[This is part of the series: The Complete Guide To Economics 101.]
What is human capital?
Human Capital is the accruing of expertise and knowledge that people (hopefully) gain over time.
It is the difference between someone with no education, no work experience, and no reading habit – and someone else who has an undergraduate degree, graduate degree, 20 years job experience, and a book per week reading habit.
Examples of human capital?
- Job skills.
- Technical expertise.
- And observational knowledge.