HUMAN RESOURCE IN ECONOMIC DEVELOPMENT:
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Rostow's Stages of Development outlines 5 stages of economic growth for a country: 1) Traditional society, 2) Preconditions for take-off, 3) Take-off, 4) Drive to maturity, and 5) Age of high mass consumption. The Take-Off stage involves a switch from agriculture to manufacturing, requiring technological changes and an investment rate of about 10% to develop new manufacturing sectors. The Drive to Maturity stage sees an increasingly diverse economy through continued technological innovation. While the model shows stages of economic development, critics argue it only applies to Western countries and neglects wider non-economic developments.
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Schumpeter theory of economic development
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Capital formation is a key determinant of economic development according to the document. Higher capital formation leads to greater productive capacity and higher national income. Capital formation depends on income, savings, and investment. Natural resources also play an important role if they are utilized fully. Other factors discussed include marketable agricultural surplus, conditions of foreign trade, economic systems, human capital formation, technical know-how, education, infrastructure, political stability, and reduction of corruption.
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This document discusses factors affecting economic growth and development and the vicious circle of poverty. It defines economic growth as an increase in real GDP per capita over time, while economic development brings both quantitative and qualitative changes through initiatives like infrastructure, health, education, etc. Key factors influencing growth are discussed as capital formation, natural resources, trade, and economic systems. Non-economic factors include human capital, technology, political freedom, social organization, and corruption. The vicious circle of poverty is then examined in terms of how low capital, labor, and technology can perpetuate poverty through mechanisms like low savings, child labor, and lack of infrastructure and innovation.
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This document provides information on national income in India and its estimation methodology. It discusses that national income refers to the total value of all goods and services produced in a country in a year. It then describes the two methods used to estimate India's national income - the product method and income method. It also provides details on India's economic growth performance during each of its Five Year Plans since the first plan in 1951, including the growth rates achieved for national income and per capita income.
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Economic growth & factors affecting economic growth
Economic growth is measured by the increase in goods and services produced over time within an economy. It requires expansion of the labor force, capital, trade, and consumption. Economic growth has been a key objective of India's planning efforts since independence. Multiple socio-economic factors influence economic growth, including economic drivers like natural resources, human capital, investment and entrepreneurship as well as non-economic factors such as social institutions, political stability, and demographics. Proper management of resources and supportive social and political conditions are necessary to maximize economic growth.
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Schumpeter theory of economic development
Schumpeterian theory views economic development as resulting from "new combinations" introduced through innovations. These innovations disrupt equilibrium and are introduced by entrepreneurs seeking profits. Entrepreneurs are financed through bank credit expansion, fueling investment and economic growth. However, this leads to a boom-bust cycle as old industries are displaced. Over time, capitalism decays due to weakening entrepreneurship, family institutions, and property rights, transitioning toward socialism. Critics argue Schumpeter overstates the role of idealized innovators and the cyclical nature of innovation-driven changes.
Determinants of economic development
Capital formation is a key determinant of economic development according to the document. Higher capital formation leads to greater productive capacity and higher national income. Capital formation depends on income, savings, and investment. Natural resources also play an important role if they are utilized fully. Other factors discussed include marketable agricultural surplus, conditions of foreign trade, economic systems, human capital formation, technical know-how, education, infrastructure, political stability, and reduction of corruption.
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This document provides an overview of industrial profiles and problems faced by industries in India. It defines an industrial profile as a report that gives insight into the history, leaders, forces, and financial data of an industry. It then discusses the structure and organization of large-scale industries in India, including private sector, public sector, and joint sector models. The document also covers the importance of large-scale industries for the Indian economy, as well as common problems faced by both private and public sector enterprises, such as technology issues, environmental regulations, shortage of capital, and inefficient management. It concludes by offering suggestions for how to solve industrial problems, such as defining the causes, generating clues for solutions, collecting data, and establishing consistent processes.
vicious circle of poverty
This document discusses factors affecting economic growth and development and the vicious circle of poverty. It defines economic growth as an increase in real GDP per capita over time, while economic development brings both quantitative and qualitative changes through initiatives like infrastructure, health, education, etc. Key factors influencing growth are discussed as capital formation, natural resources, trade, and economic systems. Non-economic factors include human capital, technology, political freedom, social organization, and corruption. The vicious circle of poverty is then examined in terms of how low capital, labor, and technology can perpetuate poverty through mechanisms like low savings, child labor, and lack of infrastructure and innovation.
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This document provides information on national income in India and its estimation methodology. It discusses that national income refers to the total value of all goods and services produced in a country in a year. It then describes the two methods used to estimate India's national income - the product method and income method. It also provides details on India's economic growth performance during each of its Five Year Plans since the first plan in 1951, including the growth rates achieved for national income and per capita income.
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COMPONENTS OF HUMAN RESOURCE DEVELOPMENT
SOCIAL/ NON-ECONOMIC FACTORS OF ECONOMIC GROWTH
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Economic growth refers to an increase in a country's real GDP or output, measured as a higher value of goods and services produced, while economic development encompasses broader socioeconomic changes that improve living standards. Development considers changes in factors like income distribution, employment opportunities, education, health, and sustainability, whereas growth only focuses on quantitative increases in production. The Human Development Index provides a more comprehensive measure of a country's progress than GDP alone by also accounting for literacy, life expectancy, and other quality of life indicators.
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Public expenditure by governments has increased over time due to various factors:
1. Population growth has led to increased spending on public services like schools, housing, and healthcare.
2. Defense spending has risen to protect countries from foreign threats, consuming a large portion of budgets.
3. The expansion of administrative systems with more departments and elections has grown public administration costs.
4. Economic development through infrastructure projects, industries, and programs has required significant government funding.
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Gross Domestic Product (GDP) consists of consumer spending, investment expenditure, government spending and net exports hence it portrays an all-inclusive picture of an economy because of which it provides an insight to investors which highlights the trend of the economy by comparing GDP levels as an index. It is used as an indicator for most governments and economic decision-makers for planning and policy formulation. In case of GDP, each component is given the weight of its relative price. GDP helps the investors to manage their portfolios by providing them with guidance about the state of the economy. Calculation of GDP provides with the general health of the economy. A negative GDP growth portrays bad signals for the economy. When the economy is expanding, the GDP growth rate is positive. If it's growing, so will businesses, jobs and personal income. If the GDP growth rate turns negative, then the country's economy is in a recession. It is not a measure of the overall standard of living or well-being of a country. Although changes in the output of goods and services per person (GDP per capita) are often used as a measure of whether the average citizen in a country is better or worse off, it does not capture things that may be deemed important to general well-being. Without an increase in GDP, there are always going to be limitations to economic development.
The theory of balanced growth
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Economic Growth & Economic Development
Economic growth refers to the increase in a country's real output of goods and services over time, historically measured through greater industrialization and commercialization. It is meant as a means to an end rather than an end in itself. Determinants of economic growth include GDP, GNP, and per capita income. Economic development was once used interchangeably with economic growth but now refers to growth plus progressive changes in important variables like material well-being, poverty reduction, literacy, health, unemployment, and inequality. The traditional view defined development strictly in economic terms of sustained GDP growth, but the new view rejects that narrow definition in favor of also considering social indicators.
Balanced & unbalanced growth
1) The theory of balanced growth states that all sectors of the economy should grow simultaneously and harmoniously, requiring balance between demand and supply. Rosenstein-Rodan, Ragnar Nurkse, and Arthur Lewis advocated this approach.
2) Hirschman proposed unbalanced growth, arguing that strategic investments in selected industries or sectors would create new opportunities and stimulate further development. Investments in social overhead capital could encourage later private investments in directly productive activities.
3) Both balanced and unbalanced growth approaches have limitations, such as rising costs, shortages of resources, and difficulties for underdeveloped countries.
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This document discusses various types of economic planning. It begins by defining economic planning as the deliberate direction of economic activity towards chosen ends by a central planning authority. It then discusses the need for planning in underdeveloped countries to increase development rates and mobilize resources. The key aspects of successful plan formulation include establishing a planning commission, collecting statistical data, setting objectives, mobilizing resources, balancing the plan, and implementing proper development policies. The document also compares different approaches to planning such as planning by direction vs inducement, democratic vs totalitarian planning, centralized vs decentralized planning, and structural vs functional planning.
Features of indian economy.
Characteristics of Indian economy, low per capita income, population, emphasis on agriculture, unemployment, poor technology, poverty etc.
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The Classical theory of economic development is the sum total of all theories of classical economists. The views of Adam Smith, Malthus, and Mill on Economic development form the crux of the classical theory of development. Though they differ on a number of development issues, the essence of the classical approach to development is the same.
Theory of unbalanced_growth
The document discusses the theory of unbalanced growth as proposed by economists like Hirschman and Rostow. The key points are:
1. The theory argues for prioritizing investment in strategic sectors rather than all sectors simultaneously due to scarce resources in developing countries.
2. Investment in priority sectors will stimulate growth in other sectors through "linkage effects" as costs decrease and demand increases.
3. Hirschman classified investments as either social overhead capital (infrastructure) or direct productive activities (agriculture, industry) and argued the two cannot be expanded simultaneously so one sector should be prioritized initially.
Economic development
This document discusses theories of economic development including the Big Push theory and Leibenstein's critical minimum effort theory. The Big Push theory proposes that a large, comprehensive investment package is needed to spur development and realize economies of scale. Leibenstein's theory argues that underdeveloped countries are trapped in a cycle of poverty and need a critical minimum level of stimulus to increase incomes and break out of this cycle into self-sustaining growth. However, both theories have been criticized for oversimplifying relationships and neglecting key factors such as agriculture, population growth, and institutional realities in underdeveloped nations.
Human resource for economic development
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.
Home
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.
Session 5
Entrepreneurs play a vital role in the economic development of a country. They mobilize capital from households to form capital goods for production. This leads to capital formation. Entrepreneurs also generate employment opportunities by setting up new business concerns, especially in labor-oriented industries. This improves living standards. Entrepreneurs encourage effective utilization of idle funds and natural resources in a country and promote balanced regional development by establishing businesses where resources and labor are available.
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The big push theory argues that economic development requires a minimum level of comprehensive investment in mutually supporting industries to take advantage of economies of scale and externalities. It identifies three types of indivisibilities - in production, demand, and savings - that must be overcome through a large investment package rather than gradual increases. Social overhead capital, like infrastructure, requires huge initial investments but leads to lower costs and indirect contributions to development over the long term. Underdeveloped countries face challenges achieving the necessary savings levels for a big push and must rely on outside sources.
Human Resources and Economic Development
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
Economic growth and economic development
Economic growth refers to an increase in a country's real GDP or output, measured as a higher value of goods and services produced, while economic development encompasses broader socioeconomic changes that improve living standards. Development considers changes in factors like income distribution, employment opportunities, education, health, and sustainability, whereas growth only focuses on quantitative increases in production. The Human Development Index provides a more comprehensive measure of a country's progress than GDP alone by also accounting for literacy, life expectancy, and other quality of life indicators.
Public expenditure
Public expenditure by governments has increased over time due to various factors:
1. Population growth has led to increased spending on public services like schools, housing, and healthcare.
2. Defense spending has risen to protect countries from foreign threats, consuming a large portion of budgets.
3. The expansion of administrative systems with more departments and elections has grown public administration costs.
4. Economic development through infrastructure projects, industries, and programs has required significant government funding.
balanced_and_unbalanced_growth_theory.pp2_.pdf
The document discusses the theories of balanced growth and unbalanced growth as strategies for economic development in underdeveloped countries. The balanced growth theory proposes simultaneous investment in all sectors to achieve balanced growth, while the unbalanced growth theory argues for creating imbalances by prioritizing large investments in key sectors. The document outlines the perspectives of various economists on each theory and their relative advantages and criticisms.
GDP Growth and its Importance
Gross Domestic Product (GDP) consists of consumer spending, investment expenditure, government spending and net exports hence it portrays an all-inclusive picture of an economy because of which it provides an insight to investors which highlights the trend of the economy by comparing GDP levels as an index. It is used as an indicator for most governments and economic decision-makers for planning and policy formulation. In case of GDP, each component is given the weight of its relative price. GDP helps the investors to manage their portfolios by providing them with guidance about the state of the economy. Calculation of GDP provides with the general health of the economy. A negative GDP growth portrays bad signals for the economy. When the economy is expanding, the GDP growth rate is positive. If it's growing, so will businesses, jobs and personal income. If the GDP growth rate turns negative, then the country's economy is in a recession. It is not a measure of the overall standard of living or well-being of a country. Although changes in the output of goods and services per person (GDP per capita) are often used as a measure of whether the average citizen in a country is better or worse off, it does not capture things that may be deemed important to general well-being. Without an increase in GDP, there are always going to be limitations to economic development.
The theory of balanced growth
The theory of balanced growth proposes that simultaneous investments should be made across multiple industries in order to spur economic development. This would enlarge the market and incentivize more investment. Theorists like Lewis, Ghosh, Ragnar, and List discussed balanced growth in terms of maintaining balance between industry and agriculture, consumption and investment, and domestic versus foreign trade. Balanced growth is argued to promote inclusive, balanced regional development through specialization and creation of infrastructure, but critics note the challenges of coordinated planning and resource constraints in developing countries.
Rural urban migration
This document discusses rural-urban migration in India. It provides background on how the British codified India's caste system, contributing to rigid social stratification and a rural-urban divide. After independence, the government documented castes to determine quotas for education and jobs. While this has helped marginalized groups, it has also led to protests over reverse discrimination. The document also examines reasons for migration like employment, education, marriage, and lack of security. It outlines the impacts of migration including increased urbanization, slums, and pressure on resources in cities.
An appraisal of economic reforms in India in 1991 period
An appraisal view/ analysis of economic reforms during 1991 industrial reforms period in India. Change in Indian Economy after LPG reforms 1991 with data. Suitable for all purposes. Main topics with detial are- Goals of Economic Reforms. GDP growth and Poverty Reduction. GDP growth and Employment Growth Rate. Improvement in industrial relations. Increase in productivity and Real Wage earnings. Neglect of Agriculture. Reforms and Industrial Growth. Performance of Public Sector. Economic reforms and inflation. Growth in infrastructure. Foreign trade and balance of payment. Foreign Investment. Regional Disparities. Social Infrastructure and Human Development. Conclusion
FOREIGN CAPITAL
The document provides an overview of foreign capital in India. It discusses the different types of foreign capital including foreign aid, private foreign investment, foreign direct investment, and foreign portfolio investment. It notes that foreign capital plays an important role in the early stages of a country's industrialization by increasing resources, undertaking risks, providing technical know-how, setting high standards, facilitating marketing and exports, reducing trade deficits, and increasing competition. The document also discusses India's pre-liberalization period and the need for foreign capital to supplement domestic investment and speed up economic development.
Chapter 2 Characteristics of Developing Countries.ppt
This document outlines common characteristics of developing countries compared to developed countries. Some key characteristics include lower levels of living and productivity, lower levels of human capital, higher levels of inequality and poverty, higher population growth rates, larger rural populations undergoing rapid urbanization, lower levels of industrialization and manufactured exports, underdeveloped financial and other markets, and impacts from colonial legacies like poor institutions. The World Bank classifies countries based on income levels, with developing countries having lower GNI per capita on average. There is diversity within developing countries but also common challenges.
Economic Growth & Economic Development
Economic growth refers to the increase in a country's real output of goods and services over time, historically measured through greater industrialization and commercialization. It is meant as a means to an end rather than an end in itself. Determinants of economic growth include GDP, GNP, and per capita income. Economic development was once used interchangeably with economic growth but now refers to growth plus progressive changes in important variables like material well-being, poverty reduction, literacy, health, unemployment, and inequality. The traditional view defined development strictly in economic terms of sustained GDP growth, but the new view rejects that narrow definition in favor of also considering social indicators.
Balanced & unbalanced growth
1) The theory of balanced growth states that all sectors of the economy should grow simultaneously and harmoniously, requiring balance between demand and supply. Rosenstein-Rodan, Ragnar Nurkse, and Arthur Lewis advocated this approach.
2) Hirschman proposed unbalanced growth, arguing that strategic investments in selected industries or sectors would create new opportunities and stimulate further development. Investments in social overhead capital could encourage later private investments in directly productive activities.
3) Both balanced and unbalanced growth approaches have limitations, such as rising costs, shortages of resources, and difficulties for underdeveloped countries.
Economic Planning
This document discusses various types of economic planning. It begins by defining economic planning as the deliberate direction of economic activity towards chosen ends by a central planning authority. It then discusses the need for planning in underdeveloped countries to increase development rates and mobilize resources. The key aspects of successful plan formulation include establishing a planning commission, collecting statistical data, setting objectives, mobilizing resources, balancing the plan, and implementing proper development policies. The document also compares different approaches to planning such as planning by direction vs inducement, democratic vs totalitarian planning, centralized vs decentralized planning, and structural vs functional planning.
Features of indian economy.
Characteristics of Indian economy, low per capita income, population, emphasis on agriculture, unemployment, poor technology, poverty etc.
Solow model of growth
Prof R.M solow gave this model as an alternative to Harrod domar model of growth. It is a basic neo-classical model.
The classical theory of Economic Development
The Classical theory of economic development is the sum total of all theories of classical economists. The views of Adam Smith, Malthus, and Mill on Economic development form the crux of the classical theory of development. Though they differ on a number of development issues, the essence of the classical approach to development is the same.
Theory of unbalanced_growth
The document discusses the theory of unbalanced growth as proposed by economists like Hirschman and Rostow. The key points are:
1. The theory argues for prioritizing investment in strategic sectors rather than all sectors simultaneously due to scarce resources in developing countries.
2. Investment in priority sectors will stimulate growth in other sectors through "linkage effects" as costs decrease and demand increases.
3. Hirschman classified investments as either social overhead capital (infrastructure) or direct productive activities (agriculture, industry) and argued the two cannot be expanded simultaneously so one sector should be prioritized initially.
Economic development
This document discusses theories of economic development including the Big Push theory and Leibenstein's critical minimum effort theory. The Big Push theory proposes that a large, comprehensive investment package is needed to spur development and realize economies of scale. Leibenstein's theory argues that underdeveloped countries are trapped in a cycle of poverty and need a critical minimum level of stimulus to increase incomes and break out of this cycle into self-sustaining growth. However, both theories have been criticized for oversimplifying relationships and neglecting key factors such as agriculture, population growth, and institutional realities in underdeveloped nations.
Human resource for economic development
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.
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An appraisal of economic reforms in India in 1991 period
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Chapter 2 Characteristics of Developing Countries.ppt
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Similar to HUMAN RESOURCE IN ECONOMIC DEVELOPMENT:
Home
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.
Session 5
Entrepreneurs play a vital role in the economic development of a country. They mobilize capital from households to form capital goods for production. This leads to capital formation. Entrepreneurs also generate employment opportunities by setting up new business concerns, especially in labor-oriented industries. This improves living standards. Entrepreneurs encourage effective utilization of idle funds and natural resources in a country and promote balanced regional development by establishing businesses where resources and labor are available.
Education for Accelerating Human Resource Capital
The document discusses human capital formation and the development of skills and education among a population as a key resource for economic growth. It outlines sources of human capital formation such as health services, education, job training, and migration. Developing strong education systems is identified as the most effective way to enhance and expand a country's productive workforce.
Human_Capital_Formation_An_Indian_Perspective.pptx
Human capital refers to the skills, knowledge, and attributes embodied in individuals that contribute to economic productivity. It includes the education, training, and health of workers. Human capital formation is the process of increasing the stock of human capital over time through investments in education, health, migration, information, and on-the-job training. Education is considered the most important source of human capital formation as it increases future incomes and productivity. While India has increased investments in education and human capital over time, challenges remain in achieving universal education and reducing gender and regional disparities. Further investments will be needed to fully realize the benefits of human capital for economic growth.
Human_Capital_Formation_An_Indian_Perspective.pptx
Human capital refers to the skills, knowledge, and attributes embodied in individuals that contribute to economic output. It is formed through investments in education, health, migration, information access, and on-the-job training. India recognizes human capital's importance for economic growth. While India has increased spending on education and health over time, further investments are needed to achieve targets like 6% of GDP spent on education. Improving access to education, especially for women and rural populations, will help develop India's human capital over the long term.
Economic growth
Economic growth is measured by the increase in goods and services produced over time within an economy. It requires expansion of the labor force, capital, trade, and consumption. Economic growth has been a key objective of India's planning efforts since independence. Multiple socio-economic factors influence economic growth, including economic drivers like natural resources, human capital, investment and entrepreneurship as well as non-economic factors such as social institutions, political stability, and demographics. Proper management of resources and supportive social and political conditions are necessary to maximize economic growth.
Human Capital
Role of Human Capital In development of Indian economy
Power Point Presentation on Role of Human Capital
This Power Point Presentation includes all thing one need in a complete and Proper Presentation
This PPT includes all FDI,GDP PER CAPITA
©Copyright 2015 Ajay Pal
Factors of production
The document discusses 4 key factors that influence a country's economic growth: investment in human capital through education and training; investment in capital goods like factories and machinery; natural resources available in the country; and entrepreneurship. It states that the presence of these factors determines a country's GDP and that GDP is the primary measure of a country's economic growth.
Factors of production
There are four key factors that influence a country's economic growth: investment in human capital through education and training; investment in capital goods like factories and machinery; availability of natural resources; and level of entrepreneurship. A country's gross domestic product, which measures the total value of goods and services produced domestically in a year, is used to determine its economic growth and standard of living. For a nation to continue growing its GDP, it must effectively develop and utilize its human, physical, and natural resources through investments in these factors of production.
Role played by entrepreneurship in economic development in India
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Economic Systems Ab
Economic growth within a country is influenced by four key factors: investment in human capital through education and training; investment in capital goods like machinery and technology; availability of natural resources; and entrepreneurship. A country's level of economic growth is measured by its gross domestic product (GDP), which represents the total value of goods and services produced within a country in a given year. For a country to have sustained economic growth and improve standards of living, it needs ongoing investments in both physical capital and human capital.
Human Capital Formation
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Factorsofproduction 111018195637-phpapp02[1]
This document discusses the four factors of production that influence economic growth: investment in human capital, investment in capital goods, natural resources, and entrepreneurship. It explains that the presence or absence of these four factors determine a country's gross domestic product. Nations that invest in education and training will have a more productive workforce that can boost technological advances and GDP. Economic growth is measured by increases in GDP over time and is influenced by a country's resources and investments in physical and human capital.
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HUMAN RESOURCE IN ECONOMIC DEVELOPMENT:
- 2. Human Resource in general means the population of the country. But in economics Human Resource means healthy, skilled and educated manpower. Therefore Human resource is the procedure of refining the quality and competency of people. “According to the National planning commission, “Human resource is the knowledge, skill, efficiency and physical and mental capacity to do work inherent in the people of the country”. Task of Human Resource in Economic Development
- 3. Human Resource plays a vital role in the evolution and growth of the country. Countries like Japan, China, Germany etc. economically develop themselves due to competency & Capacity of their human resource. They are now considered as the most economically developed countries. 1. Utilization of Natural Resource - Human Resource uses natural resources like water, mineral, wind, forest. Utilization of natural resources helps in economic development and human only utilize and mobilize resources. By proper utilization of natural resources national income also increases which results in increase of per capita income. 2. Recompense natural resource deficiency – The use of human resource meets the deficit of natural resources. Those countries such as japan, Korea, Italy which are weak in natural resources achieve their economic development by utilizing proper human resource. 3. Expand Production – Proper uses of human resources results in expansion of productivity and production of different goods and service. By the help of efficient, educated and skilled human resources productivity can be increased.
- 4. 4. Increase in management capacity and entrepreneurship – Management power and entrepreneurship increases by the utilization of proper human resource. As a result new innovation, new production techniques, new markets are developed. 5. Use of Physical Capital – Countries having physical capital does not mean they should be economically developed. Capital should be properly utilized. Without involvement of human resource it is impossible to manage machineries and operate factories and industries. 6. Up gradations of technology – Economic development of a country depends on how much that particular country technologically advance in all aspect. This technologies are invented and advanced by humans. Thus human resource plays a vital role in changes in technology and advance technology is necessary for the economic development of the country. 7. Remove economic background –By the help of human resource economic backwardness can be directly removed. It effectively increases efficiency and specialization. This increases mobility of labor, which makes effective resources more fruitful. These all leads to the economic development by the help of human resource.