring well-being]] of whole populations. |
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== Versus "human", "firm-specific", "individual social" == |
== Versus "human", "firm-specific", "individual social" == |
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While conflated in many analyses with [[human capital]], the latter term includes [[social capital]] (human relationships) and instructional capital (abstract texts and training materials and so on) that are not tied to any one person, do not die with them or leave employment with them, and therefore cannot be equated with talent alone.{{fact|date=March 2019}} In [[Intellectual capital|intangibles]] measurement, [[value creation]] and [[value reporting]] metrics require all assets with such different characteristics to be categorized as different [[capital asset]]s, so the more exact reference to the '''individual''' person is preferred. |
While conflated in many analyses with [[human capital]], the latter term includes [[social capital]] (human relationships) and [[instructional capital]] (abstract texts and training materials and so on) that are not tied to any one person, do not die with them or leave employment with them, and therefore cannot be equated with talent alone.{{fact|date=March 2019}} In [[Intellectual capital|intangibles]] measurement, [[value creation]] and [[value reporting]] metrics require all assets with such different characteristics to be categorized as different [[capital asset]]s, so the more exact reference to the '''individual''' person is preferred. |
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Fusions of terminology are common. Sociological analysts refer to "individual-level elements of social capital" or "an individual's social capital" or just "individual social capital" while economic analysts often use the phrase '''firm-specific human capital'''. In either case the clearly includes '''individual capital''' but also some "activity-", "community-" or "firm-specific" [[social capital]] (community trust) and instructional capital (shareable knowledge or skills). This is easy to measure: its yield is your salary in your current job. |
Fusions of terminology are common. Sociological analysts refer to "individual-level elements of social capital" or "an individual's social capital" or just "individual social capital" while economic analysts often use the phrase '''firm-specific human capital'''. In either case the clearly includes '''individual capital''' but also some "activity-", "community-" or "firm-specific" [[social capital]] (community trust) and [[instructional capital]] (shareable knowledge or skills). This is easy to measure: its yield is your salary in your current job. |
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To the degree this is consistent if you take other work nearby, this opens the questions of what is ''not'' "firm-specific" and whether a nation is just a bigger "firm": Some analyses see [[political capital]], or just "influence" or "trust of professionals" as a full style of capital of its own. Some [[list of ethicists|ethicists]], most clearly [[Jane Jacobs]], see this as simple [[Political corruption|corruption]]. Nonetheless, corruption clearly has a cash value, involves some creativity to arrange, and is a decision factor. It is a skill like any other. |
To the degree this is consistent if you take other work nearby, this opens the questions of what is ''not'' "firm-specific" and whether a nation is just a bigger "firm": Some analyses see [[political capital]], or just "influence" or "trust of professionals" as a full style of capital of its own. Some [[list of ethicists|ethicists]], most clearly [[Jane Jacobs]], see this as simple [[Political corruption|corruption]]. Nonetheless, corruption clearly has a cash value, involves some creativity to arrange, and is a decision factor. It is a skill like any other. |
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This failure to distinguish individual's objectively observed economic value (the power to promote or publicize products, draw attention to causes, etc.) from the "intellectual" powers is probably an [[elitist]] bias. Clearly, there are some individuals, including non-humans such as a [[racehorse]], which have economic value unique to their individual body and being that cannot be captured or defined as an "intellectual" asset nor as a set of "social" relationships (because horses do not socialize in the sense humans do). Where [[slavery]] exists or has existed, there is clearly a value put on living bodies separate from their instructional or social selves. |
This failure to distinguish individual's objectively observed economic value (the power to promote or publicize products, draw attention to causes, etc.) from the "intellectual" powers is probably an [[elitist]] bias. Clearly, there are some individuals, including non-humans such as a [[racehorse]], which have economic value unique to their individual body and being that cannot be captured or defined as an "intellectual" asset nor as a set of "social" relationships (because horses do not socialize in the sense humans do). Where [[slavery]] exists or has existed, there is clearly a value put on living bodies separate from their instructional or social selves. |
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Thus for analyzing historical or criminal economic activities, or even professional sports, the instructional capital vs. '''individual capital''' vs. [[social capital]] distinction is essential. |
Thus for analyzing historical or criminal economic activities, or even professional sports, the [[instructional capital]] vs. '''individual capital''' vs. [[social capital]] distinction is essential. |
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== Investment == |
== Investment == |
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