The sustainable development goals, an internationally agreed set of time. Competition has become an imperative strategy in todays global market. In a knowledge economy, people are considered as revenue creators. Human capital can make organizations be highly dependent upon employees knowledge and expertise to have more income, development, efficiency and profitability westphalen, 1999.
Pdf human capital development and its impact on firm. Human capital, economic growth and welfare are closely. Human capital is an allembracing concept, that is, it is a continuum, a continuing process from childhood to old age, and a must for any society that wishes to survive under the complex challenges of a dynamic world. Impact of human capital development on productivity growth in eu member. International journal of academic research in business and social sciences. Subscribe to this fee journal for more curated articles on this topic. The effect of human capital development on economic growth.
The impact of human capital on economic growth sciencedirect. The focus of this study was to ascertain the impact of selected human capital. The contribution of human capital to the survival of libraries cannot be underestimated, this necessitates their regular training and development for increased performance. And no such study has been undertaken in zambia so far. It is argued in the article that hrd scholars and practitioners should explore further the link between human capital, hrd and development at individual, organizational, community and international levels.
The second examines a twogoodsystem that admits specialized human capital of different kinds and offers interesting possibilities for the interaction of trade and development. Evidence from aggregate crosscountry and regional us data. The role of human capital in industrial development. The theory has always been the subject of bitter criticisms from the very beginning, but it has comfortably survived and. The aim of this study was to find out how human capital development affects. The flow of these skills is forthcoming when the return to investment exceeds the cost both direct and indirect. A country of high population can only have a higher potential for human capital development and no more. Assess the effect of human capital development on the net assets na of banks. International journal of academic research in business and social sciences october 20, vol.
Of all published articles, the following were the most read within the past 12 months. One of the leading founders of this perspective, becker, argues that schooling, on. Economic literature suggests a link between fdi and human capital development via technology transfer. Iosr journal of business and management iosrjbm eissn. Another point worthy of note is that while education and health are both important constituents of human capital, most of the studies have restricted human capital only to. Impact of human capital development on economic growth. Impact of human capital development on economic growth in. Human capital is getting wider attention with increasing globalization and also the saturation of the job market due to the recent downturn in the various economies of the world. Abstracteast asia has experienced fast economic growth along with large inflows of foreign direct investment fdi and accumulated human capital since the 1960s. This perspective is important in understanding both investment incentives, and the structure of wages and earnings. While africas level of human development is lower than that of south asia, its.
General issues one of the most important ideas in labor economics is to think of the set of marketable skills of workers as a form of capital in which workers make a variety of investments. The approach will be to explain clearly and precisely the. Scholarship in accountancy, and more recently in the hr and management domains, has conceptualised value as the knowledge, skills and abilities, or human capital, of the workforce. The effects of human capital development on organizational. It explores the role human capital plays in the production, allocation, and distribution of economic resources and in supporting longterm economic growth and development. Human capital development can be expected to lead to higher productivity and profitability as a direct result of the increased capacity of the. Hence human capital formation is undoubtedly the pivot for any meaningful programme of socioeconomic development of nigeria. The effect of human capital development on economic growth in nigeria an empirical analysis during 1970 2011 nigerias overreaching objective since independence in 1960 has been to achieve stability, material prosperity, peace and social progress. Challenges of research and human capital development in. The journal of human capital jhc is dedicated to human capital and its expanding economic and social roles in the contemporary knowledge economy. Using crosscountry estimates of physical and human capital stocks, we run the growth accounting regressions implied by a cobbdouglas aggregate production function. In a knowledge economy, people are considered as revenue.
Spiegel1994,the role of human capital in economic development. However, the effect of human capital on sustainable industrial development in nigeria has not been adequately explored. The first retains the onesectorcharacter of the original model and focuses on the interaction of physical and human capital accumulation. The panacea for sustainable national growth and development in nigeria. The aim of the study was to assess the extent to which human capital development in the sam jonah library improves performance of staff.
The effect of foreign direct investment on human capital. Two key questions informed the development of this research, namely. The concept of human capital has shifted the focus of economic development theorists to generally agree that the quality. The term human capital management is the extension of the human resource management and has been used. The journal of human capital is dedicated to human capital and its expanding economic and social roles in the knowledge economy. Human capital represents the human factor in the organization. The effects of staffing and training on firm productivity.
Wolfe 1983 the socioeconomic impact of schooling in a developing country. A countrys competitiveness in the new international economic order nieo is strongly connected to the quality of her human capital. The flow of these skills is forthcoming when the return to investment exceeds the. Human capital development is seen as a focal point for pivoting industrial development, for reducing the level of unemployment and increasing the supply of entrepreneurs in any economy. International journal of economics, management and accounting. To identify the relationship between human capital development and poverty reduction in nigeria discuss how human resource development through education can be made effective to alleviate poverty in nigeria. Hrdr publishes highquality conceptual work using nonempirical research methods. Developed in response to the central role human capital plays in determining the production, allocation, and distribution of economic resources and. The concept human resource, human capital and manpower connote the same thing and. Human capital claudia goldin department of economics harvard university and national bureau of economic research abstract human capital is the stock of skills that the labor force possesses. Kuah this paper provides insights as to how a confucianinspired junzi style of leadership translates into initiatives toward human capital development in singapore. Bundell and others 1999 analyzing the impact of human capital on economic growth believe that the growth rate of output depends on the rate of accumulation of human capital and innovation, whose source is the stock of human capital, education level influence labor productivity. This study employs a panel of sample data from 16 east asian countries from 1985 to 2010 to examine the effect of.
These characteristics and attributes, in their purest form, are the crucial inputs from which value is generated by organisations. Human capital theory has had a profound impact on a range of disciplines from economics to education and sociology. Human capital development and its impact on firm performance. Developed and developing countries put emphases on a more human capital development towards accelerating the economic growth by devoting necessary time and efforts. Perspectives on education in the post apartheid era is my own work. Journal of human capital is dedicated to human capital and its expanding economic and social roles in the knowledge economy.
Determinants of human capital development in africa. The impact of human capital management on the innovativeness of. Human resource development and educational standard in nigeria. Ofer malamud and cristian popeleches this paper uses a regression discontinuity design to estimate the effect of home computers on child and adolescent outcomes by exploiting a voucher pro.
Appraise the extent to which human capital development enhances the total revenue tr. It delineates what is known and largely agreed, and what are the most promising lines for future research. Specifically, firms must invest necessary resources in developing human capital which tend to have a great impact on performance. International journal for innovation education and research. It helps in development of employees to be more productive which help the firm to perform better. Chapter in nber book investment in human beings 1962, universitiesnational bureau committee for economic research p. The effect of human resources development on organizational productivity p.
Asian development bank economics working paper series no. The journal is committed to advancing hrd by providing. The value of the human capital asset of a nation is a function of quantity, quality as well as the operating environment. The human development report of 1999 ranked nigeria 146 as against 142 in 1998 out of 174 countries covered in the report, and categorises it among the low human capital development countries of the world, while south africa, human capital development. International journal of business and management vol. The origin of the term capital is explained, and the link between human capital theory and hrd is discussed. Evidence from aggregate crosscountry time, journal of monetary economics. Thus human capital development is one of the fundamental solutions to enter the international arena. Human capital is one of the most important factor that can contribute towards economic growth of a.
1298 1043 1314 424 506 820 995 247 849 170 437 229 825 474 975 969 920 1217 240 944 1232 1536 698 850 119 21 181 866 153 107 1254 931 218 67 114 1297 1293 1233 990