New human capital theory from the perspective of time allocation

Tian Xueying és Tóth Arnold (2024) New human capital theory from the perspective of time allocation. Prosperitas (early access). pp. 1-13. ISSN 2786-4359 (Online)

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Abstract

In the modern economic system, where the service sector has significantly increased in importance, the accumulation of human capital no longer relies solely on traditional factors such as education, training and healthcare, but increasingly depends on informal education, particularly learning activities during leisure time. Driven by the amalgamation of personality economics and neuroeconomics, a novel theory of human capital has surfaced, which emphasizes the acquisition of cognitive and noncognitive abilities through informal learning activities such as hobbies and social engagements. Utilizing the time allocation theory as a foundation, this study investigates the role of leisure time in bolstering human capital. The paper spotlights the ‘Learning by Doing’ and ‘Learning by Playing’ phenomena, which are instrumental in enhancing practical abilities and creativity. The study offers a critical examination of how human capital theory has evolved, particularly regarding the influence of leisure on skill development. This study also highlights the crucial importance of learning during leisure as a contributing factor to economic growth and positions it as a vital pathway for future human capital accumulation. Moreover, it proposes new avenues of research to deepen the understanding of human capital and leisure economy theories, thereby providing valuable perspectives for the progress of society and the economy.

Tudományterület / tudományág

társadalomtudományok > szociológiai tudományok

Intézmény

Budapesti Gazdasági Egyetem

Mű típusa: Cikk
Szerző publikációban használt neve:
Publikációban használt név ORCIDMTMT szerző azonosító
Tian Xueyinghttps://orcid.org/0009-0000-3817-0708
Tóth Arnoldhttps://orcid.org/0000-0003-0860-6405
Kulcsszavak: human capital, cognitive skill, non-cognitive skill, leisure time allocation, economic growth
Felhasználó: Eszenyi-Bakos Kinga
DOI azonosító: https://doi.org/10.31570/prosp_2023 _0087
Rekord készítés dátuma: 2024. Jún. 04. 14:31
Utolsó módosítás: 2024. Jún. 05. 12:15
URI: https://publikaciotar.uni-bge.hu/id/eprint/2281

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