The impacts of human capital in economic development and sustainability of East Asian countries

• Main Author: Abdullah, Nabaz Nawzad
• Format: Conference or Workshop Item
• Published: 2013
• Subjects: HC Economic History and Conditions
• Online Access: http://repo.uum.edu.my/8803/; http://www.icois2013.uum.edu.my/

Human capital is the wealth that individuals as well as the nation in which supports the economy through production and helps to drive the development of society.Human capital can be understood by investigating the educational achievement of individuals in a society and examining how this influences the overall productivity of an economy.A person who has little or no education or vocational training will offer less, theoretically, than a person who has been specifically trained or who has attained a higher level of education.Human capital, more generally, also refers to the individuals experience, knowledge, values, motivation, and personal goals that can be considered by a business, organization, or within states or nations to assess the health of an economics system.It is to be assumed that, in order to be successful, human capital is a resource that must be carefully considered in any endeavor towards economic growth and prosperity.If in the past physical abilities of human beings were important, nowadays the mentality and investing in the mind of people is much more important than machines, lands and other means of production. So, East Asian countries mainly focused on human capital development to achieve sustainable development goals and maintain their economic growth.The value of the human capital development in East Asian countries could be the main determination of the economic growth and political stability.