EDHEC-Risk Institute: How to gauge the most valuable and most mysterious asset, human capital

Human capital is the most valuable asset of an individual but it is still neglected and ill-understood despite having been studied since the early 70’s. “Human capital, that colossal collection of assets, is also the most mysterious: illiquid, trading in no market, unverifiable in value, yet surely it has an immense influence on all investment decisions and the macro economy”(1). For example, in the United States, human capital represents an overwhelming majority (nearly 90%) of the assets

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