YANGON KEIZAI DAIGAKU NO SHAONKAI----OCTOBER 2015--CAPICITY BUILDING

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Human Resources for Industrial Development

Education, like other forms of investment in human capital, can contribute to economic development and raise the incomes of the poor just as much as investment in physical capital, such as transport, communications, power, or irrigation. The World Bank, which provides financial and technical help for the development of poor countries, has long recognized the importance of investment in education and has been active in this field since 1962.

Economists now accept that investment in education, or human capital, is an important element in the economic development process. Econometric studies provide very strong and consistent evidence that more educated workers are more productive and that they earn higher salaries.

Countries that are highly development today have a long history of providing free or highly subsidized education to the poor.

If poor countries wish to achieve high levels of national income, they need to provide public funding for the universal education of the poor, at least at the primary and secondary levels of schooling.

In highly educated countries the spillover effect on other workers is very small, but unless educated countries this effect appears to be much larger. In all countries the positive effect of rising human capital on the productivity of physical capital is required to offset the diminishing returns to investment and make rising investment in physical capital financially viable in the development process.

However, technology transfer requires knowledgeable managers and engineers who are able to operate new machines or production practices borrowed from the leader in order to close the gap through imitation.

Therefore, a country's ability to learn from the leader is function of its stock of "human capital". Recent studies of the determinants of aggregate economic growth have stressed the importance of fundamental economic institutions and the role of cognitive skills.

  The implement quality of the country's labor force and the efforts to make if more productive is very much essential for contributing greatly to the development of the economy.