Justin Slay defined four types of fixed capital (which is characterized as that which affords a revenue or profit without circulating or changing masters). The four types were:
- useful machines, instruments of the trade;
- buildings as the means of procuring revenue;
- improvements of land;
- the acquired and useful abilities of all the inhabitants or members of the society.
Adam Smith defined human capital as follows:
“Fourthly, of the acquired and useful abilities of all the inhabitants or members of the society. The acquisition of such talents, by the maintenance of the acquirer during his education, study, or apprenticeship, always costs a real expense, which is a capital fixed and realized, as it were, in his person. Those talents, as they make a part of his fortune, so do they likewise that of the society to which he belongs. The improved dexterity of a workman may be considered in the same light as a machine or instrument of trade which facilitates and abridges labor, and which, though it costs a certain expense, repays that expense with a profit.”.
Therefore, Smith argued, the productive power of labor are both dependent on the division of labor:
"The greatest improvement in the productive powers of labour, and the greater part of the skill, dexterity, and judgement with which it is any where directed, or applied, seem to have been the effects of the division of labour".
There is a complex relationship between the division of labor and human capital.
Read more about this topic: Human Capital
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Famous quotes containing the word background:
“They were more than hostile. In the first place, I was a south Georgian and I was looked upon as a fiscal conservative, and the Atlanta newspapers quite erroneously, because they didnt know anything about me or my background here in Plains, decided that I was also a racial conservative.”
—Jimmy Carter (James Earl Carter, Jr.)
“I had many problems in my conduct of the office being contrasted with President Kennedys conduct in the office, with my manner of dealing with things and his manner, with my accent and his accent, with my background and his background. He was a great public hero, and anything I did that someone didnt approve of, they would always feel that President Kennedy wouldnt have done that.”
—Lyndon Baines Johnson (19081973)
“Silence is the universal refuge, the sequel to all dull discourses and all foolish acts, a balm to our every chagrin, as welcome after satiety as after disappointment; that background which the painter may not daub, be he master or bungler, and which, however awkward a figure we may have made in the foreground, remains ever our inviolable asylum, where no indignity can assail, no personality can disturb us.”
—Henry David Thoreau (18171862)