How Does Intangible Human Capital Impact Economic Growth in Less Developed Countries Cambodia as a Case Study-1

How Does Intangible Human Capital Impact Economic Growth in Less Developed Countries: Cambodia as a Case Study By Sovathana Sokhom @copyright Sovathana Sokhom 2012 Abstract i This study is an attempt to further the understanding of how intangible human capital impacts development and economic growth in less developed countries (LDCs) Under the discipline of economics, a fundamental assumption is that resources (land, labor, and capital) are scarce In the growth accounting of neoclassical economics, human capital contributes to economic growth through the mechanism of technological progress In 1957, Solow introduced the growth model and others proceeded to measure US economic growth through Total Factor Productivity (TFP) Within the TFP model, 1.1% out of an average 3.1% GDP of annual growth remains unexplained (Jones, p 42) Recently, some economic scholars identified a positive correlation between human capital and social capital that significantly impacts development and economic growth This sheds some light on and acknowledges that intangible human capital can contribute to economic growth Psychological methods have been employed to measure “selfesteem and motivation,” while political efficacy and trust have been measured within political economy as part of intangible capital This study hopes to further explain economic growth by demonstrating the contribution of intangible human capital to development and economic growth in lesser developed countries Using the t-test as a method with the total sample of N=272 to compare the means between control (n=133) and treatment (n=139) the results indicate a statistically significant difference between the mean of the control groups and the treatment groups (t= 4.1163, p=.0001) In other words, the result show that the intervention significantly increased self-esteem and motivation (with a treatment group mean of 4.899 compared to the control group mean of 4.487) ii Chapter I: Introduction Among the many factors contributing to economic growth in Less Developed Countries (LDCs), and perhaps the least understood, are those associated with intangible human capital This research addresses the relationship between intangible human capital and economic growth in LDCs by taking an interdisciplinary approach that pulls from psychology, political science and economics Drawing from psychology, I use an experimental design to examine differences between control and treatment groups following a training intervention to better understand how self-esteem and motivation that might impact economic growth I draw from political science in exploring the link between political trust – how citizens trust the political system and their elected representatives and self-esteem motivation1 in individuals I propose that political trust acts as a glue to connect elements related to self-esteem from psychology to impact economic growth I hope that this study will contribute to understanding how self-esteem and motivation economic growth impact LDCs such as Cambodia Least developed countries are the nations classified by the United Nations as exhibiting the lowest levels of both socioeconomic and human development We tend to think that foreign aid can remedy violence and education can cure poverty, but we forget that things that are not as easily measured as dollars spent and years of schooling contribute to what it means to be a whole person That part of human capital that is intangible human capital is missing in economic analysis of economic growth Education is the necessary condition to build human capital in order to adapt to new technology, which contributes to economic growth, but it is not sufficient to account for the elements of economic growth that contribute to generating an automatic motor to create growth and drive societies out of the poverty trap Societies and the individuals within Intangible human capital in this study define as self-esteem and motivation, while in Organizational Behavior (OB), define Intangible Human Capital (IHC) as the knowledge of a person has them need to be resilient to adapt and adjust to the environment, and break free from the static stages of violence in order to integrate into market economy in the 21st century These problems are not unique to Cambodian alone Approximately 730 million of the world’s population are traumatized by recent histories of war and other forms of institutionalized violence (Collier, 2007) The least developed countries are characterized by three criteria: persistent poverty; weak human resources in terms of health, nutrition, literacy and other education measures; and economic vulnerability to through either an undiversified economy or susceptibility to natural disasters Although LDCs tend to be concentrated in Africa, four nations in South East Asia share this classification: Cambodia, Myanmar, East Timor and Laos These four nations have similar histories marred by factionalism and internal conflict after gaining independence after WWII The internal struggle for resources was paralleled by ideological conflict between capitalism and communism – and the influence of the West versus the Eastern bloc – in the years following independence Among the South East Asian LDCs Cambodia experienced the most extreme infernal conflict with the Khmer Rouge As an LDC looking to move forward and distance itself from its past struggles, Cambodia provides researchers with a unique opportunity to examine the impact of individual and group psychological factors, such as motivation and self-esteem, on economic growth Previous studies of economic growth show that it is affected by a number of factors including education and life expectancy, fertility, government consumption, the rule of law, inflation, and the terms of trade (Barro, 1996) Barro derived a modified growth method from an extended version of the neoclassical growth model, in which the growth rate depends on the initial level of output (y) and the target position of the government policy of y*, where y* “depends on government policies and on household behavior” (Barro, 1996, p i) In extending Barro’s work, I attempt to quantify government policy using the likert scale from psychology to demonstrate how self-esteem and motivation impact work effort that in turn effects economic growth Although there have been breakthroughs in research on growth across countries and regions, but the standard framework for analysis remains based on the older neoclassical model that includes government policies, accumulation of human capital, fertility decisions, and the diffusion of technology The neoclassical model of exogenous growth developed by Solow (1956) and Swan (1956) indicates that without technological progress, the effects of diminishing returns to scale will eventually cause the cessation of economic growth The foundation of economic growth was built on the assumption that the aggregate production function (y) is based on constant returns in labor and reproducible capital Although prominent scholars in economics have demonstrated a correlation between human capital and years of schooling (Barro 1996) and the importance of technological progression (Solow and Swan 1956), recent scholars have paid little attention and have overlooked the impact of intangible human capital impacts the economic growth Zak and Knack (1998) showed that “low trust societies can be caught in a poverty trap” Thus, trust, self-esteem and motivation are significant as an endogenous values that contribute to economic growth While Zak and Knack look at the macro level in comparing 100 countries, my study looks at the micro level using Cambodia as a case study to better understand if intervening to increase self-esteem, and thus intrinsic motivation, and would increase trust and positively impact economic growth Scholars in psychology have shown that trust directly affects schooling and the rule of law The level of trust affects a population’s investment rate in education and affects the development of laws that directly affect the growth rate (Bjoruskov, 2006, p.1) In this study, I used a standard psychological instrument to measure self-esteem and motivation to determine their importance as part of intangible human capital in a LDC This study examines the concept of “work effort” as part of intangible human capital and its connection to self-esteem and motivation as well as the concept of trust on the part of the general public in the laws impacting economic growth The contribution of intangible human capital in LDCs is not well understood Scholars have shown very little interest in human capital as a component of economic growth in LDCs By contrast, in European countries and the United States, an array of studies has measured intangible human capital According to Ark et al (2009) “intangible capital explains about a quarter of labor-productivity growth in the US and larger countries of the EU” (p 62) Solow (1957) looked at the evolution of contributions to economic growth to show how technology and the knowledge base contribute to economic growth These findings emphasize the importance of intangible capital and general knowledge to economic growth Human capital is one of three major factors economists use in explaining economic growth In the field of political science, institutions, good governance, protection of human rights, property rights, and promotion of democracy are shown to be major contributors to economic growth (Feng, 2003) These factors create a more conducive environment for attracting Foreign Direct Investment (FDI) that creates jobs leading to economic growth in LDCs The majority of scholars assume that LDCs have an abundance of uneducated workers and low cost labor This kind of environment lends itself to labor-intensive industries, such as garment industries in LDCs The field of economics assumes that resources are scarce, and asks how best to allocate those resources in order to maximize efficiency and promote economic growth Human capital in LDCs should likewise be considered a resource that must be allocated efficiently For example, environmental economics assumes that natural resources such as oil, forests, iron, and coal mines are scarce Why we assume there is a limitless supply of human capital in LDCs? We can no longer afford to assume that human capital and human resources are efficiently utilized in LDCs My study will show how social capital can increase by increasing motivation in individuals and this in turn leads to increase political trust science depending on formal and informal institutions within which people interact and cooperate Low levels of trust within a society leads to high transaction costs High levels of trust minimize transaction costs among economic agents in the free market economy (Knack and Keefer, 1997) Increased motivation creates trust Increased trust leads to an increase in economics activities that in turn can improve economic performance Increased economic performance efficiently utilizes social capital and creates economic growth To understand the efficiency of human capital in LDCs, this research will draw from theories and applications from economics, political science, and psychology in exploring how intangible human capital impacts development in LDCs The Purpose of this Study In the field of economics, there is still a struggle to account for the Total Factors of Production (TFP) in which 1.1% out of an average 3.1% of annual GDP growth remains unexplained (Jones, 1956) This is especially important given specific findings that show only education and technology strongly predict economic growth (Barro, 1996; Solow, and Swan, 1956) In economics, interpersonal trust has been shown as a strong indicator of poverty and overall economic wellbeing within a society (Zak and Knack, 2001) Interpersonal trust also offers a solution to collective action problems (Ahn and Ostron, 2003) In political science, political efficacy is used as an indicator to determine the extent that people participate in electing their representatives The study of political efficacy is nothing new; it has been around since the 1950s as a central concept in contemporary theories of democratic politics (Acock et al 1985; Almond and Verba 1963; Macpherson 1977; Pateman 1970) Political efficacy is considered a primary indicator in predicting and evaluating the extent individuals are politically active in selecting their governments (Acock et al 1985; Finkel, 1987; Wang and Wang 2007) In democratic countries, the citizens that shape what governments Ideally, the people hold the key to power in electing those they trust into the office The more politically efficacious the population, the greater impact they have on the political process of government Because of its importance as a major indicator of poverty and economic well being as well as political efficacy, it is critical that we include ‘trust’ as an aspect of intangible human capital Psychology has divided human capital into two major components: tangible and intangible (David, 2001) Because Psychology has a well-defined concept of human capital, I used a standard survey instrument in psychology to measure key learning factors associated with self-esteem and motivation that may increase efficiency in intangible human capital and thus affect development and economic growth According to Pinder (1998), self-esteem and motivation, are a set of energetic forces both originating within individuals to move them to act The self-esteem of individuals influences work-related behavior and determines the direction, intensity and duration of that action (Pinder, 1998, p 11) My goal is to discover ways to empirically understand the effects of self-esteem, motivation, and trust/political efficacy on the 1.1% of TFP out of the average of 3.1% of annual GDP growth This research involves administering a lesson to enhance self-esteem and motivation and measuring that lesson’s effects This research contributes not only to understanding the impact of self-esteem, motivation, and trust/political efficacy on economic growth in LDCs, but will also provide policy makers with an additional approach to promoting economic growth that is complements increasing investment in education and technology Research Question Studies have found that intangible human capital is a critical aspect of economic development in capitalist societies, but to date no studies have identified the role of intangible human capital in LDCs with shorter histories of capitalism Studies have also found that targeted training in goal setting, problem-solving, and leadership can enhance intangible human capital In order to see if self-esteem and motivation correlate with economic growth, I collected experimental data on training focused on self-esteem and motivation and measured how the training impacted individuals in activities leading to economic growth Further, in order to determine whether self-esteem and motivation have a statistically significant impact on political efficacy, I surveyed participants who received the training Hypothesis The major hypothesis of this study states that after self-esteem and motivation training participants will exhibit an increased self-esteem and motivation as measured by the survey when compared to participants who did not receive the training The secondary hypothesis relates to the impact of self-esteem training on the perceptions of participants on their ability to operate within their political environment, and tests whether increasing self-esteem promotes enhanced perceptions of political agency Demographic variables were included in the survey to identify potential mechanisms supporting this change in self-esteem and motivation Summation of the findings My research confirms the hypothesis that self-esteem and motivation training significantly increased the level of self-esteem and motivation among participants in this study My findings mirror of the results found by the Department of Public Social Services (DPSS) of Los Angeles I found that the intervention of self-esteem and motivation training significantly increased self-esteem and motivation as determined by the survey The increase in belief and trust in oneself also enhanced perceptions of individuals as political agents with a voice within the political system Among the citizenry, this can lead to trust in oneself in performing activities with and for others – whether electing government or starting a business Thus, at the aggregate level, an increase in self-esteem and motivation can lead to increases in overall economic activity and political efficacy that in turn enhance economic growth Chapter II: Results 10 Given the importance of the role of the mother in determining the educational choices for her children, the further examination of intangible human capital formation should examine differences in intangible human capital by gender I plan to conduct further analysis that will guide the extension of this research In the 1980s, the UN believed that promoting education in LDCs was the answer to lagging economic growth A decade later, over 40 countries remain classified as LDCs, only two have moved from the LDCs classification to be considered transition economics The positive result of moving people dependent on government programs of Temporary Assistance to Needy Family (TANF) in California off government assistance after providing them with self-esteem and motivation training, gave me the idea of applying these concepts in the context of LDCs in examining their impact on economic growth through intangible human capital This preliminary study with the random sample of 272 participants demonstrated that the intervention of self-esteem and motivation had a statistically significant impact Thus, this is the first study of its kind to explore how self-esteem and motivation contributes to intangible human capital that can lead to economic growth at the aggregate level For future study, I would like to replicate this study with a larger sample In addition, I would like to carry out the study at the provincial level in Cambodia I believe this is the beginning of approaching economic development from the holistic standpoint of country development and economic growth in order to improve the living standards of the people References 25 2002 budget address: "building confidence for sustained growth" (2001) Suva, Fiji: Ministry for Finance and National Planning Abramson, P R (1977) The political socialization of Black Americans: a critical evaluation of research on efficacy and trust New York: Free Press Aghion, P., & Howitt, P (0) Endogenous Growth Theory The MIT Press, n/a, 1-49 Almond, G A., & Verba, S (1963) The civic culture: political attitudes and democracy in five nations Princeton, N.J.: Princeton University Press Almond, G A., & Verba, S (197071) Almond and Verba five nation study Hanover, N.H.: Dartmouth College] Almond, G A., & Verba, S (1989) The civic culture revisited ([New ed.) Newbury Park, Calif.: Sage Publications Arena, R., & FestreÌ, A (2006) Knowledge, beliefs and economics Northamption, UK: Edward Elgar Barro, R J (1991) Economic Growth in a Cross Section of Countries Cambridge, Mass.: National Bureau of Economic Research Barro, R J., & Martin, X (1995) Economic growth New York: McGraw-Hill Barro, R J., & Martin, X (1995) Economic growth New York: McGraw-Hill Barro, R J., & Lee, J (2002) IMF programs: who is chosen and what are the effects? Cambridge, MA.: National Bureau of Economic Research Baumeister, R F (1993) Self-esteem: the puzzle of low self-regard New York: Plenum Press Baumeister, R F (2003) Does high self-esteem cause better performance, interpersonal succes, happiness, or healthier lifestyles? Malden: Blackwell Publ Becker, B E., Huselid, M A., & Ulrich, D (2001) The HR scorecard: linking people, strategy, 26 and performance Boston, MA: Harvard Business School Press Becker, G S (1994) An Empirical Analysis of Cigarette Addiction New York: National Bureau Of Economic Research Becker, G S (1971) The economics of discrimination (2d ed.) Chicago: University Of Chicago Press Becker, R., & Burmeister, E (1991) Growth theory Aldershot, Hants, England: E Elgar Benhabib, J., & Spiegel, M M (1994) The Role of Human Capital in Economic Development Journal of Monetary Economics, 34, 143-173 Boianovsky, M., & Hoover, K D (2009) Robert Solow and the development of growth economics Durham: Duke University Press Boianovsky, M., & Hoover, K D (2009) Robert Solow and the development of growth economics Durham: Duke University Press Boianovsky, M., & Hoover, K D (2009) Robert Solow and the development of growth economics Durham: Duke University Press Boianovsky, M., & Hoover, K D (2009) Robert Solow and the development of growth economics Durham: Duke University Press Boyer, R (2004) The future of economic growth as new becomes old Cheltenham, UK: E Elgar Brown, J D., & Earle, J S (2004) What makes small firms grow? finance, human capital, technical assistance, and the business environment in Romania Bonn, Germany: IZA Burmeister, E., & Dobell, R (1970) Mathematical theories of economic growth New York: Macmillan Burmeister, E., & Dobell, R (1970) Mathematical theories of economic growth New York: Macmillan 27 Chung, S (1973) The political socialization of selected elementary and middle school students in the Republic of Korea: political knowledge, political trust and political efficacy Korea: n/a Ciccone, A., & Papaioannou, E (2005) Human capital, the structure of production, and growth London: Centre for Economic Policy Research Cohen, D., & Soto, M (2001) Growth and human capital: good data, good results London: Centre for Economic Policy Research Cohen, D., & Soto, M (2002) Why are poor countries poor?: a message of hope which involves the resolution of a Becker/Lucas Paradox London: Centre for Economic Policy Research Colberg, M R (1965) Human capital in southern development, 1939-1963 Chapel Hill: Univ of North Carolina Press Conrad, D A (2007) Education, Human Capital Accumulation and Economic Growth: The Caribbean Experience A Dissertation Submitted to The Faculty of the Department of Economics, May, 1-98 Corrado, C., R., H C., & Sichel, D E (2006) Intangible Capital and Economic Growth NBER Working Paper., No 11948 Retrieved November 16, 2011, from 9999 Corrado, C., Hulten, C., & Sichel, D (2009) Intangible Capital and U.S Economic Growth The Review of Income and Weath, 55(3), 661-685 Dasgupta, D., & Solow, R M (2005) Growth theory: Solow and his modern exponents New Delhi: Oxford University Press Davidson, E P (2007) Instinctive Turst Among Aristotle's Political Animals: A Transdisciplinary Approach Identifying Why Political Science Should Incorporate 28 Biological Markers into The Discipline PHD Dissertation, n/a(n/a), 1-134 Dayringer, S E (1975) The effects of extrinsic reinforcement on intrinsic motivation: a test of Deci's cognitive evaluation theory Cortland, N.Y.: Dept of Psychology, State University of New York College at Cortland Deci, E L., & Karn, H W (1972) Readings in industrial and organizational pscychology New York: McGraw-Hill Deci, E L (1972) Readings in industrial and organizational psychology New York: McGrawHill Deci, E L (1975) Intrinsic motivation New York: Plenum Press Deci, E L (1975) Intrinsic motivation /Edward L Deci New York: Plenom Press Deci, E L (1975) Instrinsic motivation .: Dimand, R W., & Spencer, B J (2008) Trevor Swan and the neoclassical growth model Cambridge, Mass.: National Bureau of Economic Research Dimand, R W., & Spencer, B J (2008) Trevor Swan and the neoclassical growth model Cambridge, Mass.: National Bureau of Economic Research Dyne, L V., & al, e (2000) Collectivism, propensity to trust and self-esteem as predictors of ornanizational citizenship in a non-work setting Journal of Organizational Behavior, n.a(n/a), 1-23 Felipe, J., & McCombie, J S (2002) Why are some countries richer than others?: a reassessment of Mankiw-Romer-Weil's test of the neoclassical growth model Manila: Asian Development Bank Feng, Y (2003) Democracy, governance, and economic performance: theory and evidence Cambridge, Mass.: MIT Press 29 Feng, Y (2003) Democracy, governance, and economic performance: theory and evidence Cambridge, Mass.: MIT Press Finkel, D (1987) The wake of the electron New York: Atheneum Fukao, K., Miyagawa, T., Kentaro Mukai, Y S., & Tonogi, K (2009) Intangible Investment in Japan: Measurement and Contribution To Economic Growth The Review of Income and Weath, 55(3), 717-736 Gagne, M., & Deci, E L (2005) Self-determination theory and work motivation Journal of Organizational Behavior, 26, 331-362 Giacalone, R A., Jurkiewicz, C L., & Dunn, C (2005) Positive psychology in business ethics and corporate responsibility Greenwich, CT: Information Age Pub Inc Gurkaynak, R S (2001) Is Growth Exogenous?: Taking Mankiw, Romer and Weil Seriously Cambridge, Mass.: National Bureau of Economic Research Gurkaynak, R S (2001) Is Growth Exogenous?: Taking Mankiw, Romer and Weil Seriously Cambridge, Mass.: National Bureau of Economic Research Gurkaynak, R S (2001) Is Growth Exogenous?: Taking Mankiw, Romer and Weil Seriously Cambridge, Mass.: National Bureau of Economic Research Hansen, G D., & Prescott, E C (1998) Malthus to Solow Cambridge, MA: National Bureau of Economic Research Hardin, G J (1968) The Tragedy of the Commons Washington, D.C.: American Association for the Advancement of Science Hardin, R (1982) Collective action Baltimore: Published for Resources for the Future by the Johns Hopkins University Press Hardin, R (2006) Trust Cambridge, U.K.: Polity 30 Herpen, M v., & Praag, C M (2003) The effects of performance measurement and compensation on motivation Amsterdam: Tinbergen Institute Herzberg, F (19711966) Work and the nature of man New York: World Pub Co Herzberg, G (1971) The spectra and structures of simple free radicals: an introd to molecular spectroscopy Ithaca: Cornell Univ Press Hornbeck, D W., & Salamon, L M (1991) Human capital and America's future: an economic strategy for the '90s Baltimore: Johns Hopkins University Press Intransic Motivation (n.d.) .http://giftedkids.about.com/od/glossary/g/intrinsic.htm Retrieved November 12, 2011, from http://giftedkids.about.com/od/glossary/g/intrinsic.htm Jones, C I (1996) Human Capital, Ideas, and Economic Growth Center for Economic Policy Research at Stanford and The National Science Foundation, (SBR-9510916, 1-28 Retrieved November 15, 2011, from 9999 Jones, C I (1998) Introduction to economic growth New York: W.W Norton Jones, K., & Pan, A (2005) CultureShock! Singapore: Marshall Cavendish Editions ; Katz, P P (2004) The effect of increased ownership on student performance and motivation in a physical education setting .: Keefer, P., & Knack, S F (2002) Social polarization, political institutions, and country creditworthiness Washington, D.C.: World Bank, Development Research Group, Investment Climate Team, and Public Services Team Kendrick, J (1961) Productivity trends in the United States Massacusette: Princeton University Press Knack, S (2001) Building trust: public policy, interpersonal trust and economic development .: Knack, S (2003) Democracy, governance, and growth Ann Arbor, MI: University of Michigan 31 Press Knack, S F., & Park, M (2003) Democracy, governance, and growth Ann Arbor: University of Michigan Press Knack, S F., & Park, M (2003) Democracy, governance, and growth Ann Arbor: University of Michigan Press Kaufmann D., A Kraay, and M Mastruzzi (2010), The Worldwide Governance Indicators: Methodology and Analytical Issues Lawler, E E., & Mohrman, S A (2003) Creating a strategic human resources organization an assessment of trends and new directions Stanford, Calif.: Stanford University Press Lawler, E E., Boudreau, J W., Mohrman, S A., Mark, A Y., Neilson, B., & Osganian, N (2006) Achieving strategic excellence: an assessment of human resource organizations Stanford, Calif.: Stanford Business Books, an imprint of Stanford University Press Lawler, E E., Boudreau, J W., Mohrman, S A., Mark, A Y., Neilson, B., & Osganian, N (2006) Achieving strategic excellence: an assessment of human resource organizations Stanford, Calif.: Stanford Business Books, an imprint of Stanford University Press Loewenstein, G., Read, D., & Baumeister, R F (2003) Time and decision: economic and psychological perspectives on intertemporal choice New York: Russell Sage Foundation Macpherson, C B (1962) The political theory of possessive individualism: Hobbes to Locke Oxford: Clarendon Press Macpherson, C B (1962) The political theory of possessive individualism: Hobbes to Locke Oxford: Clarendon Press 32 Madsen, D K (1973) The sense of political efficacy in India: an exploration in political psychology India: n/a Manderlink, G (2006) Proximal v distal goal setting and intrinsic motivation .: Mankiw, N G., Romer, D H., & Weil, D N (1992) A Contribution to the Empirics of Economic Growth Cambridge, Mass.: National Bureau of Economic Research Mankiw, N G (2011) Brief principles of macroeconomics (6th ed.) Mason, Ohio: SouthWestern ; Mankiw, N G., Kneebone, R D., & McKenzie, K J (2011) Principles of macroeconomics (5th Canadian ed.) Toronto: Nelson Education Maslow, A H (1968) Toward a psychology of being (2d ed.) Princeton, N.J.: Van Nostrand Maurer, R (1995) Trade policy, the price of capital goods and economic growth: an empirical test of a Solow-Swan model with capital variety Kiel: Inst for World Economics Merolla, J L., & Zechmeister, E J (2009) Democracy at risk: how terrorist threats affect the public Chicago: University of Chicago Press Merolla, J L., & Zechmeister, E J (2009) Democracy at risk Chicago, Ill.: The University of Chicago Press Mokyr, J (1985) The Economics of the Industrial Revolution Totowa, NJ: Rowman & Allanheld Nafukho, F M., Hairston, N., & Brooks, K (2004) Human Capital Theory: Implications for Human Resource Development, Fayetteville, AR: Mack-Blackwell National Rural Transportation Study Center, University of Arkansas ; Niemi, R G., Craig, S C., & Mattei, F (n.d.) Measuring Internal Political Efficacy in the 1988 National Election Study www.jstor.org/stable/1963953 Retrieved November 12, 2011, 33 from www jstor.org/stable/1963958 Ohtaki, R., & Umezu, H (2010) Fundamentals of human capital management for Asian global companies Singapore: Marshall Cavendish Business Ott, J S (1996) Classic readings in organizational behavior (2nd ed.) Belmont: Wadsworth Pub Co Pateman, C (1970) Participation and democratic theory n/a: n/a Pateman, C (1970) Recent theories of democracy and the 'classical myth' Cambridge: Cambridge University Press Pateman, C (1970) Participation and democratic theory Cambridge [England: Cambridge University Press Pateman, C (1970) Participation and democratic theory Cambridge [England: Cambridge University Press Paul, Z., & Stephen, K (1998) Trust and Growth Not published, n/a, 1-38 Pinder, C C (1998) Work motivation in organizational behavior Upper Saddle River, N.J.: Prentice Hall Pinder, C C (1998) Work motivation in organizational behavior Upper Saddle River, N.J.: Prentice Hall Pinder, C C (1998) Work motivation in organizational behavior Upper Saddle River, N.J.: Prentice Hall Pinder, D (1998) The new Europe economy, society, and environment Chichester: Wiley Pinder, D (1998) The new Europe economy, society, and environment Chichester: Wiley Putnam, R D (2000) Bowling alone: the collapse and revival of American community New York: Simon & Schuster 34 Putnam, R D (2002) Democracies in flux: the evolution of social capital in contemporary society Oxford: Oxford University Press Renshon, S A (1974) Psychological needs and political behavior: a theory of personality and political efficacy New York: Free Press Robinson, J P., Shaver, P R., & Wrightsman, L S (1999) Measures of political attitudes San Diego: Academic Press Sabir, M., & Aftab, Z (2006) Province-Wise Growth Patterns in Human Capital Accumulation The Pakstan Development Review, 45(4 part II), pp 873-890 Sansone, C., Manderlink, G., & Harackiewicz, J M (1982) Competence Information and Intrinsic Motivation: a Process Approach Washington D.C.: ERIC Sansone, C., Manderlink, G., & Harackiewicz, J M (1982) Competence Information and Intrinsic Motivation: a Process Approach Washington D.C.: ERIC Sansone, C., Manderlink, G., & Harackiewicz, J M (1982) Competence Information and Intrinsic Motivation: a Process Approach Washington D.C.: ERIC Sansone, C (1984) The effects of competence and task feedback on intrinsic interest .: Smelser, N J (1989) Handbook of sociology (2 print ed.) Newbury Park, Calif [u.a.: Sage Publ Soden, D L (1988) The tragedy of the commons: twenty years of policy literature, 1968-1988 Monticello, Ill.: Vance Bibliographies Solow, R M (1956) A contribution to the theory of economic growth Oxford: Oxford University Press Solow, R M (1963) Capital theory and the rate of return, Amsterdam: North-Holland Pub Co 35 Solow, R M (1997) Learning from "learning by doing": lessons for economic growth Stanford, Calif.: Stanford University Press Solow, R M (2000) Growth theory: an exposition (2nd ed.) New York: Oxford University Press Solow, R M (2001) Landmark papers in economic growth Cheltenham, UK: Edward Elgar Pub Solow, R M (2001) Landmark papers in economic growth Cheltenham, UK: Edward Elgar Pub Spector, A (2006) Making a difference: an evidence-based group programme to offer cognitive stimulation therapy (CST) to people with dementia : the manual for group leaders London: The Journal for Dementia Care Spector, P E (2006) Industrial and organizational psychology: research and practice (4th ed.) Hoboken, NJ: J Wiley & Sons Spencer, B J (2008) Trevor Swan And The Neoclassical Growth Model Cambridge, Mass.: National Bureau of Economic Research Stiglitz, J E., & Uzawa, H (1969) Readings in the modern theory of economic growth Cambridge, Mass.: M.I.T Press Swan, N (1978) Growth and unemployment in eastern Canada Ottawa: Economic Council of Canada Swanson, T M (1996) The economics of environmental degradation: tragedy for the Commons? Cheltenham, U.K.: E Elgar Vroom, V H., & Deci, E L (1970) Management and motivation: selected reading Harmondsworth, Angleterre: Penguin 36 Vroom, V H (1972) Management and motivation: selected readings (New printing ed.) Harmondsworth: Penguin Vroom, V H., & Deci, E L (1972) Management and motivation (Repr ed.) .: Vroom, V H (1975) Management and motivation: selected readings (Reprint ed.) Harmondsworth: Penguin Education Vroom, V H (1964) Work and motivation New York: Wiley Vroom, V H., & Deci, E L (1970) Management and motivation: selected readings; Harmondsworth: Penguin Vroom, V H., & Deci, E L (1970) Management and motivation: selected readings; Harmondsworth: Penguin Vroom, V H., & Deci, E L (1972) Management and motivation: selected readings Harmondsworth: Penguin Vroom, V H., & Deci, E L (1975) Management and motivation .: Vroom, V H., & Deci, E L (1975) Management and motivation .: Vroon, P A (1972) Periodicities in human behavior: some procedural considerations Utrecht: Psychological Laboratory, University of Utrecht Walker, D M (2001) Human capital taking steps to meet current and emerging human capital challenges : statement of David M Walker, Comptroller General of the United States, before the Subcommittee on Oversight of Government Management, Restructuring, and the District of Co Washington, D.C.: The Office Walker, D M (2001) Human capital building the information technology workforce to achieve results Washington, D.C.: U.S General Accounting Office Walker, D M (2001) Human capital meeting the governmentwide high-risk challenge 37 Washington, D.C.: U.S General Accounting Office Walsh, T M (1968) Maslow's theory of motivation: a method for testing the constructs Wang, D., & Cai, F (2007) Migration and poverty alleviation in China Geneva: International Organization for Migration Winch, C (2000) Education, work, and social capital: towards a new conception of vocational education London: Routledge Winegar, R M (1990) The role of observer judgment in teacher evaluation: a comparison of the relationship of two teacher evaluation plans to student achievement in reading Massacusette: Princeton University Press Zak, P., & Knack, S (1998) Trust and Growth Claremont: Unplublish paper (Original work published 1998) Zak, P J (1999) Currency crises, monetary union and the conduct of monetary policy: a debate among leading economists Cheltenham, UK: E Elgar Pub Zak, P J (2008) Moral markets: the critical role of values in the economy Princeton: Princeton University Press Zak, P J., & Jensen, M C (2010) Moral Markets the Critical Role of Values in the Economy Princeton: Princeton University Press Zak, P J., & Jensen, M C (2010) Moral Markets the Critical Role of Values in the Economy Princeton: Princeton University Press Zak, P J (2012) The moral molecule: the source of love and prosperity New York: Dutton Zhang, W (2005) Economic growth theory: capital, knowledge, and economic structures Aldershot, England: Ashgate 38 ... considering human capital in less developed countries as a scare resource In European countries and the United States an array of studies have examined and measured intangible human capital According... States, an array of studies has measured intangible human capital According to Ark et al (2009) ? ?intangible capital explains about a quarter of labor-productivity growth in the US and larger countries. .. of intangible human capital Psychology has divided human capital into two major components: tangible and intangible (David, 2001) Because Psychology has a well-defined concept of human capital,