The human as capital? A contribution to the critique of the theory of human capital

Abstract

In modern economic theories, human qualities are treated as autonomous production factors, which are called “human capital”. However, these theories provide no description of the relationship between human capital and the man who is its “bearer”, nor an explanation of the formation process of that capital. In the thesis, the author tries to justify it as follows: human qualities, including knowledge and skills, are an integral part of a human being, that is, they are involved in every human act. It is, therefore, wrong to analyse their economic significance in isolation from the whole structure of human activity. Through his or her action, man discovers the potential in things and relationships in the form of the possibility of using them for a particular purpose. Capital is thus realized by the human potential of things that form a system for transforming the world. In the first part of the article, a general description of human capital will be provided. In the second part, it will be criticized, while in the third part, there will be an attempt to show the proper relationship between man and capital from the perspective of personalism.