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Topic:
economy
and
human
capital
development
ECONOMY
» The state of a country or region in terms of the
production and consumption of goods and services and
the supply of money.
» The large set of inter-related economic production and
consumption activities which aid in determining how
scarce resources are allocated.
Production
Consumption
Exchange
Distribution
The Economy Is The Organized System Of Human Activity
Involved In The Production, Consumption, Exchange, And
Distribution Of Goods And Services.
ECONOMY
( the act of consuming or
the use of something )
( an act of giving one thing
and receiving another )
( The act or process of
producing )
( the way in which
something is shared
out)
CAPITAL
Cash or goods used to generate
income either by investing in a
business or a different income
property.
The money, property, and other
valuables which collectively
represent the wealth of an
individual or business.
HUMAN CAPITAL
According to Michael Parkin,
Human capital refers to the skill and knowledge of human
beings.
Human capital is the attributes of a person that are productive
in some economic context.
Human capital is the stock of competencies, knowledge, social
and personality attributes, including creativity, embodied in the
ability to perform labor so as to produce economic value.
Human Capital is a well employed human resource that
is actively engaged in meaningful, worthwhile work and
delivering some level of desired productivity. Human
Capital is a question of factoring knowledge and
application to physicality
If you want staff to give
great service, give great
service to staff.
Ari Weinzweig
HUMAN CAPITAL DEVELOPMENT
In the words of Prof. Harbinson:
The process of acquiring and increasing the number of person who
have the skills, education and experience which are critical for the
economic and political development of a country.
 Human capital development is the act of increasing the productive
qualities of labor force by providing more education and by increasing
skill, health and nutrition level.
 If the people of a country are well educated, well nourished, skilled and
healthy that will be said to have more human capital.
TYPES OF HUMAN CAPITAL
Biological capital
Knowledge capital POSITIVE SUM CAPITAL
(add to worlds economy)
Track record capital ZERO SUM CAPITAL
Social capital (wealth for oneself)
HUMAN CAPITAL
 Country develops if the human capital is
developed.
 Improve quality life.
 Create positive attributes.
 Eradication of social backwardness.
EDUCATION AND HUMAN CAPITAL
Education is extensively regarded as a route to economic
prosperity being the key to scientific and technological
advancement.
Education today is inseparable from
the development of human capital.
It plays a pivotal role in human capital formation and a
necessary tool for sustainable socio-economic growth.
Education also combats unemployment, confirms sound
foundation of social equity, awareness, tolerance, self
esteem, and spread of political socialization.
It raises the productivity and efficiency of individuals and
thus produces skilled manpower capable for leading the
economy towards the path of economic development..
PAKISTAN AND THE HDI REPORT
₪ The UNDP recently launched its annual global Human
Development Index (HDI) along with the report at a ceremony in
Islamabad. The HDI ranks countries in terms of economic and
human development indicators.
₪ Pakistan’s HDI value for 2012 is 0.515 (in the low human
development category), which ranked the country at 146 out of
187 countries.
₪ The report also pointed out that Pakistan's expenditure on
social sectors is lower than some of the poor African countries
such as Congo which spends 1.2 percent of GDP on health
and 6.2 percent on education.
₪ Pakistan spends 0.8 percent of GDP on health and 1.8 percent on
education as compared to Bangladesh and India's 1.2 percent on
health, Bangladesh's 2.2 percent and India's 3.1 on education.
Brazil, one of the highest HD performing countries, spends 4.25
percent of GDP on health and 5.7 percent on education.
ECONOMY & HUMAN CAPITAL
Human Capital Formation is considered as a good indicator
for economic growth and development.
Prior to the nineteenth century, systematic investment in
human capital was not important in any country. Expenditures
on schooling, on-the-job training, and other forms of
investment were quite small. This began to change radically
during that century with the application of science to the
development of new goods and more efficient methods of
production, first in Great Britain, and then gradually spreading
to other countries.
The physical capital are not of negligible importance in a
economy. But a country also need skilled workers and
managers, and innovative entrepreneurs to utilize that
physical capital effectively.
A country cannot grow without a strong human capital
base
Human creativity
is the ultimate
economic
resource
Richard Florida
 Co-existence of Capitals
 Full Utilization of Resources
 Effective Planning
 Maintenance of Machinery
 Improved Infrastructure
 Industrial Performance
 Self Employment
 Modern Technology
 Modern Means of Production
 Reduction in Poverty
SOCIAL ASPECTS OF HUMAN CAPITAL
‫הּ‬ Increase in Literacy Rate
‫הּ‬ Improvement in Health
‫הּ‬ Better Living Standard
HUMAN CAPITAL
PROBLEMS OF HUMAN CAPITAL
FORMATION
Rapidly Growing Population
Lack of Awareness
Unequal Distribution of Wealth
Investment in Buildings and Equipments
Inappropriate Education
Ill-health and Ill-nutrition Facilities
No Proper Training for Employees
Less Promotion for Employees
Agriculture, the Main Occupation
No Manpower Planning
BENEFITS OF HUMAN
CAPITAL
Human resource development system can be designed to help
to raise production of essential goods and services.
Human capital preserve and enhance the freedom, dignity and
the worth of labor force.
Human capital development is not only meaningful indicator of
modernization but it is essential for the development of
technology and skill which can be a substitute for physical
capital.
human capital in improving the economic productivity.
EXAMPLES OF HCD IN PAKISTAN’S
EDUCATION
ƺ A twelve year-old Pakistani girl is taking advance online classes offered
by Stanford university.
ƺ The youngest Microsoft certified professional is a Pakistani.
ƺ Young Pakistanis are setting records with straight A's on O level and a
level Cambridge courses.
ƺ According to global education digest 2009 published by Unesco
institute of statistics. Unesco data also shows that Pakistan’s lead is
growing with younger age groups.
ƺ Huge investments made in higher education during Musharraf years
helped hundreds of thousands of students to benefit from the doubling
of the number of universities from 71 in 2002 to 137.
CONCLUSION
Investment in human capital is also required to raise
the general living standards of the people in
developing countries. This is possible when education
and training make full and rational utilization of
surplus manpower by providing larger and better job
opportunities in both rural and urban areas. There is
more return raise in income and improvement in living
standard of the population due to capital formation.
HUMAN CAPITAL

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HUMAN CAPITAL

  • 2. ECONOMY » The state of a country or region in terms of the production and consumption of goods and services and the supply of money. » The large set of inter-related economic production and consumption activities which aid in determining how scarce resources are allocated.
  • 3. Production Consumption Exchange Distribution The Economy Is The Organized System Of Human Activity Involved In The Production, Consumption, Exchange, And Distribution Of Goods And Services. ECONOMY ( the act of consuming or the use of something ) ( an act of giving one thing and receiving another ) ( The act or process of producing ) ( the way in which something is shared out)
  • 4. CAPITAL Cash or goods used to generate income either by investing in a business or a different income property. The money, property, and other valuables which collectively represent the wealth of an individual or business.
  • 5. HUMAN CAPITAL According to Michael Parkin, Human capital refers to the skill and knowledge of human beings. Human capital is the attributes of a person that are productive in some economic context. Human capital is the stock of competencies, knowledge, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value.
  • 6. Human Capital is a well employed human resource that is actively engaged in meaningful, worthwhile work and delivering some level of desired productivity. Human Capital is a question of factoring knowledge and application to physicality
  • 7. If you want staff to give great service, give great service to staff. Ari Weinzweig
  • 8. HUMAN CAPITAL DEVELOPMENT In the words of Prof. Harbinson: The process of acquiring and increasing the number of person who have the skills, education and experience which are critical for the economic and political development of a country.  Human capital development is the act of increasing the productive qualities of labor force by providing more education and by increasing skill, health and nutrition level.  If the people of a country are well educated, well nourished, skilled and healthy that will be said to have more human capital.
  • 9. TYPES OF HUMAN CAPITAL Biological capital Knowledge capital POSITIVE SUM CAPITAL (add to worlds economy) Track record capital ZERO SUM CAPITAL Social capital (wealth for oneself)
  • 11.  Country develops if the human capital is developed.  Improve quality life.  Create positive attributes.  Eradication of social backwardness.
  • 12. EDUCATION AND HUMAN CAPITAL Education is extensively regarded as a route to economic prosperity being the key to scientific and technological advancement. Education today is inseparable from the development of human capital. It plays a pivotal role in human capital formation and a necessary tool for sustainable socio-economic growth.
  • 13. Education also combats unemployment, confirms sound foundation of social equity, awareness, tolerance, self esteem, and spread of political socialization. It raises the productivity and efficiency of individuals and thus produces skilled manpower capable for leading the economy towards the path of economic development..
  • 14. PAKISTAN AND THE HDI REPORT ₪ The UNDP recently launched its annual global Human Development Index (HDI) along with the report at a ceremony in Islamabad. The HDI ranks countries in terms of economic and human development indicators. ₪ Pakistan’s HDI value for 2012 is 0.515 (in the low human development category), which ranked the country at 146 out of 187 countries.
  • 15. ₪ The report also pointed out that Pakistan's expenditure on social sectors is lower than some of the poor African countries such as Congo which spends 1.2 percent of GDP on health and 6.2 percent on education. ₪ Pakistan spends 0.8 percent of GDP on health and 1.8 percent on education as compared to Bangladesh and India's 1.2 percent on health, Bangladesh's 2.2 percent and India's 3.1 on education. Brazil, one of the highest HD performing countries, spends 4.25 percent of GDP on health and 5.7 percent on education.
  • 16. ECONOMY & HUMAN CAPITAL Human Capital Formation is considered as a good indicator for economic growth and development. Prior to the nineteenth century, systematic investment in human capital was not important in any country. Expenditures on schooling, on-the-job training, and other forms of investment were quite small. This began to change radically during that century with the application of science to the development of new goods and more efficient methods of production, first in Great Britain, and then gradually spreading to other countries.
  • 17. The physical capital are not of negligible importance in a economy. But a country also need skilled workers and managers, and innovative entrepreneurs to utilize that physical capital effectively. A country cannot grow without a strong human capital base
  • 18. Human creativity is the ultimate economic resource Richard Florida
  • 19.  Co-existence of Capitals  Full Utilization of Resources  Effective Planning  Maintenance of Machinery  Improved Infrastructure  Industrial Performance  Self Employment  Modern Technology  Modern Means of Production  Reduction in Poverty
  • 20. SOCIAL ASPECTS OF HUMAN CAPITAL ‫הּ‬ Increase in Literacy Rate ‫הּ‬ Improvement in Health ‫הּ‬ Better Living Standard
  • 22. PROBLEMS OF HUMAN CAPITAL FORMATION Rapidly Growing Population Lack of Awareness Unequal Distribution of Wealth Investment in Buildings and Equipments Inappropriate Education Ill-health and Ill-nutrition Facilities No Proper Training for Employees Less Promotion for Employees Agriculture, the Main Occupation No Manpower Planning
  • 23. BENEFITS OF HUMAN CAPITAL Human resource development system can be designed to help to raise production of essential goods and services. Human capital preserve and enhance the freedom, dignity and the worth of labor force. Human capital development is not only meaningful indicator of modernization but it is essential for the development of technology and skill which can be a substitute for physical capital. human capital in improving the economic productivity.
  • 24. EXAMPLES OF HCD IN PAKISTAN’S EDUCATION ƺ A twelve year-old Pakistani girl is taking advance online classes offered by Stanford university. ƺ The youngest Microsoft certified professional is a Pakistani. ƺ Young Pakistanis are setting records with straight A's on O level and a level Cambridge courses. ƺ According to global education digest 2009 published by Unesco institute of statistics. Unesco data also shows that Pakistan’s lead is growing with younger age groups. ƺ Huge investments made in higher education during Musharraf years helped hundreds of thousands of students to benefit from the doubling of the number of universities from 71 in 2002 to 137.
  • 25. CONCLUSION Investment in human capital is also required to raise the general living standards of the people in developing countries. This is possible when education and training make full and rational utilization of surplus manpower by providing larger and better job opportunities in both rural and urban areas. There is more return raise in income and improvement in living standard of the population due to capital formation.