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Human Capital

There are different definitions of human capital. For example, neoclassical economists stress that human capital encompasses the knowledge and skills that make individuals perform their activities in a way that generates economic value. Other scholars underline that human capital includes the competences and individual characteristics that enable people to do their job and that it can be estimated in terms of its worthiness. In other definitions, the issues of health, education, and migration are also discussed as the determinants of individual performance and its subsequent generation of value. Other perspectives on human capital highlight the result of managing human resources. An example is the definition by the Organisation for Economic Co-operation and Development that stresses the creation of personal, social, and economic well-being.

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