2023 Volume 57 Issue 1 Pages 28-38
There has been significant progress in empirical research on human capital theory in economics lately. However, human capital theory needs to be better understood by researchers and policymakers who are not labor economists. This paper summarizes the critical implications of human capital theory and reviews areas where research has advanced in recent years. It focuses on two areas of research findings, in particular, that have valuable implications for management: quantifying the human capital of managers and executives and the growing importance of social skills. These studies provide critical perspectives for understanding the mechanisms to determine firm productivity. Finally, the paper includes the author’s personal view on topics that require further research accumulation in the future.
