Its Contribution to Economic Growth, Well-being and Rationality
Chapter 15: Conclusion: Intangible Capital and the Human Potential of the Socio-economy
INTRODUCTION Intangible capital, you may recall from Chapter 2, includes all the intangible, long-lived human capacities that are embodied in individuals as well as those embodied in human relationships. This includes many capabilities that most economists have excluded from the domain of capital, but it excludes certain intangibles, like most of intellectual capital, which are not embodied in humans. This deﬁnition makes sense because it is consistent with the core meaning of the concept of capital as well as with the deﬁnitions of diﬀerent types of IC such as standard human capital and social capital. This IC deﬁnition, the theoretical explanations regarding the contributions of IC, and the relevant empirical ﬁndings in this book constitute a broad framework for thinking about IC and its importance. This framework in eﬀect also provides an agenda for further research, indicating what we know about IC as well as the gaps in our knowledge. Many of the preceding chapters have provided examples of the importance of diﬀerent types of IC, especially personal capital and social capital. But there is much that remains unexplored. In particular, there is a clear need for creative empirical research that would enable much greater understanding of the economic role of these intangible human capacities, especially the more intangible ones. INTANGIBLE CAPITAL AND THE ECONOMY’S POTENTIAL In the process of doing research focused on IC, one cannot help but gain an appreciation of the human quality of the economy. As this book has emphasized,...
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