- noun the information and skills of individual people which form the basis of knowledge can be increased by training
- noun the sum of knowledge and skills in individual people which forms the basis of knowhow and can be increased by training
- (written as Human Capital)The stock of human skills embodied in an individual or group. In value terms it is usually measured as the present value of the flow of marketed skills (for example, the present value of expected earnings over a period of time). It is determined by basic ability, educational attainment and health status, among other things. The 'human capital approach' in early cost-effectiveness analyses tended to regard increases in human capital, or prevention of reductions in it, as the principal o utcome of health care. This seemed to be the product of a distressing mental state in which the analysts were incapable of distinguishing people from cart-horses - and is thankfully not an approach much taken today. When an outcome measure such as ' health ' is also used there is also the risk of double-counting a benefit already included in the valuation placed upon an additional (quality-adjusted) life-year.
- noun the employees of an organisation, and their skills, knowledge and experience, considered one of the organisation’s assets