Institutional Factors Analysis On Human Capital

The human capital embodied in the human body as a production element; As a mixture of physical strength, skills know-how and health, it can bring some benefits for the investor currently and in the coming days as well; it differs from human resources and human capital propertyEconomics, in its essence, is a subject on human being; the study on human capital must start from the angle of full-round individual development and further beyond'economics person'pattern. The classic institutional economist analyzes economic issues from historic, socioeconomic and evolving perspectives, which has provided us with an angle and rich nutrition for its theory, the institutional was regarded as a variable, in their eyes, economics research must grasp the evolvement key rather than stick to the stable equilibrium character of the new classic economics, which, therefore, would greatly enlighten us to explore into the human capital study.The institutional economics regarded the economy as an integrated part of a culture, and studied it uniformly. It took the society as a compound unit consists of institutional, habits, attitudes and value etc; so, a comprehensive method was necessary for the sake of studying on it. Households, nations and legislation, and politics, within the view of institutional economics, were given priority as a whole for its nature, evolve and its impact on economics; the theory has the following five characteristics: 1. Process and evolving view; 2. Culture and unity view; 3. Power -oriented instead of price-oriented; 4. Beyond efficiency and care for human welfare 5.collective mythologyKarl Marx definitely focus on production relations in his economic research, the sum of production relations was defined as the economic institutional, or so-called socioeconomic institutional by him, hence, the Marxism economics can be taken as Marxism institutional economics. The predominant contribution Karl Marx made to institutional economics lies in...