Thursday, May 1, 2014
The section on human capital was particularly interesting. Wheelan talked about it's importance and said that human capital was a key component to the success of a nation. The productivity of individuals is what makes a country go round. We discussed this same idea in class through the exercise of picking which countries were wealthy based on their recources. Naturally we chose the countries that had the greatest amount of recources to be the wealthiest countries but in fact, when the results were revieled, the countries with the least recources and the highest human capital were the most wealthy. They did the best in terms of wealth and success for what they were given. In places like Hong Kong, they have no recources. Their country is built on a rock, yet they have a very productive and innovative population that has brought them to where they are today.
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Also the countries with lots of resources don't have a good government system to use their resources fully. There is too much corruption for these places to use there people and good resources.
ReplyDeleteI agree with Becky on this topic. Human Capitol is by far the most important. As society says, "power to the people".
ReplyDeleteThere is a wealth of human capital to be found in poverty stricken countries that could bring the country forward. Unfortunately corrupt governments stifle incentives and leave human capital underutilized.
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