Human Resources Management & Ergonomics Volume V 2/2011

HUMAN CAPITAL – DEFINITIONS AND APPROACHES

ALŢBETA KUCHARČÍKOVÁ

Abstract
This article describes the results of the research was focused on monitoring expert opinions on the nature
of human capital and the location of this economic category in economic theory and management theory.
The result of research is proposal for the structure of theoretical approaches towards understanding the
nature of human capital and its place in science. The article specifically emphasizes the macroeconomic
approach and the importance of human capital in production functions and for the achievement of
extensive and intensive economic growth, too.
There are some accesses to the definition of human capital and approaches to the human capital according
to some economists and economic theory schools. In microeconomic view, there are two basic
approaches. In terms of business economics is human capital considered as production factor. According
to the managerial view human capital is a business resource or asset which forms part of the market value
of the company. The macroeconomic approach sees human capital as one of the production factors,
respectively sources of economic growth. The research results is a summary of definitions of human
capital, proposal of structure of different approaches to understanding the nature and importance of
human capital.

Key words: human capital, knowledge, skills, production factors, production function, economic growth.

Classification JEL: M 12 Personnel Management; J24 Human Capital

1 Introduction
The introduction of the concept of human capital related with the economic science
development. Economists wanted highlight and draw attention to the ability of other workers
who worked with machines, designed the new machines which helped them at hard physical
work. It is about these skills that are specific to every person for individual develop. We need
increase our knowledge, abilities, and skills for progress of the human society.
The problem is that there is no single definition of human capital or a single view of the
scientific understanding of its nature, status, and role. In the research, we want to confirm the
hypothesis that there are at least two different scientific approaches to understanding the nature
and importance of human capital.

2 Human capital – definitions and approaches

There are several definitions and approaches to understanding human capital. Ideas about
the importance of human capital and investment in human capital was directly or indirectly
associated with the importance of education as early as the beginnings of economic theory in the
work of W. Petty and A. Smith.

2.1 Definitions of the human capital

The topic of human capital was further elaborated by economists, representatives of the
Chicago School in the 60s of the 20th century. “Attention Chicago economists also focused on
building human capital theory, which was a major contribution to theoretical research in
education. Their theory of human capital has become a „decoration‟ Chicago School,”
(Volejníková, 2005).
The leader of this school was Th. Schultz who in 1981 wrote: “Take into account the
innate and acquired skills. Those are important and may invest to expand, will form the human
capital.” The most important author and promoter of human capital theory is G. Becker. In his

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book Human Capital in 1964 developed a theoretical basis for deciding on investment in human
capital (Becker, 1993).
N. Bontis, N. C. Dragonetti, K. Jacobsen a G. Roos defined the human capital as the
human factor in the organization; the combined intelligence, skills and expertise that gives the
organization its distinctive character. The human elements of the organization are those that are
capable of learning, changing, innovating and providing the creative thrust which if properly
motivated can ensure the long-run survival of the organization (1999).
Davenport says that people possess innate abilities, behaviors and personal energy and
these elements make up the human capital they bring to their work (1998). M. Armstrong defines
the human capital as knowledge and skills which individuals create, maintain, and use (2006).
New theories of economic growth characterized the human capital as the sum of the
individual congenital and acquired skills, knowledge, and experiences of individuals. OECD
defines human capital as knowledge, skills, abilities, and other characteristics that are relevant
for economic activity.

2.2 Approaches to understanding the human capital

The above definitions imply different economists approach to defining and understanding
human capital which have not been summarized and compared. To propose the structure these
approaches, this is the aim of our research and present article.
After comparing different views on the definition and understanding of human capital, we
can conclude that, in principle, there is microeconomic and macroeconomic approach. In
microeconomic view, there are two basic approaches. In terms of business economics, the human
capital is considered as a production factor. Managerial view sees human capital as a business
resource or asset which forms part of the market value of the company. The macroeconomic
approach sees human capital as one of the production factors, respectively sources of the
economic growth (Figure 1).

Figure 1. Structure of approaches to understanding the human capital

Source: own

2.2.1 Business aproach

In terms of business economics, the human capital can be considered as one of the
business production factors which are material, property, and human labor. All of which are also

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costs to the company. But the human capital does not work directly. It is as one aspect of human
labor – a qualitative aspect (Figure 2).

Figure 2. Business approach to the human capital – approach across costs

Source: own, according to: Ďurišová, M., Jacková, A.: Podnikové financie. EDIS – vydavateľstvo ŢU v Ţiline. 2007

2.2.2 Management approach

Management approach considers the human capital as an intangible company asset which
forms part of the intellectual capital and market value of the company. Views of the process of
enterprise value creation are different according to the different authors.

Resource approach
J. Koubek writes about business resources that are material (machinery, equipment,
energy), financial, information and human. Human resources are of decisive importance in
business management, economy, personnel work (2007). “The idea is important that the workers
are the most valuable resource of every organization, without regard to the range of executed
duties,” (Rosak-Szyrocka and Borkowski, 2007).
Human resources considered as the holders of human capital. In this viewing angle, it often
happens that people equate human capital and human potential. Human potential is defined as
the sum of available human and assumptions based on the production of goods and services
(Vodák, Kucharčíková, 2011).
In organizations, the most qualified subjects in managing and motivating all employees are
the right departments of human potential development (human resource management services,
personal services), (Blašková, Hitka, 2011). Human capital represents the factor which gives a
specific character to every organization. People form an element in the company which is able to
learn, to innovate, to stimulate, and to make changes as well as to think creatively. This all is
important for long-term successful operation of a company on the market (Vodák, 2010).

Creation of Market Value

New and dynamically changing market environment forces companies to maintain their
competitiveness in order to constantly provide customers with an exceptional value and creative
search for ever new ways to create this value, how about it and how to inform their target market
to provide (Kožená, 2010). Scandia is the first large company to have made a truly coherent
effort at measuring knowledge assets. According to Scandia‟s model, the hidden factors of
human and structural capital comprise intellectual capital when added together (Edvinsson,
Malone, 1997). See Figure 3.
Intellectual capital is the sum of human and structural capital. There are experience,
organizational technology, customer relationships, and professional skills.

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Human capital is combined knowledge, skill, innovativeness, and ability of the company‟s
individual employees to meet the task at hand. Human capital cannot be owned by the company.
Structural capital is the hardware, software, databases, organizational structure, patents,
trademarks, and everything else of organizational capability that supports those employees‟
productivity – in other words, everything that gets left behind at the office when employees go
home. Structural capital also provides customer capital, the relationships developed with key
customers (Bontis, 2001).
Organizational capital is the institutionalized knowledge possessed by an organization,
which is stored in databases, manuals. It is often called structural capital (Edvinson, Malone,
1997) but the term “organizational capital” is preferred.

Figure 3. Process of Creating a Market Value of the Company

Source: Edvinson, L., Malone, M. S.: Intellectual Capital: Realizing Your Company‟s True Value by Finding its
Hidden Roots. New York. Harper Collins Publishers. 1997

Organizations use different approaches for accumulating and utilizing their knowledge,
and these approaches present themselves as different aspects of intellectual capital, i.e., human,
organizational, and social capital (Davenport, Prusak, 1998). The concept of intellectual capital
is based on the belief that the main resources for building competitive advantage are the
intangible in nature. Edvinsson and Malone (1997) used for the first time the word, “intellectual
capital”, instead of the accounting term “intangible assets”.
Sveiby identified intellectual capital as an intangible asset. He proposes a conceptual
framework based on three families of intangible assets: external structure (brands, customer and
supplier relations), internal structure (the organization management, legal structure, manual
systems, attitudes, R&D, software) and individual competence (education, experience, skills),
(Sveiby, 1997). The concept of individual competence corresponds to the concept of human
capital which is given to this article and which is frequently used in theory. Sveiby proposes a
method for the measurement of intangible assets (other authors refer to their intellectual capital)
because intangible assets contribute to the increase in value. In traditional accounting, these
assets are regarded as costs (1998). He argues that both non-financial measures to measure
intangible assets and financial measures to measure visible equity can be jointly used to provide
a complete indication of financial success and shareholder value (Figure 4).

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M. Armstrong (2006) explained the concept of human, intellectual, social and

organizational capital. Individuals generate, retain, and use knowledge and skill (human capital),
and create intellectual capital. Their knowledge is enhanced by the interactions between them
(social capital) and generates the institutionalized knowledge possessed by an organization
(organizational capital).

Figure 4. The Intangible Assets Monitor Framework

Source: Sveiby, K. E.: Measuring Intangibles and Intellectual Capital – An Emerging First Standard. 1998

Knowledge management
P. Drucker (1993) was the first who enriched the management that there is a new kind of
capital, and called it to the knowledge capital. He predicted that, while money capital will
subside, the knowledge capital will promote. Knowledge or human capital is more and more
considered the most valuable capital of the company. Human capital is not the same for
everyone. Holder of knowledge capital can be creative and skilled worker or professional
manager. The world is fast moving from a production-based economy to a knowledge-based one
(Drucker, 1999)
Nonaka and Takeuchi (1995) said that knowledge management requires a commitment to
“create new, task-related knowledge, disseminate it throughout the organization and embody it in
products, services and systems”. At the organizational level, knowledge is generated from
internal operations or from outside sources communicating with the corporate structure.
Davenport and Prusak (1998) defined knowledge as sum of experience, values, contextual
information, and expert insight that provides a framework for evaluating and incorporating new
experiences and information. Knowledge management deals with the creation, acquisition,
integration, distribution, and application of knowledge to improve the operation effectiveness
and competitive advantage of an organization.
Linking human capital lies in the fact that human capital is viewed as a set of congenital
and acquired knowledge but also skills, abilities, talent, inventiveness. Human capital is
therefore part of the knowledge management.

3 Macroeconomic approach to the human capital

Economic growth is one of the main objectives of the economic policies of current
governments. It is achieved extensive or intensive use of production factors. Therefore we know
the extensive and intensive economic growth.
Extensive growth is the result of increasing the quantity of used production factors. Basic
factors of production are land, labor, and capital.

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The land as production factor includes all components of the natural environment. This
source is often used for marking natural sources but some economists connected this factor with
capital. It was the decisive factor of production to achieve growth, in the period before the
Industrial Revolution. The most of the workforce is employed in agriculture in many developing
countries, currently. If economic growth rate is too high, then there is the depletion of natural
sources. For this reason, we are talking about sustainable growth not leading to their depletion.
The labor is another source of economic growth which is achieved through the increase of
labor force. It is influenced by demographic trends, amount of labor force, scientific
and technical progress level, the social division of labor, and labor productivity in various
sectors. Present modern technologies require fully skilled workers for the operation and
maintenance. Therefore it is necessary to increase the labor force qualification.
The capital is a rare resource. The term capital is very wide and capital as a source of
economic growth includes buildings, machinery, equipment, technology. A prerequisite of
capital accumulation is the creation of savings. Capital accumulation changes the ratio between
production factors. At present, capital accumulation is increasingly directed to education and
research. The economists demerged capital on physical and human capital in the 80-ies of the
20th century.
The human capital includes the natural ability, innate and acquired skills, knowledge,
experience, talent, inventiveness. All these characteristics are components of the human capital.
The essence of creation, increasing the value and effectiveness of human capital, is spending
money now but expected benefits will flow in future. Forms of increasing the value of human
capital are expenditure oriented for example to health, safety, science, research and education
(Kucharčíková, 2009). You can see Figure 5.

Figure 5. Macroeconomic approach to the human capital

Source: own

Intensive economic growth is caused by the increase in production per unit of input. This
type of economic growth is influenced by the quality, efficiency and manner of combining
production factors. The intensive growth factors include the technical progress and increasing of
the total factors productivity. The intensive growth factors include the technical progress and
enhancement of the total factors productivity. Determinants of aggregate productivity factors are:
the level of work organization, technology, technical support, the level of education, motivation
of employees to increase their performance, and also the natural and soil conditions. In the
current period which is characterized by rapid and extensive introduction of technical
innovations, education is the most important factor. It contributes to the technological progress,
factors productivity growth, increasing value of the human capital and overall economic growth.
New knowledge and skills must be adapted to current needs and possibilities of concrete firms
and economies in an innovative and creative way. Economists Th. Schultz and E. Denison
emphasized investments in education contribute to economic growth and its accelerating, already
in the 50-ies and 60-ies of the 20th century.

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According to Becker, economic growth cannot be explained by the growth of physical

capital and technological innovation. An important is role of human capital. Man is the epitome
of human capital (Volejníková, 2005). Investing in people (human capital) is the main source of
economic growth in a modern economy (Schultz, 1981).

3.1 Combination of production factors from the aspect of society historical

development
Structural changes caused that at various stages of society development the importance and
the combination of key production factors varied. If we look at the use of production factors in
terms of historical development of society, then in the long term agrarian society considered the
land as a key factor in combination with a heavy physical labor.
Several millennia-long primacy of land was terminated by the industrial revolution in
England in 1760 and this was the start of an industrial society. The capital – again in
combination with the physical labor – was the most important production factor in this type of
society. Industrial society included the development of mechanization, automation, introduction
of new technologies and techniques leading to higher labor productivity and to economization
the labor force.
Industrial society was replaced by the information society (or post-industrial, knowledge
society) in the U.S.A. in the 50-ies years of the 20th century. As a result of globalization and
strong competition fight, important innovations, massive use of information and communication
technologies (ICT) are very important in this type of human society (Figure 6). Introduction of
robotics increases the importance of psychical labor to the detriment of physical labor. The
human capital began to be regarded as an important source of economic growth.

Figure 6. The combination of key production factors from the aspect of historical development of human
society
Source: own

The basic prerequisite for the successful building an information society is a high level of
education in economic subjects. Education is therefore crucial and from the perspective of ICT it
has two levels. It is education in computer science. Here the education is the subject and object
of science, too and the education is designed to prepare professionals in the field of
informatics. The second plane is about education in other areas using the methods and means of
informatics, when we talk about informatization of education (Kucharčíková, 2011).

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There are different opinions and different economic schools about an importance of the
human capital as economic input. Opinions on it are different in different economic schools
depending on the conditions in which the economy worked, depending on the extent and level of
processing available knowledge.

3.2 Human capital in production functions

The views, which are the key factors of production about, are not uniform and historically
have gradually changed. This caused the forming of the same production functions which
included various combinations of production factors to achieve the desired output of the
economy.
Neoclassical theories of economic growth (from 50-ies of the 20th century) examined
economic increase in term of supply of production factors. They considered the capital and labor
as the basic production factors. Theories accepted substitution of these factors and natural
resources included into the capital. Those theories were based on the general production
function:
Y = f (L, K), (1)
and its advanced form, called Cobb-Douglas production function:
Y = A . L . K
where: Y = real product (Gross Domestic Product),
L = quantity of consumed workload,
K = quantity of consumed capital,
A = the influence of other, immeasurable factors,
,  labor and capital elasticity coefficient ( +  = 1).
This production function was extended by American economist R. Solow by another
growth factor – technological progress. He saw the technology as an autonomous ongoing at the
time thus as an exponential function in the time. Solow said the economy continuously
increasing its savings rate, will have a higher level of production but this economy will not
achieve a consistently higher rate of economic growth. Permanent growth rate of production per
unit of labor input depends on the rate of technological progress and not the savings rate
(Volejníková, 2005).
The recognition of technological progress as a new factor of economic growth means a
qualitative change in the development of growth theories. Solow edited general shape of the
production function as follows:
Y = f (L, K, t), (3)
where: t = technical changes as a function of time.
Following the introduction of neutral technical progress the form of production function
can be developed – Cobb-Douglas function – modified:
Y = A . L . K . ert, (4)
rt
where: e = time factor which reflects the influence of qualitative changes in production,
including technological progress.
New theories of economic growth – theories of endogenous growth (80-ies and 90-ies of
th
20 century) brought further change. They divided the capital as a production factor and source
of economic growth into the physical and human capital. Physical capital is created
by machinery and technical equipment. The human capital is characterized as the sum of the

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individual congenital and acquired skills, knowledge, and experience of individuals. Endogenous
growth theories can be divided into two basic groups.
The first group considers the most important factor of economic growth as a result of
innovation, scientific research and development. The leaders of this group are P. Romer, G.
Grossman. According to the second group including R. Lucas, P. Romero, S. Rebelo, the
technical progress is related to investment in the human capital. Production function in
endogenous theories of economic growth takes the form:
Y = A . K, (5)
where: Y = real product (output) economy,
A = coefficient reflecting the level of technique and technology,
K = capital – including physical and human capital.
New growth theories also explain the paradoxical situation where investment in psychical
capital without increasing the level of education of the population does not lead to economic
growth. By contrast, investment in education and science are ineffective if they exceed the
absorptive capacity of the other production factors (Lisý, 2005).
N. G. Mankiw, D. Romer and D. R. Weil (1992) included in the original Solow model a
new folder, the human capital, in 90-ies of the 20th century, as follows:
Y = A . L . K(1--).H
where: H = human capital stock.
According to Schultz (1981) investment in human capital is the major long-term factor
explaining the modern economic growth and development. To achieve and maintain a modern
economy, continuous investment in human capital must occur alongside investments in other
forms of capital and technology.
Human capital is an important source of extensive and intensive growth, too. “Economic
growth is closely linked to the speed with which world get ready to use new technologies,
especially in the information and communication field,” (Tokarčíková, 2004). “Human capital is
relatively young production factor. Because it is closely related to the production factors of labor
and has features in common with the labor, analysis and research work are often not explicitly
mentioned,” (Tokarčíková, 2010).
The new modern theories of economic growth (80-90 years of 20th century) had begun to
take the human capital as one of the main factors of economic growth. New growth theory is
based on the assumption that the production function is not affected only by labor and capital but
also by education, improving the quality of labor and capital, better infrastructure which are
unaffected by exogenous but endogenous. This means that the growth of education and
upgrading skills operate as a multiplier which makes for faster economic growth. These
economic theories identified physical and human capital. Physical capital involves the machines,
the equipment, and the technologies. Human capital is the sum of inborn or obtained knowledge,
competencies, skills, and experiences of the individuals.
There are realized extensive industry changes, at present. “Innovations are changing the
style of working life, emphasize the importance of education, creativity, communication and
cooperation,” (Chodasová, 2008). Knowledge-based society requires more and more expertise,
and therefore it promotes lifelong education, improvement of scientific, and research activities
for continuous self-education and improving the quality of work skills and habits that bring a
positive effect on economic performance. The importance of human capital for economic
increase can be characterized in relation to the implementation of the structural changes that
contribute no only to quantitative but mainly to qualitative changes in the development of society
and its output.

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4 Conclusion
Human capital is an economic category which is now often used. Based on realized
theoretical research, we have confirmed the hypothesis that there are at least two different
scientific approaches to understanding the nature and importance of human capital. The research
results is a summary of definitions of human capital, proposal of structure of different
approaches to understanding the nature and importance of human capital.
There are some accesses to the definition of human capital and approaches to the human
capital according to some economists and economic theory schools. In microeconomic view,
there are two basic approaches. In terms of business economics, the human capital is considered
as the production factor. According to the managerial view, the human capital is a business
resource or asset which forms part of the market value of the company. The macroeconomic
approach sees human capital as one of the production factors, respectively sources of economic
growth.

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Address of author:
Assoc. Prof. Ing. Alţbeta KUCHARČÍKOVÁ, PhD.
Department of Macro and Microeconomics
Faculty of Management Science and Informatics
University of Ţilina
Univerzitná 8215/1
010 26 Ţilina
Slovak Republic
e-mail: [email protected]

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