Human Capital and the Birth of Industries
4 important questions on Human Capital and the Birth of Industries
What does research on human capital argue?
How had research emphasised firm-specific capabilities?
invent them, suggest organizational capital, embedded in firms' structure
processes, and culture are essential for innovation
What are the implications of firm capabilities? (7)
- If ability to innovate rests with firm capabilities, then
- Individual productivity cannot be easily transferred across firms, firm capabilities matter
- Firms invest in organizational routines (rather than individuals) to augment employees' productivity
- Firms with strong routines appropriate the value of capital
- Individuals with firm-specific experience may be able to appropriate some value
- Firms' organizational capital (rather than individuals) generates competitive advantage
- Individuals may be substitutable
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What are the main findings of the research of Zucker et al (1998) Human Capital and the Birth of Industries? (3)
- Intellectual human capital tended to flourish around great universities, but the existence of outstanding scientists measured in terms of research productivity played a key role over, above, and separate from the presence of those universities and government research funding to them
- Top scientists as central to the formation of new high-tech industries spawned by scientific breakthroughs
- Individuals with the ability both to invent ant to commercialise these breakthroughs, imply spillovers are best viewed as resulting from the nonappropriability of scientific knowledge or from the maximising behaviour of scientists who have the ability to appropriate the commercial fruits of their academic discoveries
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