Human capital is the stock of knowledge, habits, social and personality traits, including creativity, embodied in the ability to do work that creates economic value. "Human capital" has been and is being criticized in a variety of ways. Michael Spence offers a signaling theory as an alternative to human capital. It is an aggregated economic view of human beings acting in the social context, an attempt to capture the social, biological, and cultural aspects of human psychology as they interact in explicit and/or economic transactions. complexity.