The eight forms of community wealth, Part 3: Individual capital
There are eight forms of community wealth that, when working together, enhance economic development in rural communities. This article focuses on one of those forms: individual capital.
In a previous article we discussed WealthWorks, a program provided through Yellow Wood Associates. The WealthWorks approach incorporates eight forms of community wealth to holistically address economic development in rural communities. The third form of community wealth is individual capital.
Individual capital is a community’s skills and physical and mental healthiness of people in a region.
Individual capital is sometimes referred to as human capital. Investments in individual capital include spending on skill development (e.g. literacy, numeracy, computer literacy, technical skills, etc.) and health maintenance and improvement. Earnings from investments in human capital include mental and physical energy for productive engagement and capacity to use and apply existing knowledge and internalize new knowledge to increase productivity.
A West Michigan team has recently completed their WealthWorks training and has begun project development and implementation, focusing on trails and pathways. A Michigan State University Extension educator is part of this team, serving in the role of coordinator.
Learn about the other forms of community wealth:
- Built capital
- Financial capital
- Intellectual capital
- Natural capital
- Political capital
- Social capital
- Cultural capital