Enhancement of Intangible (Immaterial) Assets in Formal and Informal Institutions by Virtue Enrichment of Human Capital

Nowadays, human capital is considered as the most important asset for the development of institutions, organizations and firms. Researchers have found that enhancement of individual authenticity is the base for social improvement of spontaneous innovation, founding significant cultural progress and consequently influential industry, entrepreneurship and economy. Strengthening of human capital is obtained when individuals get enhanced spiritually. Indeed, virtue and moral ethics of the authentic individual is the most important factor for the emergence of idea novelty and pragmatic potentials of innovative forces. Applied approach to the authenticity of the creative individuals and ethics create competitive advantages in the institution, because it reduces moral vices and ensures the health of the administrative apparatus. In this article, we discuss (descriptively and interpretively) how an authentic individual, in the bed of institutions and by playing a role in the implementation of top-down and bottom-up policies, can express his innovative talents in order to achieve major progress. Also, the role of formal institutions in serving, setting disciplines and providing a healthy supportive environment for the activities of the authentic individual as well as the role of informal institutions as facilitators of participation of lower level actors has been described. In the end, it is concluded that innovation, meritocracy, livelihood prosperity and economic justice can prevail through enhancing virtue enrichment of individuals.