Human capital is derived from the competences, tacit knowledge, skills, education and training of people. The OECD consider it to be critical to the well-being of communities and define it as, “the knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic well-being” (Côté & Healy, 2001). Human capital has often been defined and measured with reference to acquired cognitive skills and explicit knowledge. A broader notion of human capital more adequately reflects how various non-cognitive skills and other attributes contribute to well-being.
In context of the benefits producers and consumers have identified they receive from engaging with live music, human capital encompasses physical and mental health and wellbeing as well as the knowledge and experiences gained from attending and producing live music. To that end, we can more fully appreciate human capital as the sum of:
- psychological capital
- knowledge capital, and
- physical health.