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Human Capital Investment Is A Continuous Proposition: A Study Of North East African States

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  • Kefela, Ghirmai
  • Rena, Ravinder

Abstract

Human development is the beginning of economic growth. The main purpose of wealth should be to enrich people’s lives, to broaden people’s choices and to enable every citizen, every child, every woman and every man to reach her or his full potential. Yet, as the experience of many countries has shown, economic growth does not automatically translate into human development. Human capital refers to the stock of productive skills and technical knowledge embodied in country’s population. A well-educated, innovative and skilled population is the foundation as well as the goal of development. It is also the surest way to eradicate poverty. The education and training systems of all the nations jeopardizes the future of millions of children and of the nation itself. This paper focuses on human capital as both the goal and the engine of economic growth because 40 to 60 per cent of growth rates in per capita GDP can be attributed to investment in human capital and the increased productivity that results. Sustainable development cannot occur in the absence of human resource.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 11090.

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Date of creation: Apr 2007
Date of revision: Oct 2007
Publication status: Published in Indus Journal of Management & Social Sciences 1.2(2008): pp. 54-70
Handle: RePEc:pra:mprapa:11090

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Keywords: Education; Human Capital; Skilled Manpower; Economic Growth and Development; North East African States; Poverty;

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  1. Psacharopoulos, George & Patrinos, Harry Anthony, 2002. "Returns to investment in education : a further update," Policy Research Working Paper Series 2881, The World Bank.
  2. Psacharopoulos, George, 1994. "Returns to investment in education: A global update," World Development, Elsevier, vol. 22(9), pages 1325-1343, September.
  3. Rena, Ravinder, 2004. "Financing Of Education In Eritrea - A Case Study Of Zoba Maekel," MPRA Paper 10314, University Library of Munich, Germany, revised Jan 2005.
  4. Thomas, Vinod & Wang, Yan & Fan, Xibo, 2001. "Measuring education inequality - Gini coefficients of education," Policy Research Working Paper Series 2525, The World Bank.
  5. Rena, Ravinder, 2006. "Higher Education In Africa – A Case Of Eritrea," MPRA Paper 10580, University Library of Munich, Germany.
  6. Amparo Castello & Rafael Domenech, 2002. "Human Capital Inequality and Economic Growth: Some New Evidence," Economic Journal, Royal Economic Society, vol. 112(478), pages C187-C200, March.
  7. Rena, Ravinder & Kahsu, Biniam, 2005. "Labour Market Needs And Development Of Technical Andvocational Education In Eritrea," MPRA Paper 10393, University Library of Munich, Germany, revised Aug 2005.
  8. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
  9. Desmond Lachman & Kenneth Bercuson, 1992. "Economic Policies for a New South Africa," IMF Occasional Papers 91, International Monetary Fund.
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