Talent
The valuable talents of an individual. For example, an artist with a talent for creating works of unusual value.Abilities
Talents that have been developed and refined with practice and experience. For example, an elevator mechanic who has vast experience such that they quickly and accurately diagnose problems.Physical Capacity
Health, well-being and physical abilities can translate to increased lifetime productivity. For example, an artist who produces thousands of works due to their longevity, good health and energy.Character
The character traits of an individual both positive and negative. For example, a salesperson with an unusually strong personal presence.Relational Capital
Relational capital is the value of social relationships such as a CEO who knows everyone in their industry.Cultural Capital
Cultural capital is the ability to influence in the context of a culture. For example, a sports agent who knows how to get along with athletes because they have been immersed in the culture surrounding a sport all their life.Knowledge
Knowledge including general knowledge, know-how, tacit knowledge and dispersed knowledge. For example, a software developer with a better understanding of first principles of computing that the vast majority of their peers.Social Status
The social status of an individual such as an actor who is a household name or an accountant with a reputation for professionalism.Ambition
The degree of effort, enthusiasm, determination and resilience an individual demonstrates in relation to their profession, career and/or business.Notes
In many cases, people don't like to be referred to as capital because this term is also used to refer to objects such as machines. However, from the perspective of economics capital simply refers to the potential to generate future value. Other terms such as "talent" or "labor" don't fully capture the concept of human capital. As such, its an unfortunate but useful term.People have significant agency and can improve their individual capital with effort. As such, it can be a useful concept for self-improvement. Individual capital relates to your ability to create value not your ability to capture value. In some cases, people generate far more value for society than they are paid. Likewise, people may capture more value than they create with rent seeking behaviors.| Overview: Individual Capital | ||
Type | ||
Definition | The future economic potential of a person. | |
Related Concepts | ||
