Title: Human capital: the history, measurement and impact on nations from an economic perspective

Authors: Segu Zuhair; Riccardo Natoli

Addresses: School of Accounting and Finance, Victoria University, P.O. Box 14428 MMC, Melbourne VIC 8001, Australia. ' Financial Education Research Unit, Victoria University, P.O. Box 14428 MMC, Melbourne VIC 8001, Australia

Abstract: This paper reviews human capital with special reference to its definition, measurement methods, and its contribution to economic growth and development. Vast amount of effort has been spent on the acquisition of knowledge and its application to enhancing living standards. A formal approach to this topic, however, was developed only during the past 300 years. The increasing importance placed on knowledge, accelerated by the rapid development of information technologies, has necessitated the development of new approaches to assess the role of HC. The increasing role of HC on development is evidenced by the high growth rates achieved by certain resource-poor countries. Sound theoretical framework and measures are required in order to articulate effective policies and assess their impact on growth and development.

Keywords: human capital; economic growth; economic development; knowledge acquisition.

DOI: 10.1504/IJVCM.2012.045158

International Journal of Value Chain Management, 2012 Vol.6 No.1, pp.61 - 77

Published online: 16 Aug 2014 *

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