Human capital theory reshapes economy, placing value on knowledge and skills.
The article discusses how human capital has become crucial in today's knowledge-based economy. It explains that human capital includes health, knowledge, skills, and motivation gained through investments, which boost productivity and income. The theory of human capital evolved from the idea that people are now essential for economic growth, shifting from land and capital as key factors. Researchers have combined different theories to enrich the understanding of human capital, emphasizing the importance of human intellectual and creative abilities in driving development in the modern economy.