...Produktiwermögen ("fixed capital"). Unter dem Begriff Produktiwermögen listet Smith an vierter Stelle "the acquired and useful abilities of all the inhabitants or members of the society" auf (Smith 1981:282), eben: das "Humanvermögen" (Campbell/ Skinner 1981:29). Ausgaben für den Erwerb...

...are the obvious items — tools, machines, useful structures, improved farmland. It also incorporates "the acquired and useful abilities of all the inhabitants or members of the society" that were obtained through "education, study or apprenticeship" (265) — human capital, an economist...

...economists also viewed education and the growth of knowledge as a form of investment.4 Smith classified "the acquired and useful abilities of all the "inhabitants or members of society" as one of the forms of fixed capital. The acquisition of such talents by the maintenance of...

...capital, which consists of machines, buildings, improvements in land (such as clearing and draining), and the "acquired and useful abilities of all the inhabitants or members of the society," or the "capital fixed and realised, as it were, in [the] person" of the individuals.17 The different...

...application of the farmer's capital employed in cultivating it: Fourthly, of the acquired and aseful abilities of all the inhabitants or members of the...education, study, or apprenticeship, always costs a real expence, which is a capital fixed and realized, as it were, in his person. Those talents, as they make...

...Adam Smith. He believed that economic activity was fuelled not by workers as a collective mass but by "the acquired and useful abilities of all the inhabitants or members of the society". An individual had to pay a price to gain such talents and abilities, added Smith, but once attained...

...returns these domains could provide. This was the concept of "human capital," which Adam Smith defined as the "acquired and useful abilities of all the inhabitants or members of the society" and which Gary Becker promoted in his 1964 book, Human Capital, which supplied a rationale for funding...

...than the most profitable application of the farmer's capital employed in cultivating it. Fourthly, of the acquired and useful abilities of all the inhabitants...education, study, or apprenticeship, always costs a real expence, which is a capital fixed and realized, as it were, in his person. Those talents, as they make...