Posted: March 8th, 2022
CHANGES IN SOCIETY, CULTURE AND TECHNOLOGY AND THE CONSEQUENT IMPACT ON HUMAN CAPITAL
2. The changes in society specifically are transformations in society, culture and technology. Social changes include any alteration in the society in terms of cause and effect of intra social relations, or the institutions of family and marriage and other such cultural aspects. Change is absolutely inevitable and it is largely unplanned. The four major factors encompassing the social changes are:-
(a) Change is inevitable, only the rate of change varies.
(b) The change is sometimes intentional, but often unplanned.
(c) Controversial / conflicting changes too occur.
(d) Some social changes matter more than others
3. Karl Marx also talked about the class…show more content…
It is almost like “culture” that one “acquires” being a member of the society. Individual knowledge and abilities are developed though formal training and education and are aimed at updating and renewing one’s capabilities in order to do well in society. Human capital is :-
(a) Expandable and self generating with use As doctors gain more experience; their knowledge base will increase, as will their endowment of human capital. The economics of scarcity is replaced by the economics of self-generation.
(b) Transportable and shareable Knowledge / skill is easily moved and shared. This transfer does not prevent its use by the original holder. However, the transfer of knowledge may reduce its scarcity-value to its original possessor.
8. Improvement of Human Capital can be of three types. All these have their own specific impact on the society. These are:-
(a) Firm Specific. These are skills and knowledge that are valuable only within a specific firm and have a limited impact on the level of innovation.
(b) Industry Specific. This includes knowledge derived from experience specific to an industry. It impacts economic performance of an organisation.
(c) Individual Specific. This is knowledge applicable to a broad range of firms and industries based on the level of academic education and vocational training of the individual working within.
9. Society has evolved vis – a – vis Knowledge as shown below with the progress still continuing in both:-
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