Human Capital

In addition to dealing with excessive population growth. developing countries must also be concerned with the quality of their human resources. Economic planners’ in developing countries emphasize the following. specific programs: (1) Control disease and -improve Molt and nutrition. Raising the population’s health standards not only makes people happier but also makes them more productive workers. Health-care clinics and provision of safe drinking water are vitally useful social capital. (2) Improve education, reduce illiteracy, and train. Educated people are more productive workers because they can use capital more effectively,adopt new technologies, and learn from their mistakes. For advanced learning in science, engineering, medicine, and management, countries will benefit by sending their best minds abroad to bring back the newest advances. But countries must beware of the brain drain, in-which the most able people get drawn off to high-wage countries. (3) Above all, do not underestimate the importance of human outsources Most other. factors can be bought in the international marketplace. Most labor is home-grown, although labor can sometimes be augmented through immigration. The crucial role of skilled labor has been shown again and’ again when sophisticated mining, defense, or manufacturing machinery fell into disrepair and disuse because the labor force of developing countries had not acquired the necessary skills for its operation and maintenance

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