THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH
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THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH
THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH ABSTRACT
A nation cannot experience economic growth without human capital development. For human capital to actually have any impact on economic growth some investment has to be made. Investment in human capital consist of ;education, training, health and other social services, that will help in enhancing productive capacity of labour. This project examines the impact of human capital on economic growth in Nigeria from 1980-2006. The study used the ordinary least square technique (O L S) to determine the relationship between human capital and economic growth. This finding demonstrate the relevance of real gross domestic product in boosting the human capital development through the ratio of student enrolment in schools.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The
concept of human capital is a relatively recent idea in the realm of
economic theory. While economists have long paid close attention to the
concept of investments in physical capital in recent years they have
placed emphasis on the concept of human capital investments. Largely,
this shift occurred as a result of the failure of classical economist’s
theory to explain the dominance of developed countries over undeveloped
ones in the international market. Human capital covers a broad range of
concepts but the most essential feature is increased productivity
through investing in employees, it can mean education acquired from
elementary school level, training of basic reading and writing skills,
to job training, both of general and specific skills.
The use of
the term human capital in the modern neoclassical economic literature
dates back to Jacob Mincer pioneering article “Investment in Human
Capital and Personal income distribution” in the Journal of Political
Economy in 1958. And the best known application of the idea of ‘Human
Capital’ in economics revolves around the work of Mincer, Schultz and
Gary Becker of the Chicago school. Becker’s book entitled Human Capital
published in 1964 became a standard reference for many years.
According
to Gary Becker; Human Capital is similar to “physical means of
production”( example factories and machineries) one can invest in human
capital (via education, training and medical treatment) and one’s
income depends partly on the rate of return on the human capital one
owns, which allows one to receive a flow of income which is like
interest earned. Human capital is substitutable though it will not
replace land, labor or capital it can be substituted for them to
various degrees and be included as a separate variable in a production
function.
Human capital can also be defined as a way of defining
and categorizing people’s skills and abilities as used in employment and
otherwise contribute to the economy. It is also used to refer to the
skills and knowledge intensity of the labor force in an economy which
are essentially acquired through schooling and training. The
organization and economic co-operation and development define human
capital as “The knowledge, skills competences and attributes embodied in
individuals that are relevant to economic activity” (Schuller 2001)
while duration of schooling and levels of qualification are the standard
measures. Laroche et al (1999) further extend this notion to include
“innate abilities”. Innate abilities are;
THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH
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A nation cannot experience economic growth without human capital development. For human capital to actually have any impact on economic growth some investment has to be made. Investment in human capital consist of ;education, training, health and other social services, that will help in enhancing productive capacity of labour. This project examines the impact of human capital on economic growth in Nigeria from 1980-2006. The study used the ordinary least square technique (O L S) to determine the relationship between human capital and economic growth. This finding demonstrate the relevance of real gross domestic product in boosting the human capital development through the ratio of student enrolment in schools... accounting project topics
THE IMPACT OF HUMAN CAPITAL ON ECONOMIC GROWTH