HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof Sibusiso VilNkomo Executive Director University of Pretori - PowerPoint PPT Presentation
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HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof Sibusiso VilNkomo Executive Director University of Pretori
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Title: HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof Sibusiso VilNkomo Executive Director University of Pretori
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HUMAN CAPITAL AND SKILLS DEVELOPMENT Prof
Sibusiso Vil-NkomoExecutive DirectorUniversity
of Pretoria
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INTRODUCTION
- The analyses of the New Partnership for Africas
Development (NEPAD) have not taken into
consideration the important economic aspect of
the human capital model for development.
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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.
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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 1993286).
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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.
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HUMAN DEVELOPMENT
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HUMAN RESOURCE MANAGEMENT
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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.
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THINK TANKS FOR DEVELOPMENT
- The knowledge economy and Think Tanks
- Debating the brain drain
- Global competition for human capital
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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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CONCLUSION
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