Question

Role and importance of human resources in economic development

Answer 1

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Answer 2

he greatest and the most precious asset of a country is its people as it is they who exploit all natural resources and potentials of a region. These people form the wealth of a nation. It is on the quality of citizens that the prosperity of a nation depends. If we look back into the history of civilisations, this hypothesis becomes crystal clear.Human resource is an important factor of economic development. As opined by Adam Smith the prosperity of a country is determined by the skill, efficiency and attitude of the labour used by that country. Many countries have been able to develop themselves due to their will, capacity and skill of their human resources. As for example, the countries like Japan, Singapore, Germany and Hong Kong have been able to achieve economic miracle by mobilising their human resource.It 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. Human resource helps directly to remove the economic backwardness. It increase labour efficiently and specialisation. It increases labour mobility from which the executing resources can be made more productivity. The development of human resources increases the knowledge of natural resources. New production technique, market and opportunities of the economic activities. The human resources also help in the proper utilisation of imported capital. These all lead to the increase in production, employment opportunities and levels of living of people.