Individual capital

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Individual capital, the economic view of

Neoclassical economics by contrast refers to "the individual in whom the human capital is ... embedded", which implies a strong association of the individual with the instructional capital they learn from, with little or no social capital influence. This is orthogonal to the Marxist view, but not necessarily opposed.

Versus "human", "firm-specific", "individual social"

While conflated in many analyses with

Fusions of terminology are common. Sociological analysts refer to "individual-level elements of social capital" or "an individual's social capital" or just "individual social capital" while economic analysts often use the phrase firm-specific human capital. In either case the clearly includes individual capital but also some "activity-", "community-" or "firm-specific" social capital (community trust) and instructional capital (shareable knowledge or skills). This is easy to measure: its yield is your salary in your current job.

To the degree this is consistent if you take other work nearby, this opens the questions of what is not "firm-specific" and whether a nation is just a bigger "firm": Some analyses see political capital, or just "influence" or "trust of professionals" as a full style of capital of its own. Some ethicists, most clearly Jane Jacobs, see this as simple corruption. Nonetheless, corruption clearly has a cash value, involves some creativity to arrange, and is a decision factor. It is a skill like any other.

Versus "intellectual capital"

Perhaps because of this, not all theorists recognize individual capital as being as essential as labour, or distinct from social or political influence, or from instructional capacity. These theorists often refer to "intellectual capital", which more properly describes a debate or locus of complexity that arises when individuals take key instructional roles. Some refer to celebrity as another fusion, when individuals take key social roles.

However, a great many celebrities are clearly not "intellectual" achievers nor notable for any cognitive or analytic powers, e.g.

This failure to distinguish individual's objectively observed economic value (the power to promote or publicize products, draw attention to causes, etc.) from the "intellectual" powers is probably an

Thus for analyzing historical or criminal economic activities, or even professional sports, the instructional capital vs. individual capital vs. social capital distinction is essential.

Investment

Those who differentiate individual capital tend to see it as something that one can invest in, directly, and see growth, directly. For individual skill, even skill at a highly imitative enterprise, like

• Capital: Volume Two
• Capital: Volume Three^{[permanent dead link]}
• Proposals for the measurement of individual social capital^{[dead link]}
• "individual-level elements of social capital"
• "an individual's social capital"
• intellectual capital accounts - "individual capital and structural capital ... described to explain the future profitability and growth of the company"