Human Capital Development and Economic Growth: The Nigeria.
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Methodologically this research is based on the approach of many social scientists who argue that there is a bidirectional link: one runs from human capital development to economic growth and.
Human capital development is the term used in referring to factors such as education, health, and other variables that can raise productivity. It refers to the ability to perform work so as to produce economic value. To a large extent this a function of the skills and knowledge workers acquired through education and experience.
The concept of human capital refers to the abilities and skills of human resources of a country, while human capital development refers to the process of acquiring and increasing the number of persons who have the skills, education and experience that are critical for economic growth and development of a country’s economy (Okojie, 2005).
Human capital development recognizes that the development and growth of people in organizations and business are an important and essential asset to the organizations future success. Healthfield (2011) defined human capital development as the framework for helping employees develop their personal and organizational skills, knowledge and ability.
The theory of human capital is rooted from the field of macroeconomic development theory (Schultz, 1993). Becker’s (1993) classic book, Human Capital: A Theoretical and Empirical Analysis with special reference to education, illustrates this domain. Becker argues that there are different kinds of capitals that.
Health and education are the two cornerstones of human capital. However, most studies narrowly equalh u- man capital to education, which may not only underestimate the impact of human capital, but also overestimate the role of education by attributing the influence of other forms of human capital such as health to education.
HUMAN CAPITAL DEVELOPMENT 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.
This review describes the research frontier on human capital and education in economics research. It delineates what is known and largely agreed, and what are the most promising lines for future research. The approach will be to explain clearly and precisely the research evidence, in a way that makes this accessible to a wide audience.
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There research supports the correlation of human capital and economic growth. Their findings suggest a positive the link between human capital and economic development. They concluded that human capital not only is an additional input in the production formula but also is a catalyst for technical change.
There is a large and growing body of evidence that demonstrates a positive linkage between the development of human capital and organisational performance. The emphasis on human capital in organisations reflects the view that market value depends less on tangible resources, but rather on intangible ones, particularly human resources.
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Human capital development through corporate training is an essential function of the human resources department. This is due to the following reasons: It allows companies to develop leaders within the business organization. It increases employee satisfaction and retention.
The topic of human capital was further elaborated by economists, representatives of the Chicago School in the 60s of the 20th century. “Attention Chicago economists also focused on building human capital theory, which was a major contribution to theoretical research in education.
This paper provides an overview of Africa’s achievements in the formation of human capital, and its impact on economic growth and welfare. Human capital, economic growth and welfare are closely interrelated. Section 2 provides an assessment of Africa’s human development in the context of other developing regions.