ABSTRACT
According to Youriev (2014), the roots of intellectual capital go far back in history. In the twentieth century, the term human capital was reintroduced by economist Theodore Schultz (1961). He considers the investment in human capital crucial for the economic development and that education is a key contributing factor. Later, human capital evolved to “intellectual capital” in an aim to cover larger field including patents and documents. The Organization for Economic Cooperation and Development (OECD) has been involved in defining a general methodology for measuring intangible investment since 1989 (OECD 1996).
