This century is called the “Age of human capital”, where education, skills, and acquisition of knowledge become the basis of the society or the country’s progress.
The outcome of education is to develop future-ready learners who can co-create, co-develop and co shape the future control of the economy, social development, and the most important, the preservation of the environment.
Education in each sense can only be one, which is basic, closely connected with the roots of values, and in the long run, becomes an important factor in every kind of development of every individual. It improves the standard of their lives and ends up in broad social edges to people and society. No society or country can achieve economic, social, and ethical development without sustainable investment in human capital.
Education raises people’s productivity, creativity, and also promotes entrepreneurship along with technological advancement. Literacy is a fundamental requirement for creating a participating and contributing society which is the core of any developed society. Other important factors that contribute to the economy, such as politics, meticulous utilization of available natural resources, technological developments along with domestic and foreign investments are also influenced by education. Education has long been viewed as an important determinant of economic well-being and one of the fundamental factors of development.
It has been observed that an additional year of schooling raises earnings by 10% a year. Education is perceived as a crucial factor to reduce poverty and elevate social growth. Human capital is a crucial determinant of overall productivity and social capital development. It has been observed that together with health and nutrition, primary and secondary education, societies can raise the productivity of both rural and urban people in a big way, and thus contribute to the progress of the national economy.
No nation can achieve sustainable economic development without substantial investment in human capital. Faster inception of new technologies, the higher speed of innovations, and more robust productivity are often seen as the fruits of an educated society. Education is the bedrock of every civil society. In this ever-changing world, education is sought after by every society to stay afloat in the competition.
Education is complete when it leads to an individual’s holistic growth, which includes not only mental but also moral development. Education not only enriches people’s understanding of themselves but open a window of understanding with the world. Education is an enabling factor for a better realization of socio-economic and cultural rights, which in turn acts as an instrument to overcome traditional inequalities of caste, class, and gender.
In countries like ours, educating girls and women can be the single most effective investment as it will create a multitude of positive remunerations for families and also help in multiple generations of crucially important social capital. By transforming the classrooms and workplaces into creative learning spaces, teachers can play a key role in the transformation of a knowledge-based society.
A national survey conducted a few years back, reveals that more than 80% of the school participants in India blame rote learning because of the poor standards of learning amongst the students. Nearly 70% of them felt that the curriculum followed in India today did not give sufficient scope for creative thinking and the real development of the people. So in this age of fast pace and close competition, human capital is the most precious and important factor which not helps in the formation of a good society, rather decides the destiny of any society or any country.
Human capital is a collection of traits, all the knowledge, talent, skills, abilities, intelligence, training, judgment, and wisdom possessed individually and collectively by individuals in the society or the country. These resources are the total capacity of the people that represent a form of wealth that can be directed to accomplish the goal of the nation or the state. In October 2018, the world Bank published the HCI (human capital index). Singapore tops the list, followed by South Korea, Japan, Hong Kong, Finland, Ireland, and Australia. The United States comes in 24th position, whereas China at the 46th position. India ranks 158th in a list of a total of 195 countries.
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The term CAPITAL can refer to several different concepts in the business world. But while most people think of capital as limited to only financial capital, or the money used, HUMAN CAPITAL and SOCIAL CAPITAL are both, very important contributors to a society. Natural resources are found throughout the world and extracted for human use. Every product available in the market is made of by using a commodity taken out of that natural resource. As such, they are very valuable but only when combined with Human Capital. The top ten countries with the most natural resources are Australia, the Democratic Republic of Congo, Venezuela, the United States, Brazil, Russia, India, Canada, Saudi Arabia, and China. But none of them is in the list of the first ten in HCI (Human Capital Index). Ultimately human development is not limited to economic development only, rather it depends on the quality of education, that nourishes and brings in àll the required changes for a better society to develop and exist, and allow people to live a life worth living.
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The write up points to the basics which every person interested in societal development . Worth reading . Worth sharing !👍👍