HUMAN CAPITAL DEVELOPMENT
Human capital theory focuses on an assumption that education is very basic and needed to increase production capacity. Shortly, human capital theory believes that an educated human is a productive human. Human capital theory emphasises how education can help workers to be more productive and efficient of by increasing the level of cognitive ability. The provision of formal education is considered as an investment in human capital, similar or even more valuable than physical investment (Woodhall, 1997). Human capital theory concludes that investment in human capital will lead to greater economic output but this theory is sometimes contradictory. In the past, the economic strengths mostly depend on physical assets such as land, factories and equipment. Labor is necessary, but physical investments increase business value. Modern economists agree that education and health are keys to improving human capital and increase economic output (Becker, 1983).
Human Capital and Global Challenge
Economic ideology sets out with a goal, in example, trying to explain the secrets of success (and failure) of a nation: why and how a nation managed to reach economic growth and generates prosperity. The economic methodological basis believes that the concept of human capital is only sensible and has a practical implication if understood in the whole framework. For that reason, it is very interesting to see the significance and meaning of the concept of human capital in the global context.
Theoritically, it is not difficult to adapt the global context into the concept of human capital. Global context does not make the concept of human capital irrelevant but requires a certain quality in understanding human capital. In natio...
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...reorientation of education to make it more cosmopolitan is not an easy job. Politically, making more education-oriented cosmopolitan human will confront us to a group of human which are nationalists, who see education as a process to produce patriotic citizens. People will be very skeptical toward education reorientation. For those, the framework of cosmopolitan education will change vision and attitudes to a very normative way and make it impossible to measure and standardize the result of education processes. Actually, it is not difficult to respond to the various criticisms of the cosmopolitan education. Politically, there is no contradiction between the idea of cosmopolitanism and nationalism. Cosmopolitanism and nationalism are not two opposite polar in a continuum (Fine, 2007). The vision of cosmopolitanism can live side by side with the spirit of nationalism.
The four arguments offered by Martha C. Nussbaum to be carried out this cosmopolitan civic education are: "The cosmopolitan education enables us to learn more about ourselves": Martha C. Nussbaum argues that ignorance of about US the rest of the world is so overwhelming that in many ways she is also ignorant about herself. In her opinion, if the cosmopolitan education project does not undertake the risk of believing that the options we know are the only ones and that, somehow, they are "normal and natural" for all human beings we
Organizations’ other resources can be hired, retained and discarded at any time but human resources needs special treatment. It needs to be carefully hired, deserve an extra effort to retain it and requires training & development to upgrade and improve its capabilities. Other resources depreciate with the passage of time but when the human resource gains more and more experience, it becomes more beneficial for the organizations. These characteristics have brought human resources to be the central element for the success of an organization. (Mohammed, Bhatti, Jariko, and Zehri, 2013, pg. 129, para. 2)
Through the novel of Little Bee, I realized that we should know more about ourselves, and the sence of pride of our own culture; standing on the point of a global perspective. Remove prejudice, narrow-minded and limitations, and learn to observe the different nation, different social, different cultural customs, traditional idea. Make us more rational, and have a more comprehensive, more understanding of the human society. We need standing on a higher level to regard ourselves and others. On the whole, all the people are the member of human and the society after all. If both the oppressed and the oppressor can try the best, the oppressor can help the oppressed as unconditional, and the oppressed can identify with their cultural background and self-awareness. Then, I think that cosmopolitanism is not an especially difficult to accomplish.
But this approach has wrongly assumed that all schools will produce the same educational benefits regardless of location and reputation of the school. A year of schooling in America and a year of schooling in Africa are treated as equally productive, which is not appropriate. In this research, a more direct measurement of human capital is student test performance in math and science that described as cognitive skills. The relationship between cognitive skills and the growth of GDP per capita would produce more accurate result on how human capital affects economic conditions. Specifically, the research question for this project is how student test scores in math and science affects the national GDP per capita, instead of using the traditional approach of school attainment with average years of schooling as a proxy for human capital. The approach of using cognitive skills as a proxy for human capital is not new as Hanushek (2013) has used the basic and advanced skills for his human capital proxy in his research on the importance of cognitive skills for economic growth. Nevertheless, the majority of researchers still used school attainments for their human capital related studies and might because the data of test performance was not available in the
The leadership labyrinth has some explanations that discuss the possible causes why women are not occupying a consider number in top leadership positions, being one of them, the fact that women have less Human Capital investment in education, training, and work experience than men.
It assumes that public and private investment in human capital generate external economies and productivity improvements that offsets the natural tendency for diminishing returns
2. Human capital (knowledge, skills and training of individuals) and the production of new technologies are essential for long run growth.
The link between economic growth and human development has been a subject of rigorous empirical econometric work since the 1970s. Foreign Direct Investment (FDI), which is an important component of human development especially in modern regional and global economies, has been found to explain varying levels of return and economic growth.
One of the main key factors of economic growth is human capital. Both BRICS countries have well skilled labor. The stock of knowledge accumulated by employees resulted in higher GDP. Human capital can promote economic growth indirectly or in directly because it is the only tools can be combined with Know-how to improve efficiency and innovation. It has been explained in endogenous growth model formulated by Romer (1986); that the accumulation of knowledge can be combined with physical capital to produce output. The ideas generate innovation which can enhance economic growth and more output. Secondly, technology is the invention created by human capital. These BRICS countries have improved greatly since earlier 1990s. For instance China and Russia both advanced human capital that is also equivalent to other western countries. This well skilled labor is the driving force in the BRICS countries. Population growth is another factor behind accumulated human labor because huge population will consume more resources. With this pressure, more labor will be used for production.
How does this knowledge contribute in the development of country? No country can achieve sustainable development without significant investment in human capital. Education enriches people’s understanding of themselves and the things around them. It improves the quality of their lives and leads to wide social benefits to individuals, society and the country. Nobody can deny the importance of education. Although, some people think that a healthy economy is important for the development of a country; however, education is the single most important factor because firstly, science and technology are number one productive forces, secondly education provides justice and eradicate crime, thirdly it constructs people’s characters and habits.
The Human Resources department contributes to an organization’s competitive performance through: recruitment and selection, globalization and technology.
Globalization of human capital is where, human resources are sook after by companies from all over the world. Due to the increased demand for skills at a lower cost, companies will tend to look for employees to work in their premises from all over the world (Webforum, 2015). In this regard, since companies are extending their operations the entire world over, human capital globalization is inevitable since they will need to work with people from these countries for them to successfully exploit global markets.
Human capital is one important factor in the process of economic growth. With high-quality human capital, economic performance is also believed to be better. These qualities can be seen from the level of education, health, or other indicators viz. Human development index. Human development plays an important role for economic growth of a country. In simple words, human development would imply a process of enlarging choices. But in addition it is also concerned with the outcomes of the concerned choices (Gupte, M., 2016). Human Development, described as the ultimate goal of the development process, with economic growth, described as an imperfect proxy for more general welfare, or as a means toward enhanced human development (Ranis,
With the global economy relying more than ever on brainpower and innovation rather than raw materials and manual labour as generators of wealth, a good education has become the key factor determining who will succeed and who will be left behind.
Would it not be great to live a long and healthy life with a wonderful and powerful job that contributes to an impressively efficient economy as a knowledgeable individual? A key question being asked in this essay is whether receiving a higher education is worth paying the increasingly steep tuition costs. An excerpt from The Benefits of Higher Education says, “Both on personal and national levels, education has been shown to increase economic growth and stability” (¶ 3). Earning any sort of degree will give a person more job opportunities, as well as the intellect and knowledge that many people in this world might never have. I believe that receiving an education from a higher education institution is important because it provides a person