The Oxford Handbook of Human Capital 2011
DOI: 10.1093/oxfordhb/9780199532162.003.0007
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Human Capital and Transaction Cost Economics

Abstract: Human capital (HC) may be defined as the stock of valued skills, knowledge, insights, and so on, controlled by an individual: the attributes of the relevant individual that are valuable in an economic context. It yields services such as labour services, management services, or entrepreneurship. While this overall perspective cuts across organizational economics perspectives – such as transaction-cost economics (TCE), property rights/incomplete contracts theory, and agency theory – the specific terminology appl… Show more

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Cited by 9 publications
(6 citation statements)
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References 65 publications
(60 reference statements)
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“…For example, Simon (1951, p. 21) describes worker behavior as “guided by a decision reached by another, irrespective of his own judgment”, a clear statement of work as separate from agency. Foss (2008) describes human capital as “a capital asset like any other”, and asserts that nothing is essentially different accounting to the “human” nature of this asset. Of course, as economic actors, workers own their human capital, but may trade it as they may trade other property.…”
Section: Reification As An Aspect Of Managementmentioning
confidence: 99%
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“…For example, Simon (1951, p. 21) describes worker behavior as “guided by a decision reached by another, irrespective of his own judgment”, a clear statement of work as separate from agency. Foss (2008) describes human capital as “a capital asset like any other”, and asserts that nothing is essentially different accounting to the “human” nature of this asset. Of course, as economic actors, workers own their human capital, but may trade it as they may trade other property.…”
Section: Reification As An Aspect Of Managementmentioning
confidence: 99%
“…Managing people involves attempting to meet organizational objectives through the development of “human capital” within organizations (Foss, 2008; van Marrewijk and Timmers, 2003). Developing human capital involves building a stock of accessible knowledge, skills and abilities (KSAs;, e.g.…”
Section: Reification As An Aspect Of Managementmentioning
confidence: 99%
See 2 more Smart Citations
“…Human capital lies at the heart of current research in the theory of the firm. For example, Foss (2011) advances that Human capital, defined as all the qualities that an individual develops within a particular economic context, plays a central role in determining the boundaries of the firm. In line with Foss (2011), Walker (2010) also shows that no theory of the firm captures all the effects of knowledge and human capital on the organization of production and therefore on the boundaries of the firm.…”
Section: Introductionmentioning
confidence: 99%