“Wealth is not what we have, but what we can do — and become — together.”
For over half a century, economists have treated human capital as an input to productivity — a resource to be measured, managed, and monetised. But a groundbreaking reappraisal by Paula England and Nancy Folbre invites us to see something far deeper.
Their paper, Reconceptualizing Human Capital (2024, Edward Elgar), expands the economic imagination from “skills that earn” to capabilities that enable human flourishing.
This shift — from capital to capability — perfectly mirrors the GAME Plan™, our own whole-person framework for life planning at the Academy of Life Planning. It bridges modern economic theory with timeless human truth: that real wealth begins not in markets, but in the mind, body, heart, and spirit of each individual.
🔶 From Human Capital to Human Capability
England and Folbre challenge the narrow neoclassical view that human worth can be reduced to earnings or productivity. Instead, they propose four fundamental capabilities that form the foundation of human well-being:
- Physical Functioning – the health, energy, and vitality that enable meaningful activity.
- Cognitive Functioning – the mental clarity and problem-solving that allow learning and adaptation.
- Self-Regulation – the emotional intelligence and discipline that sustain purpose and resilience.
- Caring – the empathy, compassion, and altruism that make community and civilisation possible.
Each capability represents a living “muscle” of potential. They must be nurtured through experience, not merely acquired through education or employment. And together, they form a balanced structure of whole-person development — the very structure that the GAME Plan translates into a practical model for life and wealth planning.
🧩 Mapping Capabilities to the Whole-Person Paradigm
The GAME Plan™ views life through the four dimensions of the whole-person paradigm — body, mind, heart, and spirit — each with its own class of capital and form of well-being.
England and Folbre’s framework aligns seamlessly with this design:
| GAME Plan Dimension | Human Capability (England & Folbre) | Type of Capital | Form of Well-being |
|---|---|---|---|
| Body | Physical functioning | Physical Capital | Physical well-being |
| Mind | Cognitive functioning | Intellectual Capital | Mental well-being |
| Heart | Self-regulation | Emotional Capital | Emotional well-being |
| Spirit | Caring | Spiritual Capital | Spiritual well-being |
By integrating these capabilities, the GAME Plan transforms wealth planning from a financial exercise into a human development journey. Financial assets remain vital — but they are stewards, not sovereigns, in a broader system of human growth.
đź’ The Interdependence of Capitals
England and Folbre remind us that capabilities do not evolve in isolation. They are socially embedded, shaped by relationships, environments, and collective care.
Likewise, in the GAME Plan, wealth is never merely personal. It is ecological — a network of tangible and intangible flows.
- Physical Capital fuels our capacity to act.
- Intellectual Capital refines our power to understand.
- Emotional Capital aligns intention with discipline.
- Spiritual Capital gives meaning to it all.
Each feeds the others. A well body sharpens the mind; a peaceful heart strengthens the spirit. Together, they create structural trust — the condition for sustainable prosperity in both life and society.
đź•Š Caring as the Highest Capability
Perhaps the most revolutionary insight from England and Folbre’s work is their elevation of caring as a fundamental human capability.
In a world obsessed with productivity, caring rarely counts. Yet it is the invisible infrastructure of all economies — the labour that raises children, heals communities, and holds societies together.
In GAME Plan terms, caring is spiritual capital in action: the energy of love that moves from self-interest to service. It is both the foundation of personal fulfilment and the fabric of a just economy.
To plan for the spirit is therefore to plan for compassion — to recognise that our highest returns are measured not in profit, but in peace.
🌱 A New Definition of Wealth
Through the combined lens of England & Folbre’s capabilities and the GAME Plan’s whole-person paradigm, a new definition of wealth emerges:
Wealth is the balanced development of human capabilities that sustain the well-being of self, others, and the planet.
This holistic vision calls planners to a new professional ethic — one that honours every form of capital, values every human contribution, and restores balance between tangible and intangible assets.
⚖️ From Extraction to Empowerment
Neoclassical economics trains us to extract value. The GAME Plan, informed by thinkers like England and Folbre, teaches us to cultivate value — to grow human capability as the true currency of the future.
By aligning planning practice with the whole-person paradigm, holistic wealth planners become more than financial guides. They become architects of capability — helping individuals and communities move from survival to significance, and from consumption to contribution.
✨ Closing Reflection
When economics meets empathy, and finance serves flourishing, we rediscover what it means to be whole.
England and Folbre gave us the intellectual vocabulary for human-centred economics.
The GAME Plan gives us the practical method to bring it to life.
Join the Movement
If you’re ready to plan beyond money — to design lives, not portfolios — join us at the Academy of Life Planning.
Together, we’re building the next generation of planners who understand that the most powerful form of capital… is human connection.
If this story resonates with you — whether you’re a planner, policymaker, or participant — we invite you to explore the GAME Plan™ and our work at the Academy of Life Planning.
Discover how life-first, product-free planning can restore trust to finance — and wealth to people.
Learn more: http://www.aolp.co
Join the Academy: Become a Holistic Wealth Planner
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