Bringing Human, Social, and Natural Capital to Life: Practical Consequences and Opportunities
Fisher, W. P., Jr. (2011). Bringing human, social, and natural capital to life: Practical consequences and opportunities. Journal of Applied Measurement, 12(1), 49-66.
Reprinted in Advances in Rasch Measurement, Vol. 2, (pp. 1-27), M. Wilson, K. Draney, N. Brown, B. Duckor, eds., Maple Grove, MN: JAM Press, 2011.
Posted: 28 Oct 2010 Last revised: 15 Nov 2013
Date Written: October 27, 2008
Capital is defined mathematically as the abstract meaning brought to life in the two phases of the development of 'transferable representations,' which are the legal, financial, and scientific instruments we take for granted in almost every aspect of our daily routines. The first, conceptual and gestational, and the second, parturitional and maturational, phases in the creation and development of capital are contrasted. Human, social, and natural forms of capital should be brought to life with at least the same amounts of energy and efficiency as have been invested in manufactured and liquid capital, and property. A mathematical law of living capital is stated. Two examples of well-measured human capital are offered. The paper concludes with suggestions for the ways that future research might best capitalize on the mathematical definition of capital.
Keywords: Capital measurement, invariance, common metrics, reference standards, traceability, metrology, Rasch models, economic models, quantification, meaningfulness, collective cognition, markets
JEL Classification: B41, C10, C13, C20, C42, D70, E60, H54, I11, I21, I31, P11
Suggested Citation: Suggested Citation