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Encyclopedia > Individual capital

Individual capital comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership. Capital has a number of related meanings in economics, finance and accounting. ... Free will is the philosophical doctrine that holds that our choices are ultimately up to ourselves. ... A skill is an ability, usually learned, to perform actions. ... This article needs to be cleaned up to conform to a higher standard of quality. ... Enterprise (occasionally archaically spelt enterprize) can refer to any of the following: // Psychology an attitude or a character trait conducive to undertaking bold ventures or actions, especially ventures involving risk a bold venture, particularly one of exploration or one that seeks inordinate profit Economics A business or organization, possibly the... Courage is the ability to confront fear in the face of pain, danger, uncertainty or intimidation. ... Moral example is trust in the moral core of another, a role model, without the obvious mediation of any theory or language. ... Wisdom is often meant as the ability and desire to make choices that can gain approval in a long-term examination by many people. ... In lay terms, an invention is a novel device, material, or technique. ... Empathy is the recognition and understanding of the states of mind, including beliefs, desires and particularly emotions of others without injecting your own. ... In common usage, leadership generally refers to: the position or office of an authority figure, such as a President [1] a position of office associated with technical skill or experience, as in a team leader or a chief engineer a group or person in the vanguard of some trend or...


It was recognized as an intangible quality of persons in economics back to at least Adam Smith. He distinguished it (as "enterprise") from labour (economics) which can be coerced and is usually seen as strictly imitative (learned or transmitted, via such means as apprenticeship). U.S. Economic Calendar Economics at the Open Directory Project Economics textbooks on Wikibooks The Economists Economics A-Z Institutions and organizations Bureau of Labor Statistics - from the American Labor Department Center for Economic and Policy Research (USA) National Bureau of Economic Research (USA) - Economics material from the organization... Adam Smith Adam Smith, FRS (Baptised June 5, 1723 – July 17, 1790) was a Scottish political economist and moral philosopher. ... Enterprise (occasionally archaically spelt enterprize) can refer to any of the following: // Psychology an attitude or a character trait conducive to undertaking bold ventures or actions, especially ventures involving risk a bold venture, particularly one of exploration or one that seeks inordinate profit Economics A business or organization, possibly the... In classical economics and all micro-economics labour is one of four factors of production, the others being land, capital and enterprise. ... Apprenticeships form a traditional method of training a new generation of skilled crafts practitioners. ...


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 specific", special ability to command premiums for outstanding personal performance. Marxian economics refers to a body of economic thought stemming from the work of Karl Marx. ... Social capital is a socio-economic concept with a variety of inter-related definitions, based on the value of social networks. ... Class struggle is class conflict looked at from a Marxist, libertarian socialist, or anarchist perspective. ...


Neoclassical economics by contrast refers to "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 refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Instructional capital is a term used in educational administration, to reflect capital resulting from investment in producing learning materials. ... Social capital is a socio-economic concept with a variety of inter-related definitions, based on the value of social networks. ...


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 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 is an economic theory that merges older ideas from ecological economics, sustainable development, welfare economics, and feminist economics. ... Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... Financial capital, or economic capital, is any liquid medium or mechanism that represents wealth, or other styles of capital. ... // General Human capital is a way of defining and categorizing peoples skills and abilities as used in employment and otherwise contribute to the economy. ... A social welfare function, in welfare economics, is a function which gives a measure of the material welfare of society, given a number of economic variables as inputs. ... Bank of Sweden Prize in Economic Sciences winner Daniel Kahneman, was an important figure in the development of behavioral finance and economics and continues to write extensively in the field. ... Classical economics distinguishes between three factors of production which are used in the production of goods: Land or natural resources - naturally-occurring goods such as soil and minerals. ... FUCKING BULLSHIT!! The value of life is an economic or moral value assigned to life in general, or to specific living organisms. ... Neoclassical economics refers to a general approach (a metatheory) to economics based on supply and demand which depends on individuals (or any economic agent) operating rationally, each seeking to maximize their individual utility or profit by making choices based on available information. ... Money is any marketable good or token used by a society as a store of value, a medium of exchange, or a unit of account. ... Money supply (monetary aggregates, money stock), a macroeconomic concept, is the quantity of money available within the economy to purchase goods, services, and securities. ... The well-being or quality of life of a population is an important concern in economics and political science. ...


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 (sharable knowledge or skills). This is easy to measure: its yield is your salary in your current job. Social capital is a socio-economic concept with a variety of inter-related definitions, based on the value of social networks. ... Instructional capital is a term used in educational administration, to reflect capital resulting from investment in producing learning materials. ...


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 ethicists, most clearly Jane Jacobs, see this as simple 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. This article concerns places that serve as centers of government and politics. ... List of ethicists including religious or political figures recognized by those outside their tradition as having made major contributions to ideas about ethics, or raised major controversies by taking strong positions on previously unexplored problems. ... Jane Butzner Jacobs (born May 4, 1916) is a writer and activist born in the United States, but now residing in Canada. ...


Perhaps because of this, not all theorists recognize individual capital as being as essential as labour, or distinct from social or political influence, or from instructional capacity. These theorists often refer to "intellectual capital", which more properly describes a debate or locus of complexity that arises when individuals take key instructional roles. Some refer to celebrity as another fusion, when individuals take key social roles. Intellectual capital is a term with various definitions in different theories of economics. ... CELEBRITY is an abstract word stelling from the Latin celebritas, itself from the adjective celeber famous, celebrated. A celebrity is a person who is widely recognized in a society. ...


Those who differentiate individual capital tend to see it as something that one can invest in, directly, and see grow, directly. For individual skill, even skill at a highly imitative enterprise, like sports or mastery of a musical instrument, this is very often quite measurable. Many enterprises, for instance, a music conservatory or circus school or creative writing coach, are clearly making a living on the identification and (somewhat) measurable enhancement of the individual. A musical instrument is a device that has been constructed or modified with the purpose of making music. ... A music school or conservatory (American English) — also known as a conservatoire (British English) or a conservatorium (Australian English) — is an institution dedicated to teaching the art of music, including the playing of musical instruments, musical composition, musicianship, music history, and music theory. ... Creative writing is a term used to distinguish certain imaginative or different types of writing from generic writing. ...


External links

  • Capital: Volume Two
  • Capital: Volume Three
  • Proposals for the measurement of individual social capital
  • "individual-level elements of social capital"
  • "an individual's social capital"
  • intellectual capital accounts - "individual capital and structural capital ... described to explain the future profitability and growth of the company"

  Results from FactBites:
 
Social Capital* - Mario Tronti (8772 words)
Capital's process of socialization is the specific materials base upon which is founded, on a certain level, the process of development of capitalism.
It is not the intensity of capital that measures the exploitation of workers.
Even in terms of individual capital, capital is a social relation, and the individual capitalist is the personification of this relation: he is a function of his own capital.
Individual capital - Wikipedia, the free encyclopedia (672 words)
Individual capital comprises inalienable or personal traits of persons, tied to their bodies and available only through their own free will, such as skill, creativity, enterprise, courage, capacity for moral example, non-communicable wisdom, invention or empathy, non-transferable personal trust and leadership.
Neoclassical economics by contrast refers to "the individual in whom the human capital is...
Perhaps because of this, not all theorists recognize individual capital as being as essential as labour, or distinct from social or political influence, or from instructional capacity.
  More results at FactBites »

 
 

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