Importance of Human Capital in Economicdevelopment
HUMAN CAPITAL AND IT’S ROLE IN
ECONOMIC DEVELOPMENT:
1. Introduction:
The modern economists are of the view that natural resources i...e forest minerals, climate, water power etc. play in important role in the economic development of an country. A country which has abundant natural resources is in position to development more rapidly than a country which is deficient in such resources. They here how ere emphasize that the presence of abundant resources is not a sufficient condition of economic growth. Physical factures they say are passive factors of economic growth. They are to be combined with human resources of a country who are active facture of economic development.
Human resources of a country are the size of population rate of growth of population urban rural distribution of people and quality of population. The quality of population as measured by health standards educational levels and technology is vitally important in influencing a nation's cultural and economic progress. A country which has developed the skills and knowledge of its people can exploit natural resources, build social economic and political organizations and can carry forward national development.
The less developed countries of the world are now making investment in human persons for increasing their skills abilities ideals health on the job training programmers. These productive investments have a strong bearing upon increasing human capabilities which is called human capital. 2. What is human capital? Its Role in Economic Development?
Human capital can be described as the skills training and health acquired through on the job training and education Michael Pakistan Park in defines it as:
''The skill and knowledge of human beings.''
It is also defined as:
“The endowment of abilities to produce that exists in each human being. It can be increased through formal education, on the job training and improved health and psychological well being. To be more precise. If the
ECONOMIC DEVELOPMENT:
1. Introduction:
The modern economists are of the view that natural resources i...e forest minerals, climate, water power etc. play in important role in the economic development of an country. A country which has abundant natural resources is in position to development more rapidly than a country which is deficient in such resources. They here how ere emphasize that the presence of abundant resources is not a sufficient condition of economic growth. Physical factures they say are passive factors of economic growth. They are to be combined with human resources of a country who are active facture of economic development.
Human resources of a country are the size of population rate of growth of population urban rural distribution of people and quality of population. The quality of population as measured by health standards educational levels and technology is vitally important in influencing a nation's cultural and economic progress. A country which has developed the skills and knowledge of its people can exploit natural resources, build social economic and political organizations and can carry forward national development.
The less developed countries of the world are now making investment in human persons for increasing their skills abilities ideals health on the job training programmers. These productive investments have a strong bearing upon increasing human capabilities which is called human capital. 2. What is human capital? Its Role in Economic Development?
Human capital can be described as the skills training and health acquired through on the job training and education Michael Pakistan Park in defines it as:
''The skill and knowledge of human beings.''
It is also defined as:
“The endowment of abilities to produce that exists in each human being. It can be increased through formal education, on the job training and improved health and psychological well being. To be more precise. If the