domingo, 5 de novembro de 2017

Human resources as the key factor of economic development

Human Resources in one of the most important determinant of economic growth of a country. Natural resources, as well as other productive resources remain inactive in the nature, so human resources are necessary to mobilize them. The quality of human resource is dependent on its skills, creative abilities, training, and education. If the human resource of a country is well skilled and trained then the output would also be of high quality.
Firstly, human resources is necessary for the utilization of natural resources like mineral, water, forest, etc. Utilization of these resources is necessary for economic development. Thus, only human resources mobilize and utilize them properly. The dearth of proper human resource is one of the causes of non-utilization of natural resources in world. 
Among various types of resources, human resources are the most active type of resources. Qualitative and quantitative development of human resources is very much required for the proper utilization of natural resources of the country. Also, human recourses are important utilization of physical capital: the more, existence of physical capital is on guaranteed of development. They should be property utilized. They are utilized by human resource. Human resources is essential to operate machinery and equipment and to run factories and industry. 
Secondly, the skilled, educated and healthy human resources increase the productivity and production. The production may be done even by the use of unskilled and semiskilled manpower, but the production of goods quality and variety of goods need skilled manpower. The educated manpower reforms the traditional cultural and attitude. Moreover, human resources increase the managerial capacity and entrepreneurship. It leads to innovation. The new production technique, new market and new technology are developed. This increase the production and national income.
In addition, the modern and superior technologies should be used for the modernization of agriculture and rapid industrialization. This is made possible only by human resource. Theodore Schultz observes: "It is simply not possible to have the fruits of a modern agriculture and the abundance of modern industry without making large investment in human being”. Furthermore, human resource helps directly to remove the economic backwardness. It increase labor efficiently and specialisation. Also, it increases labor mobility, from which the executing resources can be made more productivity. The development of human resources increase the knowledge of natural resources, new production technique, market and opportunities of economic activities. The human resource also help in the proper utilization of imported capital. These all lead to the increase in production, employment opportunities and levels of living of people.
To sum up, human resources play the important role in overall development of a country. The quality and quantity of available human resource can directly affect the growth of an economy.

Akvile Pancekauskaite

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