Automation in industry on the basis of modern productivity principles have replaced a lot of human work with machinery. But, that did not reduce the impact humans put into a work, rather than machines. Before participating in the graded discussion 1, I thought about human capital in a rather conserved manner which included only the exchange of monetary and other benefits in exchange of physical work. But now, I think that I was quite wrong and thanks to the graded discussion 1, I developed my insight over human capital with poised and uniform knowledge.
Human capital is not what I thought. It is the value of ideas, creativity, physical attributes and skills along with experience that are possessed by a human for a specified work. It is not only the monetary value of the human but also this value is seen as a cost to the organization too (or CTC) as per our macroeconomics assignment help experts. It tends to increase the production abilities of an organization (Pettinger, 2017).
Before the discussion I took human capital as a part of economic growth without knowing the proper reasons and methods. But soon after the discussion, it became clear to me why human capital is an integral part of the economic growth for an organization. the value of sustained growth in real income per capita has seen a down fall in the earlier historical events but the industrial revolution broke all the barriers to uplift it. The technological alterations and the fertility transition is considered as the major contributions to the uplifting of economy from human capital (Goldin, 2014).
In the class the major influence over the topic of increasing the human capital has influenced a lot to change my point of view. How vocational training and education along with infrastructure of competitiveness has brought reforms in the human capital is remarkable. Despite of providing an overall education to people, the direct involvement of their skills in a particular is a genius plan. It not only makes a person skilful in one genre but also creates a passionate interest in them.
For example, let’s take an electrician for a matter of fact. Why does the electrician need to study about commerce and accounting when his interest is in electrical repairs? Similarly, the opposite case can also be considered.
Now that the complete understanding of the topic has been achieved, it would be better to aware people to create opportunities and grab them by indulging themselves into trending human capital skills. An overall education is valued and necessary too but major focus should be given onto something which makes the aim or goal clear for the future as per our macroeconomics online exam help experts.
Even the importance of human capital totally relies in quality of employment and skills to complete the works with limited resources. The basic characteristics of Human capital are shown in the diagram below to signify its elements and benefits.
References
Goldin, C. (2014). Human Capital: A handbook of cliometrics . The United States: Springer-Verlag.
Pettinger, T. (2017, September 22). Human Capital definition and importance. Retrieved from http://www.economicshelp.org: https://www.economicshelp.org/blog/26076/economics/human-capital-definition-and-importance/
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