1. The study evaluates the relationship between human capital development and economic growth in Nigeria using data from 1977-2011.
2. The results of the analysis show there is a strong positive relationship between primary school enrollment, life expectancy, and economic growth (proxied by GDP). However, public expenditure on education has a negative impact on economic growth.
3. The findings suggest that investments in education and health can promote economic growth by increasing labor productivity. However, Nigeria needs to improve how it utilizes expenditures on education to achieve quality education and maximize its impact on the economy.
11.human capital development and economic growth in nigeriaAlexander Decker
1) The document discusses human capital development and economic growth in Nigeria. It analyzes the relationship between investments in education, health, and skills training (proxies for human capital) and GDP (a proxy for economic growth).
2) The analysis finds a strong positive relationship between human capital development and economic growth in Nigeria. However, Nigeria still struggles with high illiteracy, unskilled workers, and uneven distribution of skilled labor.
3) To promote continued economic growth, the document recommends that Nigeria evolve more effective strategies for developing skills and capabilities across its population. It also calls for improved institutions to align training with the needs of different economic sectors.
Human capital development in technical vocational education (tve) for sustain...Alexander Decker
This document discusses human capital development in technical vocational education for sustainable national development in Nigeria. It makes three key points:
1. Technical vocational education plays an important role in human capital development by developing skills that increase productivity and employability, which supports sustainable economic growth and national development.
2. For technical vocational education to effectively contribute to human capital development, institutions must be well-equipped with infrastructure, workshop facilities, and qualified teachers to ensure graduates acquire skills for gainful employment.
3. Nigeria has faced challenges in technical vocational education like insufficient facilities and teachers, but it remains an important way to reduce unemployment and poverty through skills training.
Economic growth and human development effect of globalization in nigeria evid...Alexander Decker
This document summarizes an article that empirically investigates the effect of globalization on economic growth and human development in Nigeria from 1999-2011. It uses regression analysis to examine how trade openness, financial openness, and migration have impacted economic growth and human development. The analysis found that globalization has had a more significant effect on economic growth than human development. Trade and financial openness were found to have significant negative effects on economic growth and human development, while net migration rate had a positive effect on economic growth and human development, though the effect on human development was insignificant. The findings suggest exercising caution in embracing liberalization policies and mitigating their negative impacts through diversifying exports, strengthening institutions, and reviving industries.
Human Capital Development as a Recipe for Sustainable Growth in Nigeriapaperpublications3
Abstract: The crucial role of education in the overall development of a nation cannot be overemphasized. It is not only seen as a key to poverty reduction and vehicle for promoting equity, fairness and social justice but also helps to supply the essential human capital which is a paramount condition for sustained economic growth. Thus, enhancing effective investment on education and health has been a tenet of growth and development strategies for most countries. The basic objective of this paper investigated the relationship between human capital (through education and effective health care services) and economic growth in Nigeria, using annual time series data from 1981 to 2013. The paper employs OLS methodology with BLUE assumptions, wald test, breusch Godfrey and pairwise granger test was also used to argument the OLS methodology. The result shows that considering the magnitude 1% increase in RGDP (proxy Economic growth) is brought about by 46% increase in (EXPHLTH) expenditure on health, 107% increase in (GFCF) gross fixed capital formation, 92% increase in (TEXPEDU) total expenditure on education, 0.00091% increase in (TLBF) Total labour force. The estimated value of R2 (goodness of fit) of 0.98 or 98% and it show that the independent variables explain about 80% of the variation in the dependent variable. The findings have a strong implication on educational and health policy in Nigeria. The study seems to suggest that a concerted effort should be made by policymakers to enhance educational and health investment in order to accelerate growth which would engender economic growth.
Human capital: Education and health in economic development egpShivani Baghel
A brief study on the economic development of health and education in India in the present scenario.
It talks about joint investment in both the sectors considering their rate of return, while dealing with questions like why increasing income is not sufficient? It also briefs about child labor and gender gap.
Impact of Human Capital Development on Economic Growth in Nigeriapaperpublications3
Abstract: The crucial role of education in the overall development of a nation cannot be overemphasized. It is not only seen as a key to poverty reduction and vehicle for promoting equity, fairness and social justice but also helps to supply the essential human capital which is a paramount condition for sustained economic growth. Thus, enhancing effective investment on education and health has been a tenet of growth and development strategies for most countries. The basic objective of this paper investigated the relationship between human capital (through education and effective health care services) and economic growth in Nigeria, using annual time series data from 1980 to 2012. The paper employs OLS methodology. The result shows that considering the magnitude, 1% increase in GDP is brought about by 22% increase in human capital. This postulates that an increase in allocation to education and health will lead to increase in GDP. The estimated value of R2 (goodness of fit) of 0.80 or 80% and it show that the independent variables explain about 80% of the variation in the dependent variable. The findings have a strong implication on educational and health policy in Nigeria. The study seems to suggest that a concerted effort should be made by policymakers to enhance educational and health investment in order to accelerate growth which would engender economic growth.
The Influence of Economic Growth on Poverty, Investment, and Human Developmen...Suwandi, Dr. SE.,MSi
This paper discusses about the economic growth that has a direct impact on Human Development Index (HDI) and indirect one on the increase of investment absorption and decrease of poverty. Besides, we can know that economic growth has a direct impact on the increase of investment, as well as it directly affects the decrease of poverty level by using partial test quantitative analysis. To increase the economic growth and reduce poverty as well as to increase HDI, these are what to do (a) revitalizing the agriculture to help main sector of Fak Fak district (agriculture); (b) giving modal such as: banking soft loan with easy terms and revolving fund for the right target in the form of natura (cows, sheeps, etc.) that can accelerate the increase of economic; (c) regional government facilitates the linkage and partnership program with “win-win solution” concept.
11.human capital development and economic growth in nigeriaAlexander Decker
1) The document discusses human capital development and economic growth in Nigeria. It analyzes the relationship between investments in education, health, and skills training (proxies for human capital) and GDP (a proxy for economic growth).
2) The analysis finds a strong positive relationship between human capital development and economic growth in Nigeria. However, Nigeria still struggles with high illiteracy, unskilled workers, and uneven distribution of skilled labor.
3) To promote continued economic growth, the document recommends that Nigeria evolve more effective strategies for developing skills and capabilities across its population. It also calls for improved institutions to align training with the needs of different economic sectors.
Human capital development in technical vocational education (tve) for sustain...Alexander Decker
This document discusses human capital development in technical vocational education for sustainable national development in Nigeria. It makes three key points:
1. Technical vocational education plays an important role in human capital development by developing skills that increase productivity and employability, which supports sustainable economic growth and national development.
2. For technical vocational education to effectively contribute to human capital development, institutions must be well-equipped with infrastructure, workshop facilities, and qualified teachers to ensure graduates acquire skills for gainful employment.
3. Nigeria has faced challenges in technical vocational education like insufficient facilities and teachers, but it remains an important way to reduce unemployment and poverty through skills training.
Economic growth and human development effect of globalization in nigeria evid...Alexander Decker
This document summarizes an article that empirically investigates the effect of globalization on economic growth and human development in Nigeria from 1999-2011. It uses regression analysis to examine how trade openness, financial openness, and migration have impacted economic growth and human development. The analysis found that globalization has had a more significant effect on economic growth than human development. Trade and financial openness were found to have significant negative effects on economic growth and human development, while net migration rate had a positive effect on economic growth and human development, though the effect on human development was insignificant. The findings suggest exercising caution in embracing liberalization policies and mitigating their negative impacts through diversifying exports, strengthening institutions, and reviving industries.
Human Capital Development as a Recipe for Sustainable Growth in Nigeriapaperpublications3
Abstract: The crucial role of education in the overall development of a nation cannot be overemphasized. It is not only seen as a key to poverty reduction and vehicle for promoting equity, fairness and social justice but also helps to supply the essential human capital which is a paramount condition for sustained economic growth. Thus, enhancing effective investment on education and health has been a tenet of growth and development strategies for most countries. The basic objective of this paper investigated the relationship between human capital (through education and effective health care services) and economic growth in Nigeria, using annual time series data from 1981 to 2013. The paper employs OLS methodology with BLUE assumptions, wald test, breusch Godfrey and pairwise granger test was also used to argument the OLS methodology. The result shows that considering the magnitude 1% increase in RGDP (proxy Economic growth) is brought about by 46% increase in (EXPHLTH) expenditure on health, 107% increase in (GFCF) gross fixed capital formation, 92% increase in (TEXPEDU) total expenditure on education, 0.00091% increase in (TLBF) Total labour force. The estimated value of R2 (goodness of fit) of 0.98 or 98% and it show that the independent variables explain about 80% of the variation in the dependent variable. The findings have a strong implication on educational and health policy in Nigeria. The study seems to suggest that a concerted effort should be made by policymakers to enhance educational and health investment in order to accelerate growth which would engender economic growth.
Human capital: Education and health in economic development egpShivani Baghel
A brief study on the economic development of health and education in India in the present scenario.
It talks about joint investment in both the sectors considering their rate of return, while dealing with questions like why increasing income is not sufficient? It also briefs about child labor and gender gap.
Impact of Human Capital Development on Economic Growth in Nigeriapaperpublications3
Abstract: The crucial role of education in the overall development of a nation cannot be overemphasized. It is not only seen as a key to poverty reduction and vehicle for promoting equity, fairness and social justice but also helps to supply the essential human capital which is a paramount condition for sustained economic growth. Thus, enhancing effective investment on education and health has been a tenet of growth and development strategies for most countries. The basic objective of this paper investigated the relationship between human capital (through education and effective health care services) and economic growth in Nigeria, using annual time series data from 1980 to 2012. The paper employs OLS methodology. The result shows that considering the magnitude, 1% increase in GDP is brought about by 22% increase in human capital. This postulates that an increase in allocation to education and health will lead to increase in GDP. The estimated value of R2 (goodness of fit) of 0.80 or 80% and it show that the independent variables explain about 80% of the variation in the dependent variable. The findings have a strong implication on educational and health policy in Nigeria. The study seems to suggest that a concerted effort should be made by policymakers to enhance educational and health investment in order to accelerate growth which would engender economic growth.
The Influence of Economic Growth on Poverty, Investment, and Human Developmen...Suwandi, Dr. SE.,MSi
This paper discusses about the economic growth that has a direct impact on Human Development Index (HDI) and indirect one on the increase of investment absorption and decrease of poverty. Besides, we can know that economic growth has a direct impact on the increase of investment, as well as it directly affects the decrease of poverty level by using partial test quantitative analysis. To increase the economic growth and reduce poverty as well as to increase HDI, these are what to do (a) revitalizing the agriculture to help main sector of Fak Fak district (agriculture); (b) giving modal such as: banking soft loan with easy terms and revolving fund for the right target in the form of natura (cows, sheeps, etc.) that can accelerate the increase of economic; (c) regional government facilitates the linkage and partnership program with “win-win solution” concept.
Impact of Human Capital Development on Economic Growth in Nigeriainventionjournals
The study examines the impact of human capital development on economic growth in Nigeria. The study sought to find out how human capital development (education and health) contributes to economic growth (GDP, unemployment and employment rate) in Nigeria. Investment in Education and health are always not considered in Nigeria which limits the economic growth in Nigeria thereby not contributing to gross domestic product in Nigeria. Poor consideration of human capital development result to high level unemployment, low GDP and low employment rate in Nigeria. The main objective is to examine the impact of human capital development on economic growth in Nigeria. Time series data were collected from secondary source from 1999-2015. The Ordinary Least Square was adopted and finding reveals that human capital development and economic growth in Nigeria is insignificant. The study also found that human capital development contributes to unemployment rate in Nigeria but does not contributes to GDP and employment rate in Nigeria. It is therefore recommended that Nigeria government should re-strategies its human capital development policies and develop a programme to solve human development needs in terms of education and health since there is insignificant relationship between human capital development and economic growth.
Human capital refers to the skills, knowledge, and health that enable people to be productive. Developing human capital through education and training is important for economic growth. While Pakistan has made some investments in education and seen gains in literacy and human development, it spends less than comparable countries on health and education. Improving human capital will require greater investment, better education quality, and addressing issues like population growth and unequal access to opportunities.
Human Capital and Human Resource Developmentcmutamba
Human capital refers to the knowledge, skills, and abilities gained through education and training. Several economists viewed human capital as a form of investment that yields returns both privately to individuals in the form of higher income and publicly through greater productivity. More recent views see human capital as the collective knowledge and capabilities of individuals that create competitive advantages for organizations and drive economic growth at national and international levels. Expenditures on education and training are considered investments in human capital that improve productivity.
Investment in human capital are central to development, delivering substantial economic benefits in the long term. However, the benefits of these investments often take time to materialize and their benefits to the society are not always visible, leading to underinvestment in human capital. The Human Capital Index quantifies the contribution of health and education to the productivity of the next generation of workers. Nigeria whose capital index (HCI) is 0.34, has been ranked 152 out of 157 countries in the first-ever Human Capital Index released by the World Bank Group which makes is one of the worse in the world.
This document discusses human capital investment and outlines a three pillar approach:
1. The Human Capital Index measures and tracks the productivity of future workers based on their expected health and education outcomes.
2. Improving measurement and research of human capital formation to better support investment decisions.
3. Engaging countries to develop national strategies to accelerate progress on human capital through early adopters.
Key areas of focus are improving survival rates, quality of education, adult health, and creating an aligned education system focused on learning outcomes.
The document discusses how human capital formation through education, health, job training, and access to information leads to economic growth and development. It contributes to increased earnings potential, technological advancement, and improved standards of living globally. Recent reports predict India will become a major economic power in the 21st century, with fast growth expected among BRICS countries including India, China, Brazil, and South Africa.
This document provides background information on a proposed study analyzing the impact of government expenditure on human capital development and economic growth in Nigeria. It discusses how developed nations have realized the importance of investing in education and healthcare as strategic efforts for economic development. While Nigeria has prioritized human capital development, there are concerns about the ability of education and healthcare systems to meet population needs given inconsistent funding over different political regimes. The proposed study aims to determine the extent to which government education and healthcare spending impacts economic growth in Nigeria.
This document analyzes government programs in Nigeria and Ghana aimed at reducing unemployment through entrepreneurship. It finds that while the goals of the programs in both countries are similar, there are differences in implementation. The programs have faced challenges such as inadequate funding, lack of training, and lack of support from governments, leading to failures in reducing unemployment. The paper recommends clearer policies led by a specialized ministry, including entrepreneurship in education, and long-term support for private sector job growth to better address unemployment.
Human resource facilitates economic development. It refers to a country's population in terms of size, skills, education levels, and productivity. Countries should engage in manpower planning to develop their human resources. Proper utilization of human resources leads to increased production, development of skills, and improved quality of life. Models like the Coale-Hoover model indicate that economic growth depends on growth in labor force and amount of capital available per laborer. Countries with higher per capita GDP and literacy rates tend to be more productive. India and China are expected to have the largest working-age populations and together produce 40% of the world's graduates by 2020, positioning them to be the top two economies based on GDP by 2050.
The document discusses several factors contributing to regional differences in educational attainment in India. It notes that states differ in language, culture, needs, climate and more. As a result, some regions lack educational facilities while others prioritize education more. For example, states like Bihar, Rajasthan and Uttar Pradesh have lower literacy rates while states like Kerala, Tamil Nadu and Uttaranchal have higher rates. Generally, regions with lower standards of living, fewer job opportunities and more subsistence level work value education less. Poverty also prevents families from sending children to school, as they rely on child labor. Gender disparities further contribute to regional differences in education across India.
Investment in Education Entrepreneurship and Economic Growth in Nigeriapaperpublications3
Abstract: The paper investigated the relationship between investment in education, entrepreneurship and economic growth in Nigeria using annual time-series data from 1981 to 2013. OLS methodology, Johansen Co-integration and Error correction technique were employed to analyze macroeconomic data sourced from CBN statistical bulletin. The OLS result shows through its 98% goodness of fit value that all variable except unemployment are positively related to the gross domestic product, proxy for economic growth in Nigeria. The Co-integration test and the Error-correction technique revealed that a long-run relationship exists between investment in education, entrepreneurship and economic growth in Nigeria. The study suggests that the government should take appropriate measures to adequately invest in the educational sector and also place more attention on the development of small and medium-sized enterprises in order to ensure sustainable economic growth in Nigeria.
This document discusses youth unemployment in Nigeria and proposes ways to address the issue. It begins by introducing the scope and objectives, which are to understand the causes of youth unemployment, challenges to solving it, and how to transition to more employment opportunities. It then analyzes the nature and characteristics of youth unemployment in Nigeria, finding high rates particularly for those aged 15-24 and those with secondary education. The document outlines many challenges to sustainable youth employment, including weak institutions, corruption, and insecurity. Finally, it proposes a path forward through reforms like improving institutions, investing in infrastructure, developing technical skills programs, and supporting small businesses and entrepreneurship.
This document provides an overview of human capital including its economic perspective, sources, pillars, and indexes. It discusses human capital indexes for top countries including India. The four pillars of human capital are education, health, workforce/employment, and enabling environment. India ranks 78th out of 122 countries on the overall human capital index, with relatively low scores in health and the enabling environment. The document concludes by noting the importance of human capital for development and identifying challenges to improving human capital in India like population growth and lack of education and health facilities.
ENTREPRENEURSHIP DEVELOPMENT AND UNEMPLOYMENT IN NIGERIAIJM Journal
A number of policy intermediations in Nigeria that were targeted at inspiring and stimulating entrepreneurship development through small and medium scale enterprises have botched. In its place of creating in-country entrepreneurial capacity, entrepreneurs have been converted and become distribution agents of imported goods. This paper argues the development of entrepreneurship and stressed that it has been instrumental in economic growth, balanced regional development and job creation in most vibrant economies, where technology is changing at a faster rate and the product lifetime cycle is dwindling. This paper also looks at Nigeria’s growing unemployment situation and how it increasingly deteriorates the potentials of the country. It emphasizes the prominence and significance of entrepreneurship as realistic machinery for sustainable economic growth and employment generation in Nigeria seeing the experiences of developed nations like Australia, the United States and vibrant economies like China and India.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
1. Human capital formation refers to increasing the productive qualities of a country's labor force through education, skills training, health care, and other means.
2. Key factors that influence human capital formation in Pakistan include low literacy rates, lack of on-the-job training, insufficient health and nutrition levels, and inadequate basic infrastructure and services.
3. Improving human capital formation is important for Pakistan's economic development as it can increase labor productivity and utilization of resources, promote technological advancement, boost industrial performance, and reduce poverty and unemployment. However, challenges to human capital formation in Pakistan include rapid population growth, unequal access to education, and lack of awareness about its benefits.
Graduate unemployment in nigeria entrepreneurship and venture capital nexusAlexander Decker
This document discusses graduate unemployment in Nigeria and proposes ways to address it through entrepreneurship and venture capital. It begins by outlining the high rates of unemployment in Nigeria, including graduate unemployment which accounts for 32% of total unemployment. It then advocates for establishing a venture capital bank to provide loans to unemployed graduates with business ideas to encourage entrepreneurship. Finally, it recommends that universities update their curricula to reflect employer needs and that the government improve infrastructure to support private sector growth and job creation.
Human Resources and Economic DevelopmentAyesha Arshad
INTRODUCTION TO HUMAN RESOURCES & ECONOMIC DEVELOPMENT
INDICATORS OF HUMAN RESOURCES
IMPORTANCE OF HR DEVELOPMENT
COMPONENTS OF HUMAN RESOURCE DEVELOPMENT
SOCIAL/ NON-ECONOMIC FACTORS OF ECONOMIC GROWTH
The document discusses human capital formation and the role of education. It defines human capital as the skills, knowledge, and attributes that individuals possess that enable them to perform labor and create economic value. Human capital formation is the process by which individuals reach their highest potential through education, skills development, employment and personal growth. The document emphasizes that education plays a major role in human capital formation by helping individuals realize their potential and earn higher incomes, which benefits both individuals and society. It also discusses factors that lead to students dropping out of school and how dropouts negatively impact human capital formation and economic growth by reducing the availability of skilled labor and increasing poverty.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
Prospects for Economic Growth in Nigeria – a demographic perspectiveguest06bff3
Presentation to the Task Force by its co-chair, David Bloom. The presentation sets out salient facts describing Nigeria’s economy and population; explains the theory of the demographic dividend; and asks whether there is a demographic dividend in Nigeria’s future.
Impact of Human Capital Development on Economic Growth in Nigeriainventionjournals
The study examines the impact of human capital development on economic growth in Nigeria. The study sought to find out how human capital development (education and health) contributes to economic growth (GDP, unemployment and employment rate) in Nigeria. Investment in Education and health are always not considered in Nigeria which limits the economic growth in Nigeria thereby not contributing to gross domestic product in Nigeria. Poor consideration of human capital development result to high level unemployment, low GDP and low employment rate in Nigeria. The main objective is to examine the impact of human capital development on economic growth in Nigeria. Time series data were collected from secondary source from 1999-2015. The Ordinary Least Square was adopted and finding reveals that human capital development and economic growth in Nigeria is insignificant. The study also found that human capital development contributes to unemployment rate in Nigeria but does not contributes to GDP and employment rate in Nigeria. It is therefore recommended that Nigeria government should re-strategies its human capital development policies and develop a programme to solve human development needs in terms of education and health since there is insignificant relationship between human capital development and economic growth.
Human capital refers to the skills, knowledge, and health that enable people to be productive. Developing human capital through education and training is important for economic growth. While Pakistan has made some investments in education and seen gains in literacy and human development, it spends less than comparable countries on health and education. Improving human capital will require greater investment, better education quality, and addressing issues like population growth and unequal access to opportunities.
Human Capital and Human Resource Developmentcmutamba
Human capital refers to the knowledge, skills, and abilities gained through education and training. Several economists viewed human capital as a form of investment that yields returns both privately to individuals in the form of higher income and publicly through greater productivity. More recent views see human capital as the collective knowledge and capabilities of individuals that create competitive advantages for organizations and drive economic growth at national and international levels. Expenditures on education and training are considered investments in human capital that improve productivity.
Investment in human capital are central to development, delivering substantial economic benefits in the long term. However, the benefits of these investments often take time to materialize and their benefits to the society are not always visible, leading to underinvestment in human capital. The Human Capital Index quantifies the contribution of health and education to the productivity of the next generation of workers. Nigeria whose capital index (HCI) is 0.34, has been ranked 152 out of 157 countries in the first-ever Human Capital Index released by the World Bank Group which makes is one of the worse in the world.
This document discusses human capital investment and outlines a three pillar approach:
1. The Human Capital Index measures and tracks the productivity of future workers based on their expected health and education outcomes.
2. Improving measurement and research of human capital formation to better support investment decisions.
3. Engaging countries to develop national strategies to accelerate progress on human capital through early adopters.
Key areas of focus are improving survival rates, quality of education, adult health, and creating an aligned education system focused on learning outcomes.
The document discusses how human capital formation through education, health, job training, and access to information leads to economic growth and development. It contributes to increased earnings potential, technological advancement, and improved standards of living globally. Recent reports predict India will become a major economic power in the 21st century, with fast growth expected among BRICS countries including India, China, Brazil, and South Africa.
This document provides background information on a proposed study analyzing the impact of government expenditure on human capital development and economic growth in Nigeria. It discusses how developed nations have realized the importance of investing in education and healthcare as strategic efforts for economic development. While Nigeria has prioritized human capital development, there are concerns about the ability of education and healthcare systems to meet population needs given inconsistent funding over different political regimes. The proposed study aims to determine the extent to which government education and healthcare spending impacts economic growth in Nigeria.
This document analyzes government programs in Nigeria and Ghana aimed at reducing unemployment through entrepreneurship. It finds that while the goals of the programs in both countries are similar, there are differences in implementation. The programs have faced challenges such as inadequate funding, lack of training, and lack of support from governments, leading to failures in reducing unemployment. The paper recommends clearer policies led by a specialized ministry, including entrepreneurship in education, and long-term support for private sector job growth to better address unemployment.
Human resource facilitates economic development. It refers to a country's population in terms of size, skills, education levels, and productivity. Countries should engage in manpower planning to develop their human resources. Proper utilization of human resources leads to increased production, development of skills, and improved quality of life. Models like the Coale-Hoover model indicate that economic growth depends on growth in labor force and amount of capital available per laborer. Countries with higher per capita GDP and literacy rates tend to be more productive. India and China are expected to have the largest working-age populations and together produce 40% of the world's graduates by 2020, positioning them to be the top two economies based on GDP by 2050.
The document discusses several factors contributing to regional differences in educational attainment in India. It notes that states differ in language, culture, needs, climate and more. As a result, some regions lack educational facilities while others prioritize education more. For example, states like Bihar, Rajasthan and Uttar Pradesh have lower literacy rates while states like Kerala, Tamil Nadu and Uttaranchal have higher rates. Generally, regions with lower standards of living, fewer job opportunities and more subsistence level work value education less. Poverty also prevents families from sending children to school, as they rely on child labor. Gender disparities further contribute to regional differences in education across India.
Investment in Education Entrepreneurship and Economic Growth in Nigeriapaperpublications3
Abstract: The paper investigated the relationship between investment in education, entrepreneurship and economic growth in Nigeria using annual time-series data from 1981 to 2013. OLS methodology, Johansen Co-integration and Error correction technique were employed to analyze macroeconomic data sourced from CBN statistical bulletin. The OLS result shows through its 98% goodness of fit value that all variable except unemployment are positively related to the gross domestic product, proxy for economic growth in Nigeria. The Co-integration test and the Error-correction technique revealed that a long-run relationship exists between investment in education, entrepreneurship and economic growth in Nigeria. The study suggests that the government should take appropriate measures to adequately invest in the educational sector and also place more attention on the development of small and medium-sized enterprises in order to ensure sustainable economic growth in Nigeria.
This document discusses youth unemployment in Nigeria and proposes ways to address the issue. It begins by introducing the scope and objectives, which are to understand the causes of youth unemployment, challenges to solving it, and how to transition to more employment opportunities. It then analyzes the nature and characteristics of youth unemployment in Nigeria, finding high rates particularly for those aged 15-24 and those with secondary education. The document outlines many challenges to sustainable youth employment, including weak institutions, corruption, and insecurity. Finally, it proposes a path forward through reforms like improving institutions, investing in infrastructure, developing technical skills programs, and supporting small businesses and entrepreneurship.
This document provides an overview of human capital including its economic perspective, sources, pillars, and indexes. It discusses human capital indexes for top countries including India. The four pillars of human capital are education, health, workforce/employment, and enabling environment. India ranks 78th out of 122 countries on the overall human capital index, with relatively low scores in health and the enabling environment. The document concludes by noting the importance of human capital for development and identifying challenges to improving human capital in India like population growth and lack of education and health facilities.
ENTREPRENEURSHIP DEVELOPMENT AND UNEMPLOYMENT IN NIGERIAIJM Journal
A number of policy intermediations in Nigeria that were targeted at inspiring and stimulating entrepreneurship development through small and medium scale enterprises have botched. In its place of creating in-country entrepreneurial capacity, entrepreneurs have been converted and become distribution agents of imported goods. This paper argues the development of entrepreneurship and stressed that it has been instrumental in economic growth, balanced regional development and job creation in most vibrant economies, where technology is changing at a faster rate and the product lifetime cycle is dwindling. This paper also looks at Nigeria’s growing unemployment situation and how it increasingly deteriorates the potentials of the country. It emphasizes the prominence and significance of entrepreneurship as realistic machinery for sustainable economic growth and employment generation in Nigeria seeing the experiences of developed nations like Australia, the United States and vibrant economies like China and India.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
1. Human capital formation refers to increasing the productive qualities of a country's labor force through education, skills training, health care, and other means.
2. Key factors that influence human capital formation in Pakistan include low literacy rates, lack of on-the-job training, insufficient health and nutrition levels, and inadequate basic infrastructure and services.
3. Improving human capital formation is important for Pakistan's economic development as it can increase labor productivity and utilization of resources, promote technological advancement, boost industrial performance, and reduce poverty and unemployment. However, challenges to human capital formation in Pakistan include rapid population growth, unequal access to education, and lack of awareness about its benefits.
Graduate unemployment in nigeria entrepreneurship and venture capital nexusAlexander Decker
This document discusses graduate unemployment in Nigeria and proposes ways to address it through entrepreneurship and venture capital. It begins by outlining the high rates of unemployment in Nigeria, including graduate unemployment which accounts for 32% of total unemployment. It then advocates for establishing a venture capital bank to provide loans to unemployed graduates with business ideas to encourage entrepreneurship. Finally, it recommends that universities update their curricula to reflect employer needs and that the government improve infrastructure to support private sector growth and job creation.
Human Resources and Economic DevelopmentAyesha Arshad
INTRODUCTION TO HUMAN RESOURCES & ECONOMIC DEVELOPMENT
INDICATORS OF HUMAN RESOURCES
IMPORTANCE OF HR DEVELOPMENT
COMPONENTS OF HUMAN RESOURCE DEVELOPMENT
SOCIAL/ NON-ECONOMIC FACTORS OF ECONOMIC GROWTH
The document discusses human capital formation and the role of education. It defines human capital as the skills, knowledge, and attributes that individuals possess that enable them to perform labor and create economic value. Human capital formation is the process by which individuals reach their highest potential through education, skills development, employment and personal growth. The document emphasizes that education plays a major role in human capital formation by helping individuals realize their potential and earn higher incomes, which benefits both individuals and society. It also discusses factors that lead to students dropping out of school and how dropouts negatively impact human capital formation and economic growth by reducing the availability of skilled labor and increasing poverty.
11.long run relationship between private investment and monetary policy in ni...Alexander Decker
This study investigated the long-run relationship between private investment and monetary policy in Nigeria from 1981 to 2009. The results of the vector autoregression model showed that in the short-run, money supply had a negative but insignificant impact on private investment, while GDP and other factors had a positive impact. However, in the long-run all variables became statistically significant, with money supply positively affecting private investment growth. This implies that monetary policy in Nigeria has positively influenced the growth of private investment over the long-run. The study concluded that private investment and monetary policy have been negatively related in the short-run in terms of money supply, but positively related based on GDP and other factors in the long-run.
Prospects for Economic Growth in Nigeria – a demographic perspectiveguest06bff3
Presentation to the Task Force by its co-chair, David Bloom. The presentation sets out salient facts describing Nigeria’s economy and population; explains the theory of the demographic dividend; and asks whether there is a demographic dividend in Nigeria’s future.
What are the common characteristics of developing countriesTamur Iqbal
Common characteristics of developing countries include: low per capita incomes below $600 per year on average, high rates of poverty, dependence on agriculture as the main occupation, high population growth rates that outpace economic development, and underutilization of natural resources due to a lack of capital and outdated techniques. Many developing countries also face problems like large debts, unemployment, a lack of infrastructure like transportation, and political instability that hinders long-term investment.
Demography and Economic Growth in Nigeriaguest7a0d21
Presentation given by David Bloom and Salal Humair to the Committee on African Studies Harvard Africa Seminar, setting out the details and aims of the NextGenerationNigeria project. This presentation also contains the speaking notes
Developing economies share some common characteristics while also exhibiting structural diversity:
1) They generally have low levels of living, productivity, and human development indicators like per capita income, GDP growth, HDI scores.
2) Population growth rates are higher in developing countries compared to developed nations, leading to larger youth and dependency burdens.
3) Many developing economies rely heavily on primary exports, agriculture, and raw materials with less emphasis on manufacturing, and are dependent on international trade and relations.
4) Imperfect markets, incomplete information, and lack of institutional and structural support also hinder development potential in these nations.
The document discusses the differences between developed and developing countries, noting that developed countries tend to have democratic governments, free market economies, less corruption, more manufacturing industries, and prevalent technology, while developing countries generally have lower standards of living, less developed industries, lack modern technology, and lower levels of education, healthcare, and life expectancy. Examples of developed countries given are the United States, Japan, Germany, and France, while examples of developing countries include Mexico, Brazil, South Africa, and Thailand.
Development requires sustained effort over long periods and involves changes. Economic growth refers to increases in output or production, while economic development also includes changes to production arrangements. Development in humans and countries involves not just physical increases but also changes to attitudes, habits, and intelligence/institutions to become mature. Economic development is characterized by sustained output increases, widespread structural changes, and growth in efficiency shaped by non-economic factors.
The document provides information on the characteristics of developing nations. It discusses some key obstacles to development, such as reliance on subsistence agriculture and lack of political stability. It also lists some common characteristics of developing countries, including low levels of productivity, imperfect world markets, low living standards, and high population growth. The document then examines ways to measure a nation's level of development, such as through quantitative indicators like GDP per capita and qualitative indicators like the Happiness Index. It introduces the Human Development Index as a composite measure of development.
This document provides an overview of key concepts in research methodology, including:
1. It defines research as an organized and systematic process of finding answers to questions through a defined set of steps and procedures.
2. It discusses different types of research including quantitative, qualitative, basic, applied, longitudinal, descriptive, classification, comparative, exploratory, explanatory, causal, theory testing, and theory building research.
3. It also discusses alternatives to research-based knowledge such as relying on authority, tradition, common sense, media, and personal experience.
Principals’ perception of entrepreneurship education as a management strategy...Alexander Decker
This document summarizes a study on principals' perceptions of entrepreneurship education as a strategy for economic security in Rivers State, Nigeria. The following key points were discussed:
1) The study examined the role, challenges, and prospects of entrepreneurship education according to principals' perceptions. It found that principals viewed entrepreneurship education as playing an important role in economic security through job creation and skills development.
2) The main challenges identified were lack of funding, inconsistent government policies, and lack of infrastructure. However, principals disagreed that lack of qualified teachers and poor working conditions were challenges.
3) Principals agreed there was greater emphasis on entrepreneurship education but disagreed that investment and government funding were
The Impacts of Health and Education Components of Human Resources Development...iosrjce
IOSR Journal of Economics and Finance (IOSR-JEF) discourages theoretical articles that are limited to axiomatics or that discuss minor variations of familiar models. Similarly, IOSR-JEF has little interest in empirical papers that do not explain the model's theoretical foundations or that exhausts themselves in applying a new or established technique (such as cointegration) to another data set without providing very good reasons why this research is important.
Education expenditure and economic growth a causal analysis for malaysiaAlexander Decker
This document summarizes a journal article that examines the relationship between government expenditure on education and economic growth in Malaysia from 1970 to 2010. It finds that GDP is positively correlated with fixed capital formation, labor force participation, and government education expenditure based on a vector autoregression analysis. A Granger causality test also finds a two-way relationship between economic growth and education expenditure in the short term. Overall, the study provides evidence that increased government spending on education contributes to economic growth in Malaysia.
Education and Economic Growth in Uganda: A cointegration approachPremier Publishers
This study examines the impact of the quantity of education on economic growth using gross enrolment ratio of primary, secondary and tertiary education as a proxy for the quantity of education. The annual data over the period 1985 to 2017 was used. Unit root tests, cointegration and causality tests were conducted following the Johansen and Juselius cointegration approach. The results indicate that the higher the education level attained the more likely the contribution to Uganda’s economic growth. The study variables were found to be integrated of order one using the ADF test for unit root. The long run causality test detected the existence of long run causality at all levels of education with GDP. The paper contributes to the ongoing debate as to whether education contributes to economic growth, and if it does which level is likely to contribute more to a country’s growth and under what conditions. The paper recommends the need for policy makers to provide an enriched curriculum that trains learners to be creative and productive right from primary education. The government is urged to increase the budget allocation to education as a percentage of GDP to at least 5.4% to ensure acquisition of the necessary education infrastructure to promote quality education.
(The Case of West Java Province, Indonesia)
Prepared to fulfill assignments in the Education Policy Course, GSID Nagoya Universisity, 2002
By: Tri Widodo W. Utomo
Arising from the questions “Would all types of human capital affect economic growth identically? And which type of schooling - primary, secondary, or tertiary – should public policy promote?”, this study examines the nexus between different educational levels and Indonesia’s economic growth over a reference period 1984-2014. During this period, education expansion took place at all three levels of education reflecting structural changes tied within the policies under the Millennium Development Goals (MDG’s) as the key and powerful factor for sustainable economic development. The study applies the augmented Lucas endogenous growth model and employs the autoregressive distributed lag model. The empirical analysis reveals a long-run relation between education and economic growth. The estimated long-run and short-run elasticity of different education levels reveal that, overall, human capital structure in Indonesia is still at the stage of promoting economic growth and identifies tertiary education as the main level for development. The findings reveal that education level matters to economic growth. Further, the empirical evidence helps shed light on why empirical studies have failed to find a significant relationship between schooling and economic growth.
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
EDUCATION AS A PATHWAY TO SUSTAINABLE GROWTH IN NIGERIApaperpublications3
Abstract: The crucial role of education in the overall development of a nation cannot be overemphasized. It is not only seen as a key to poverty reduction and vehicle for promoting equity, fairness and social justice but also helps to supply the essential human capital which is a paramount condition for sustained economic development. The basic objective of this paper investigates the authenticity of education being the pathway to sustainable economic development in Nigeria, using annual time series data from 1981 to 2014. The paper employs OLS methodology using Cobb Douglas production with white heteroskedasticity testing, wald test analysis and breusch pagan godfrey autocorrelation test. The results shows that considering the magnitude 1% increase in RGDP (proxy Economic growth) is brought about by 118% increase in (GFCF) gross fixed capital formation, 114% increase in (TEXPEDU) total expenditure on education, 22% increase in total recurrent expenditure on education (TREXPEDU) and 0.00095% increase in (TLBF), total labour force. R2 shows that 98% systematic variation in Real GDP is caused by variation in the explanatory variables. This indicates that there is, indeed a short and long-run relationship between education, and economic development. The findings have a strong implication on educational policy in Nigeria. The study seems to suggest that a concerted effort should be made by policymakers to enhance educational investment with a focus on human capital development in order to ensure and accelerate inclusive growth that would engender economic development.
An Analysis of Impact of Human Capital Investment on Demographic Characterist...inventionjournals
The demographic features of the 2011census of India have revealed that India is the second largest country next to China in terms of working age population (25 - 50 years) in the world. It has been known that the country’s economic growth is based on both natural and human resources available in the country. Still, there are more avenues for effective and efficient use of labour-productivity in this age group. It is well conceived by the theory that the human resources are the biggest contributor of economic growth which is augmented by a process of human capital formation. Of late, health and education have been viewed as the two dimensions of human capital which are treated as an indicator of social welfare. The variations in health status of different age groups in market and non-market labour productivities are still prevalent in many developing countries. The low health status persons contribute less to human capital formation than of others (Behrman and Deolalikar, 1988). According to them, “Health is a state of complete physical, mental and social wellbeing and not merely the absence of disease or infirmity”. Therefore, it cannot be purchased by the consumers in the market as we do for other goods and services in the market. On the other hand, it can be produced by spending time upon health improving activities, as well as, purchasing medical inputs (Grossman M., 1972). Behrman has pointed out that there is an inverse relationship between low health status and human capital formation. Therefore, the economists have focused their attention to study the determinants and impact of health status on economic growth. The present study attempts to analyse the human capital investment and its impact of socio- economic status on human resources (HR) in Chennai district, Tamil Nadu. To aid our research effort, an extensive literature has also been reviewed in an attempt to answer various queries raised. On the basis of the statement of problems, the research questionnaires have been canvassed among the respondents to obtain the information. This study is based on databases obtained both from primary and secondary sources. The information through primary sources has been collected with the help of interview schedule. The secondary data on Human Capital Investment and the Impact of Socio- Economic Status on Human Resources have been collected from various sources in Chennai City. In the health sector, this study focuses its attention to reporting illness, amount spent, days lost. Some of the opted econometric techniques have been used to examine the objectives of the study. Our empirical strategy has applied the following tools of analysis. The statistical tools like OLS, PROBIT and LOGIT techniques are used to analyze the indicator ‘selfreported illnesses. And, ‘Health expenditure’ and ‘number of days lost’ are estimated by OLS and TOBIT techniques, besides by applying correlation, regression analysis.
This document provides a proposal for an MSc project that will analyze the impact of government expenditure on human capital development and economic growth in Nigeria. Specifically, it will:
1. Estimate the extent to which government expenditure on health and education has impacted economic growth in Nigeria.
2. Determine the causal link between government expenditure on education and health and human capital development outcomes.
3. Compare the impact of such spending on growth between military and democratic regimes.
The study will use data from 1970-2011 to analyze the relationship between GDP, physical capital, education/health spending, and human capital proxies. It seeks to provide insight on optimal levels of human capital investment.
An appraisal of the philosophy of nigerian education for sustainable liveliho...Alexander Decker
This document summarizes a study that assessed the philosophy of Nigerian education and its ability to support sustainable livelihoods from 2008-2012. Key findings include:
1) University teachers perceived that the contemporary socio-economic trends of Nigeria's education philosophy have not accelerated sustainable livelihoods, as reflected by their negative responses to survey questions.
2) Statistical analysis confirmed the philosophy of Nigerian education for sustainable livelihood is not significantly high, as the mean score for objectives was lower than the hypothesized mean.
3) A comparison of Nigeria to Malaysia and South Africa on basic needs provision like literacy, water access, and life expectancy showed Nigeria ranking last, indicating its philosophy has less impact on livelihoods.
Education and economic growth in the mena region some new evidenceAlexander Decker
This document analyzes the relationship between education and economic growth in MENA (Middle East and North Africa) countries based on a review of literature and empirical analysis. It finds that while education levels have increased in MENA, the impact on economic growth has been mixed. Previous studies show education has a weak link to growth, possibly due to low quality of education and labor market distortions. The author uses recent data and panel estimation techniques to empirically test the impact of various education indicators on growth for MENA countries from 1975-2010. The results show the effect of education depends on the indicator used and subgroup analyzed.
Various Variables to Trigger Entrepreneurial Intention for Young Entrepreneur...inventionjournals
Indonesia faces major problems related to the development of the entrepreneurial spirit of the young people. To Strengthen Indonesia's competitiveness at the global level, the strengthening of the entrepreneurial movement should be as the main agenda and to be done consistently. The majority of the Indonesian population is the group of young people. So, a systematic effort to foster an interest in entrepreneurship of a young people is required. This study examines various variables triggering the growing of entrepreneurship intention of the young entrepreneurs in East Java. This study found that family support is a major factor for strengthening the young entrepreneurs' intention in entrepreneurship. The study also showed that entrepreneurship education and social environmental support as an initial trigger which influence the growth of entrepreneurial intention of young entrepreneurs. Entrepreneurship education will influence the personality of the young entrepreneurs, while the environmental support will influence the entrepreneurial attitude of the young entrepreneurs. Furthermore, personality and entrepreneurial attitude will influence the growth of entrepreneurial intention. Based on this study, it is suggested that entrepreneurship education needs to be done earlier, ranging from primary education to the higher education. Furthermore, there should be further studies, specifically intended to strengthen entrepreneurship education and strengthen the role of the environment to foster entrepreneurship intention.
This document provides an abstract for a research paper that analyzes the relationship between economic growth and economic development in the Vaal Triangle region of South Africa. The research uses an economic development index that includes unemployment, poverty, and the human development index to measure economic development. A Vector Auto Regression model indicates that economic development leads to economic growth in the short run. Therefore, policies aimed at increasing human development and reducing unemployment and poverty can achieve sustainable economic growth in the short run. The full paper will include literature on economic growth and development theories, methodology using data from reliable sources, results, discussion, recommendations, and a conclusion.
Influence of budgetary allocation on performance of youth group project in th...oircjournals
The need to empower youth for a better tomorrow is connected both, to the financial elevation as well as increment of the standard of living. Therefore, the study sought to establish the influence of budgetary allocation on performance of youth group project in the county government of Uasin Gishu. The study was guided by budget theory. The study employed the use of survey design in order to accomplish the research objectives. The accessible population for the study was 375 representatives of different youth groups and 65 officials of devolved fund initiative in Uasin Gishu County. Sample size was computed using the Fishers formula. Proportionate sampling was applied to select respondents. The researcher employed the use of questionnaire and interview schedule to collect data from participants. This study used descriptive statistics and inferential statistics. Descriptive statistics were done using frequency percentages, means and standard deviation of each variable. The coefficient of variation were used where data were skewed. Correlation and regression were used to show the relationship between the dependent variable and the whole group of independent variables. The results of the study were presented using Tables and figures. The study found that budgetary allocation has a positive and a significant influence on performance of youth group project in the county government of Uasin Gishu (β1=0.154, p<0.05). The study concluded that the amount disbursed to youths is equally distributed and done in time. Funds disbursements are based on projects types and the youth can compete competitively by accessing enough amount of money to finance their businesses. The study recommends that the training programs on entrepreneurship should be enhanced and be made compulsory before the group is funded. This will ensure that the youth will be able to make the right decision on investments as well as on proper accounting of their financial resources.
Running head ECONOMIC DEVELOPMENT 1ECONOMIC DEVELOPMENT 8.docxtodd271
Running head: ECONOMIC DEVELOPMENT 1
ECONOMIC DEVELOPMENT 8
Economic Development
Student’s Name
Institutional Affiliation
History and Brief Backdrop of Indonesia
1. The introduction of indonesia’s econ history is too long. We only need to include a brief and clear background.
2. I think the majority of this paper is still displaying the facts rather than analyze them. Can you have more analysis of the facts you have? We need to focus on analyzing date we have and having our own conclusion rather than displaying facts and quoting others’ words. This paper is not a reading report of others’ research paper.
3. Can you have a main topic to focus on discussing rather than generally introducing the whole economy?
4. The paper should be
a. BRIEF intro of indonesia’s history of econ as a background knowledge
b. Choose a topic to focus on discussing and explain why it is important to the development of econ of Indonesia
c. Grab datas from reliable website like http://hdr.undp.org/en/countries and use the model and concepts to analyze the meaning of the statistics, and how do they reflect the econ situation of Indonesia
d. Base on your analyze, identify the current problem of Indonesia and come up proper and realistic solutions to solve them.
e. Explain why your solutions would be effective by estimating the expected benefits with the concepts and model on my list, and present the whole process of calculation and analyzing.
f. Explain how the country can execute the solutions you suggest, what resource they can use to do that etc.
Indonesia is one of the largest Southeast Asian countries with promising and sizeable economic growth in the region. The government is home to over 270 million people, making it the fourth largest country in terms of the population worldwide. According to Jomo (2019), Indonesia has the largest economy in South East Asia with a GDP of close, slightly over $ 863 billion, and records the highest economic growth of 6% in the region in the last few years. Jomo (2019) asserts that Indonesia, in recent years, has been recording a higher economic development during the global financial crisis than other Great 20 countries. The country has been able to achieve this economic prospects because of its sound macroeconomic policy. The faster economic growth and development of Indonesia has made economic analysts suggest that it will soon be a member of the BRIC group of leading in emerging markets.
To understand Indonesia's economic growth performance, one needs to understand the driving factors behind the economic story. Yudhistira & Sofiyandi (2018) suggest that Indonesia's good economic performance is attributed to the growth of the potent power of consumption, exports, and investments. They further point out that high export is because Indonesia is endowed by abundant natural resources and an increase in international commodity prices. In regards to investments, the country has set and implemented economic.
EFFICIENT RESOURCE USE: DOES HUMAN CAPITAL MATTER? THE CASE OF CASSAVA PRODUC...Olutosin Ademola Otekunrin
Sustained growth in productivity is closely
associated with improvement in child nutrition, adult
health, and schooling. In other words, investment in
human capital is at a premium in rural development.
We examined the role of human capital (HC)on
farmer‟s resource use efficiency empirically (RUE).
Population sample covered 6 local government areas
in Oyo state from which 120 households were
selected using multistage sampling technique. An
index of human capital (HC) was developed using
principal component analysis. Controlling for other
covariates, the effect of human capital on resource
use efficiency (RUE) was estimated using the
frontier 4.1 package. Results showed that the mean
HC for the population was 40% and ranged from
11% to 71% maximum. RUE scores ranged from
18.56 percent to 94.42 percent with a mean of 65.18
percent. The result suggests potential increase in
cassava production by 54% through human capital
improvement.
The role of universities in human capital development implications for nation...Alexander Decker
This study investigated the role of universities in developing human capital through training programs for lecturers and the implications for national transformation in Nigeria. The study found that opportunities for lecturers to attend retraining programs like conferences and workshops had a significant relationship with improvements in their teaching effectiveness and the transformation of students. It was concluded that ongoing training is an important way for universities to develop lecturers' skills and knowledge to transform teaching approaches and better prepare students to contribute to national development. The researchers recommended increased government funding for training programs to continuously develop the human capital in universities.
Developing countries see education as vital for societal and national development by fueling economic, social, political, scientific, and technological progress. As a result, these nations invest heavily in education to provide opportunities at all levels and spur wholesale national development. Studies show a strong correlation between education levels and GDP, with higher secondary and tertiary education linked to greater economic growth. Improved access to education increases a nation's human capital and contributes to annual growth rates.
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Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
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Human capital development and economic growth in nigeria
1. Journal of Economics and Sustainable Development
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.4, No.18, 2013
www.iiste.org
Human Capital Development and Economic Growth in Nigeria
1.
2.
Ifeoma C. Mba1*; Emmanuel I. Mba2; Jonathan E. Ogbuabor1 and Chizoba H. Ikpegbu1
Department of Economics, University of Nigeria, Nsukka
Department of Statistics, University of Nigeria, Nsukka
*Email/Phone of Corresponding Author: mbaify@gmail.com; ifeoma.mba@unn.edu.ng
Abstract
Human Capital is an integral part of any country’s development and economic growth has human capital as an
important factor. This study evaluates the relevance of human capital development on the growth of the economy
pin pointing the relationship that exists between them. In this study, the ordinary least square (OLS) technique
was adopted. The GDP was used as a proxy for economic growth; Per Capital Real Gross Domestic Product,
primary school enrolment, public expenditure on education and health, life expectancy, stock of physical capital
as proxy for human capital. From the analysis, it was deduced that there is a strong positive relationship between
human capital development and economic growth. The recommendations drawn from the study centered on
revisiting the man-power needs of the various sectors of the economy. Also, while workable policies should be
put in place to bring about an overall economic growth, expenditures on health and public education should be
utilized effectively and efficiently so that the country would experience quality health care services and quality
educational system.
Key words: Human Capital, GDP, Economic growth, Ordinary Least Squares, Nigeria
1.1
Introduction
Human capital as defined by Schutz (1993) is the key element in improving firms’ asset and employees
in order to improve productivity as well as sustain competitive advantage. Human capital becomes a tool for
competitive advantage since it involves the process of training, knowledge acquisition (education), initiatives
and so on, all these are geared towards skill acquisition. Human capital development is human centered because
its major concern is on human empowerment which would lead to active participation. According to OECD
(2001), human capital is concerned with knowledge, skills competitiveness and attributes embedded in an
individual that facilitates the creation of personal, social and economic wellbeing. In order to achieve positive
economic growth in Nigeria, human capital development should be considered as an integral and important
factor for economic growth. A major challenge facing the global community and Nigeria at large is how to
achieve sustainable development. The three pillars of sustainable development cannot be achieved if human
capital development doesn’t come to play as an integral part. In Nigeria, the annual federal government budget to
educational sector (in percentages) is nothing to talk about, statistics show that the percentages over the years
are not in line with the United Nations Educational Scientific and Cultural Organization’s (UNESCO)
recommendation of 26.0% it was discovered that from 2005-2007,the percentage was 6.3%, 7.8%, 8.7%
respectively. A poor country is a country, which never invested sufficiently in its human capital development
and the citizens who are supposed to be at the centre of the economic growth would be poverty stricken.
1.1.1
Objectives of the study
This paper aims at evaluating human capital development and economic growth in Nigeria trying to
describe what kind of relationship exists between the two in the long run.
1.2 Literature Review
Human capital refers to the stock of competencies, skills, knowledge and personalities attribute
embodies in individuals which facilitate their ability to perform labour for the creation of personal, economic and
social vale (OECD, 2001), labour is one of the factors of production and can also be referred to as workforce.
One of the major investments on human capital is education and that is why Schultz(1961) and many other
American economists in the early 60s found that investment on education is one of the significant factors
responsible for the swift growth of the American economy, they pointed that a dollar investment on education
brings greater increase in their country’s GDP relative to a dollar expenditure on physical capital like dams, road,
street light etc. Galbraith (1996) emphasized that the larger part of their country’s industrial growth is from
investment in men and improvement brought about by improved men not from more capital investment. One can
invest on human capital via education, training, medical treatment, and one’s output depends partly on the rate of
return on human capital one owns. Thus human capital is a means of production into which additional
investment yields addition output. Human capital is sustainable, but not transferable like land and other fixed
capital. An effort to promote investment in human capital will be seen to result in rapid economic growth for
society (Olaniyan and Okemakinde, 2008). Adebayo(2009) observed that it is the human resources of any
nation, rather than its physical, capital and material resources, which ultimately determine the character and pace
of its economic and social development. Human capital is similar to “physical means of production” e.g factories
48
2. Journal of Economics and Sustainable Development
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.4, No.18, 2013
www.iiste.org
and machines.
According to (Babalola, 2003) the rationale behind investment in human capital is based on the
following arguments; that the new generation must be given appropriate part of knowledge which has already
been accumulated by previous generation, that the new generation should be taught how existing knowledge
which has already been accumulated by previous generation, that the new generation should be taught how
existing knowledge should be used to develop new product to introduce new process and production methods
and social services, the people must be encouraged to develop entirely new idea, product processes and methods
through creative approaches. Human capital theory suggests that education or training raises productivity of
workers by imparting useful knowledge and skills, hence raising workers future income by increasing their
lifetime earnings (Becker, 1994) and Mills (1978) opined that “the worth of the state in the long run, is the worth
of individuals composing it”.
Ojo and Oshikoya (1995) in their study found that literacy rate is positively related to per capita output
growth, using other indices such as school enrolment, they found out that the sign of the coefficients were
statistically significant in the Zimbabwean economy, the incorporated human capital variables such as school
enrolments into the standard growth model and found a very strong long run relationship between human capital
investment and economic growth. Garba(2002) showed that there are positive correlation between educational
attainment and economic growth and development carrying out a cross-country analysis using regressions.
Loening(2002) investigated the impact of human capital on economic growth through the application of error
correlation methodology. He examined two different channels by which human capital is expected to influence
growth. The result revealed that a better educated labor force appeared to have positive and significant impact on
economic growth via factor accumulation as well as on evaluation of total factor productivity. Adamu (2003)
undertook an empirical investigation to determine the impact of human capital formation on economic growth in
Nigeria between 1970 and 2000, using cointegration and error-correlation mechanisms. The result indicated that
investment in human capital in form of education and training can lead to economic growth because of its impact
on labour productivity. Lawanson(2009) in his work used an ordinary least square model to estimate the role of
education and health in human capital investment and economic growth in Nigeria. He found that on the average,
human capital actually enhances economic growth in Nigeria although, the government expenditure on health
and primary education enrollment have negative coefficient which are inconsistent with a prior expectation.
Dauda(2010), in his study on human capital formation and economic growth in Nigeria used the
endogenous growth model in his investigation into their relationship, he employed enrolment in the different
levels of education, primary, secondary and tertiary as proxies for human capital and found long-run positive
relationship between human capital formation and economic growth in Nigeria with a feedback mechanism.
Arora (2001) in his study discovered that there is a cointegrated relationship between health and income;
innovations in health according to him lead to economic growth and not vice versa. Bloom and Sachs (1998)
have obtained empirical evidence that health and demographic variables play an important role in determining
economic growth rates. Taniguchi (2003) in his work showed that both education and health cause each other
and thus contribute to economic growth. Agiomirgianakis et al (2002) conducted panel study consisting of 93
countries on impact of education on economic growth, their results showed a significant positive long run impact
of education (primary, secondary and tertiary) on economic growth. Bloom et al (2004) tried to investigate the
impact of human capital on economic growth by utilizing 2 stage least square approach, it was discovered that
schooling and life expectancy both positively contribute to economic growth. Seebens and Wosbst (2003),
Moser and Eliot (2005) both have asserted that in the long run education increases substantially household
income as well as economic growth while Bils and Klenew (2000), Easterly and Levine (2001), Temple (2001),
Bosworth and Collins(2003) have failed to establish positive association between human capital (years of
schooling) and economic growth. Khan (2005) tries to analyze the relationship between human capital and
economic growth in 72 developing countries for the period 1980-2002. The study concludes that which invested
significantly in human capital have achieved higher returns in terms of economic growth. Khan and Rehman
(2012) used analytical techniques, which are OLS and Johansen cointegration to investigate the impact of human
capital in economic growth of Pakistan. The result support significant positive association between secondary
education and economic growth.
1.3 Methodology and Sources of Data
A multiple linear regression model would be used to capture the objective of the study and the model would be
specified as:
RGDP = α 1 + α 2 PEE + α 3 PEH + α 4 PSE + a 5 LE + α 6 K + µ 1t − − − −(1.3.1)
Equation (1.3.1) would be transformed into equation (1.3.2) in order to linearize the non-linear variables, thus;
)
PEH +α3 log( ) +α4 (LE) +α5 log( ) + µ1t − − − − − − − − − −(1.3.2)
)
PSE
K
LogRGDP= α0 +α1log(PEE +α2 log(
Where
49
3. Journal of Economics and Sustainable Development
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.4, No.18, 2013
µ1t =
www.iiste.org
Disturbance term
RGDP = Per capital Real Gross Domestic Product
PSE = Primary School Enrolment
PEE = Public Expenditure on education
PEH = Public expenditure on health
LE = Life expectancy
K = Stock of physical capital
The Data for this study are time series in nature covering the period from 1977-2011 making a 35 years
experiment. The data are secondary, sourced from the Central Bank of Nigeria Statistical Bulletin and National
Bureau of statistics. The Ordinary Least Square OLS method will be used as the estimation technique for this
study and a lot of econometric Second Order Test would also be employed The a priori expectations of the
variables in the model are all positive
1.4 Analysis and Interpretation of Results
The table 1.4.1 below shows the results of the unit root test
Table 1.4.1 Unit Roots Test (Augmented Dickey Fuller – Test)
Variable
ADF
Critical value
Trend
& Order of Integration
Intercept
1%
5%
10%
RGDP
-5.1564
-3.6463
-2.9540
-2.6158
Trend only
I ~ I(1)
PSE
-7.8414
-3.6463
-2.9540
-2.6153
NO
I ~ I(1)
PEE
-7.9058
-4.3560
-3.5950
-3.2334
YES
I ~ I(2)
PEH
-3.7281
-3.7378
-2.9918
-2.6355
NO
I ~ I(1)
LE
-2.6064
-4.4165
-3.6220
-3.2485
YES
I ~ I(2)
K
-2.5491
-3.6998
-2.9762
-2.6274
NO
I ~ I(1)
The unit root result presented in table 1.4.1 above shows that real gross domestic product (RGDP), primary
school enrolment, public expenditure on health and physical capital formation have the same order of
integration. This implies that these variables are integrated of order one, thus a long-run linear combination is
suspected amongst them. Therefore a co-integration test is conducted to ascertain if there exist long-run
relationships.
1.5
Co integration test
The result obtained for the co-integration test is presented below in table 1.5.1
Table 1.5.1
co integration result
t-Statistic
Prob.*
Augmented Dickey-Fuller test statistic
-4.528921
0.0012
Test critical values:
1% level
-3.679322
5% level
-2.967767
10% level
-2.622989
*MacKinnon (1996) one-sided p-values.
From the table above we observed that the values of t-augumented dickey fuller is higher than the critical values
(1%, 5% and 10%), and this therefore, shows the presence of co integration. This is because the residual
obtained from the linear combination of the variable in question was stationary, implying the existence of a
stable long run relationship between the variables. The implication of the above result is that we can estimate our
initial model, without necessarily resorting to conducting an Error Correction Model. Table 1.6.1 below shows
the estimated long run model:
50
4. Journal of Economics and Sustainable Development
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.4, No.18, 2013
www.iiste.org
Table 1.6.1: Modelling Log of RGDP by OLS
Dependent Variable: LOG(RGDP)
Method: Least Squares
Variable
Coefficient
Std. Error
t-Statistic
Prob.
C
1.239344
17.27863
0.071727
0.9433
LOG(PSE)
2.536410
0.517743
4.898979
0.0000
LOG(PEE)
-0.703792
0.278927
-2.523209
0.0174
LOG(PEH)
0.156090
0.279863
0.557738
0.5813
LOG(LE)
0.618406
0.125025
4.946244
0.0000
LOG(K)
-8.594045
4.660308
-1.844094
0.0754
R-squared
0.895132
Mean dependent var
12.43245
Adjusted R-squared
0.877051
S.D. dependent var
0.870734
S.E. of regression
0.305315
Akaike info criterion
0.619857
Sum squared resid
2.703293
Schwarz criterion
0.886488
Log likelihood
-4.847496
F-statistic
49.50755
Durbin-Watson stat
1.706953
Prob(F-statistic)
0.000000
From the above result the coefficient showed by the constant is positive, proving that there are other factors
outside this model which contributes positively to the economy growth. In other words, a unit change in the
intercept will result to 1.239344 unit changes in the long-run on the Nigeria economy. The coefficient of primary
school enrolment is also positive. This implies that an increase in the primary school enrolment will bring about
a serious positive effect on real gross domestic product, it simply implies that a unit increase in primary school
enrolment will increase RGDP by 2.536410 units, thus it shows that PSE is statistically significant since the tvalue of 4.898979 is greater than 2 in absolute value at 5% level of significance. This result suggests that the
variation in primary school enrolment appeared to have a meaningful impact on the growth in Nigeria economy.
It is also seen that the public education expenditure coefficient is negative, which is contrary to the a priori
expectation. Thus, the coefficient value of this variable is -0.703792, we can deduce that a unit increase in the
public education expenditure, on contrary, impacts negatively to economic growth. In other words, public
education expenditure has not effectively impacted significantly to economic growth. This is because this
variable, apart from the low value of the coefficient, though it is statistically significant because the t-value in
absolute value is greater than 2 also. The positive coefficient of the Public expenditure on health showed positive
influence on real gross domestic product, so a unit increase in the public expenditure on health will lead to
0.156090 units increase in the real gross domestic product variable, thus public expenditure on health is not
statistically significant judging from the t-value of 0.557738, which is less than 2 in absolute value at 5% level of
significance. The variation exhibited by the coefficient of Life Expectancy (LE) has a robust positive coefficient.
This implies that the variation in life expectancy has a serious effect on the growth of real gross domestic
product in the economy. In other words, it shows that a unit increase in life expectancy variable will positively
impact to increase by 0.618406 units, which is approximately 62 percent increase, The responds of this variable
is further confirmed by its t-value of 4.946244 which is greater than 2 in absolute terms at 5% level of
significance, so it is statistically significant. The variation shown by the coefficient of stock of physical capital
(K) is negative; this negative value of -8.594045 displays by variable implies that a unit increase in stock of
physical capital will reduce real gross domestic product, in contrary, by -8.594045 units. In other words, higher
stock of physical capital is a disincentive to growth, which cannot be true. It implies that the stock of physical
capital variable has not recorded any significant impact to economic growth in Nigeria. We can also see that the
t-value of -1.844094 is less than 2 in absolute terms, so it is not statistically significant. From the model, R2 =
0.895132, which implies that approximately 90% of the variation in the dependent variable (RGDP) is explained
by the explanatory variables included in the model and the F value of 49.50755 shows that the model has a good
fit
1.7
Conclusion and Recommendation
From the result of this study, it has being proven beyond reasonable doubt that human capital development is
crucial for sustainable economic development, that is there is actually a positive relationship between the human
capital development and economic growth. Our findings show that the key to the nation’s economic
development lies on the human capital development. It is important to note that although the primary school
enrolments, life expectancy, total government expenditure on health and on education was significantly related
to economic growth in Nigeria, yet our economic growth is not stable and sure so the educational and health
sectors should be looked into, and urgent attention should be accorded to these sectors. The human capital
development also acts as a catalyst for the improvement of the standard of living of the population.
Finally, In this study the human capital development and economic growth has been discussed from the
theoretical perspective clearly but In further studies, more pronounced results could be obtained in the area of
51
5. Journal of Economics and Sustainable Development
ISSN 2222-1700 (Paper) ISSN 2222-2855 (Online)
Vol.4, No.18, 2013
www.iiste.org
efficient utilization of public funds allocated to the different sub-sectors ( health and education) that constitute
human capital development and ways of enhancing human capital contributions to capacity building in Nigeria.
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