Capital and Labor Approaches to Local Economic Development
The term "capital" is used in economic development literature in two senses. In the first it is use to refer to "capital assets" (like machinery) which are used in the manufacturing of other products. It is in this sense that High Tech capital is spoken of, and improvements to such high tech assets are often regarded as a very good way to improve a local economy.It may seem strange to some (and cynical to others) that the same term is used to refer to labor, that is, people are referred to by some as being so much "human capital". The idea in mind here is that people are viewed as "so much machinery" that is used up and tossed out when no longer considered efficient as a "factor" in the production of one product or another. It is this sense, that some people see the improvement of human capital (i.e. training or educating people) in order to be able to use them in the business world (or prolong their stay there) is a good way to develop one's local economy.
Regardless of one's stance on the role of humans in the business world, the matter of education is an important aspect of raising the overall level of a local or regional economy, and therefore is considered here.
The links leading to consideration of each of these two areas are listed below .
Capital and Labor Based Approaches
- Education and Training Based Approaches t Local Economic Development
- High Tech Approaches to Local Economic Development
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