What is the difference between labour and human capital?
The phrase ‘human capital’ refers to the people that are available to be deployed, whereas ‘labour’ refers to the work that they do. Often, ‘labour’ is used as a shorthand for the people who do the work, in which case the meaning is almost identical to ‘human capital’, but there is a subtle difference in that ‘human capital’ has a connotation of objectifying or commodifying people.
