Our theoretical derivation of human capital indicators is rooted in economics,
and more specifically in labor economics (e.g., Becker, 1962, 1993; Carneiro
and Heckman, 2003). Fig. 1 illustrates the principal components involved in a
definition of human capital, as advanced in the labor economics literature.
These include schooling (or education); job training (on and off-the-job training),
competitive information and intelligence about the competitors’ products,
business processes and strategies, and finally health and medical care and wellness
programs.