The concept human resource, human capital and manpower connote the same thing and. Wolfe 1983 the socioeconomic impact of schooling in a developing country. The panacea for sustainable national growth and development in nigeria. Journal of human capital is dedicated to human capital and its expanding economic and social roles in the knowledge economy. Thus human capital development is one of the fundamental solutions to enter the international arena. 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. 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 in. The flow of these skills is forthcoming when the return to investment exceeds the. Human capital development and its impact on firm performance.
Challenges of research and human capital development in. 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. The effects of human capital development on organizational. Determinants of human capital development in africa. 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.
International journal of academic research in business and social sciences october 20, vol. Spiegel1994,the role of human capital in economic development. Assess the effect of human capital development on the net assets na of banks. These characteristics and attributes, in their purest form, are the crucial inputs from which value is generated by organisations. 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. This study employs a panel of sample data from 16 east asian countries from 1985 to 2010 to examine the effect of. The aim of this study was to find out how human capital development affects. The effect of human capital development on economic growth. 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. The term human capital management is the extension of the human resource management and has been used.
International journal of economics, commerce and management, united kingdom licensed under creative common page 1021 detailed definition was put forward by bontis et al 1999 as follows. Human capital development can be expected to lead to higher productivity and profitability as a direct result of the increased capacity of the. The theory has always been the subject of bitter criticisms from the very beginning, but it has comfortably survived and. 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.
Abstracteast asia has experienced fast economic growth along with large inflows of foreign direct investment fdi and accumulated human capital since the 1960s. Using crosscountry estimates of physical and human capital stocks, we run the growth accounting regressions implied by a cobbdouglas aggregate production function. Human capital theory has had a profound impact on a range of disciplines from economics to education and sociology. This research aims at examining the impact of human capital management on the innovativeness of.
Human capital in sometimes used synonymously with human resources, although human. While africas level of human development is lower than that of south asia, its. Economic literature suggests a link between fdi and human capital development via technology transfer. Human capital represents the human factor in the organization. International journal for innovation education and research. The concept of human capital has shifted the focus of economic development theorists to generally agree that the quality. The value of the human capital asset of a nation is a function of quantity, quality as well as the operating environment. Hence human capital formation is undoubtedly the pivot for any meaningful programme of socioeconomic development of nigeria. Iosr journal of business and management iosrjbm eissn. 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. Human resource development and educational standard in nigeria. The first retains the onesectorcharacter of the original model and focuses on the interaction of physical and human capital accumulation.
The journal of human capital development is a refereed journal, which was launched in august 2008 by the centre for languages and. 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 contribution of human capital to the survival of libraries cannot be underestimated, this necessitates their regular training and development for increased performance. Kuah this paper provides insights as to how a confucianinspired junzi style of leadership translates into initiatives toward human capital development in singapore. Pdf the role of human capital in economic development. Impact of human capital development on productivity growth in eu member. It explores the role human capital plays in the production, allocation, and distribution of economic resources and in supporting longterm economic growth and development. The effects of staffing and training on firm productivity.
The origin of the term capital is explained, and the link between human capital theory and hrd is discussed. Of all published articles, the following were the most read within the past 12 months. In a knowledge economy, people are considered as revenue creators. The effect of foreign direct investment on human capital. 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.
International journal of business and management vol. The second examines a twogoodsystem that admits specialized human capital of different kinds and offers interesting possibilities for the interaction of trade and development. However, the effect of human capital on sustainable industrial development in nigeria has not been adequately explored. Perspectives on education in the post apartheid era is my own work. Developed and developing countries put emphases on a more human capital development towards accelerating the economic growth by devoting necessary time and efforts.
Human capital is one of the most important factor that can contribute towards economic growth of a. The impact of human capital on economic growth sciencedirect. Evidence from aggregate crosscountry and regional us data. The flow of these skills is forthcoming when the return to investment exceeds the cost both direct and indirect. The journal is committed to advancing hrd by providing. A countrys competitiveness in the new international economic order nieo is strongly connected to the quality of her human capital. Developed in response to the central role human capital plays in determining the production, allocation, and distribution of economic resources and. Hrdr publishes highquality conceptual work using nonempirical research methods. 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. Human capital can make organizations be highly dependent upon employees knowledge and expertise to have more income, development, efficiency and profitability westphalen, 1999. And no such study has been undertaken in zambia so far. The approach will be to explain clearly and precisely the. This perspective is important in understanding both investment incentives, and the structure of wages and earnings. The journal of human capital is dedicated to human capital and its expanding economic and social roles in the knowledge economy.
Chapter in nber book investment in human beings 1962, universitiesnational bureau committee for economic research p. Subscribe to this fee journal for more curated articles on this topic. The focus of this study was to ascertain the impact of selected human capital. Impact of human capital development on economic growth. Specifically, firms must invest necessary resources in developing human capital which tend to have a great impact on performance. Competition has become an imperative strategy in todays global market. International journal of academic research in business and social sciences. The effect of human resources development on organizational productivity p.
Asian development bank economics working paper series no. In a knowledge economy, people are considered as revenue. Two key questions informed the development of this research, namely. International journal of economics, management and accounting. The role of human capital in industrial development. One of the leading founders of this perspective, becker, argues that schooling, on. 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.
Appraise the extent to which human capital development enhances the total revenue tr. Introduction in the recent decade, the management of organizations has found that human resources have the greatest importance in gaining sustainable competitive advantage and efficiency. 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. Pdf human capital development and its impact on firm. The journal of human capital jhc is dedicated to human capital and its expanding economic and social roles in the contemporary knowledge economy. The impact of human capital management on the innovativeness of. Human capital, economic growth and welfare are closely. Evidence from aggregate crosscountry time, journal of monetary economics. It delineates what is known and largely agreed, and what are the most promising lines for future research. 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 concept of human capital has shifted the focus of economic development theorists to generally agree that the. The sustainable development goals, an internationally agreed set of time. A country of high population can only have a higher potential for human capital development and no more.
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