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HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof Sibusiso Vil-Nkomo Executive Director University of Pretoria

INTRODUCTION. The analyses of the New Partnership for Africa's Development (NEPAD) have not taken into consideration the important economic aspect of the human capital model for development.. Four essential components of the human development paradigm. Productivity. People must be able to increase t

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HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof Sibusiso Vil-Nkomo Executive Director University of Pretoria

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    1. HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof Sibusiso Vil-Nkomo Executive Director University of Pretoria

    2. INTRODUCTION The analyses of the New Partnership for Africa’s Development (NEPAD) have not taken into consideration the important economic aspect of the human capital model for development.

    3. Four essential components of the human development paradigm Productivity. People must be able to increase their productivity and participate fully in the process of income generation and remunerative employment Equity. People must be able to access equal opportunities. All barriers to economic and political opportunities must be eliminated so that people can participate in them Sustainability. Access to opportunities must be ensured for present and future generations. All forms of capital – physical, human and environmental must be replenished. Empowerment. Development must be by the people for the people. People must participate fully in the decisions and processed that shape their lives.

    4. HUMAN CAPITAL INVESTMENT AND FORMATION Human capital theory advocates the treatment of labour as a factor of production in which one can invest just as one would in physical or natural capital. Human capital is defined as the “acquired capacities, which are developed through formal and informal education and at home and through training, experience and mobility in the labour market” (Mincer 1993:286).

    5. HUMAN CAPITAL INVESTMENT AND FORMATION The corollary of this is that one can also experience a depreciation in human capital through ill health and the erosion or obsolescence of skills, a condition which, can be mitigated through skills maintanance and lifelong learning, retraining and maintaining good health.

    8. SKILLS AND THE NEW ECONOMY In the old economy, success depended on raw materials, on location and capital. In the new economy, where raw materials and capital can be brought from anywhere at any time, national economic prosperity will definitely depend on skills, creativity and ideas.

    9. THINK TANKS FOR DEVELOPMENT The knowledge economy and Think Tanks Debating the brain drain Global competition for human capital

    10. THE CORNERSTONE OF THE NEW ECONOMY The new economy has as its cornerstone, knowledge and the creative skills of people. The main source of value and competitive advantage in the modern economy is human and intellectual capital

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