Economic growth depends on the organization of factors of production to create goods and services. Essential elements of production include land, labour, capital, and entrepreneurship. Labour isn’t limited to the effort expended in production. It also entails the knowledge, skills, and experiences that the workforce is endowed. These are the values that constitute a strong economy. When considered as standalone investments, they represent human capital.
The United Allied States, under the presidency of Mr Stephen McCullah, contemplates the establishment of a prosperous nation in Africa. This nation will use a free-market approach and democracy to guarantee its citizens unprecedented development. It will also employ advanced technology to drive its agenda. It has collaborated with Apollo Fintech, who will provide the blockchain technology to run on. Nevertheless, the administration lays a premium on human capital development.
Importance of Developing Human Capital
All production processes have a human component. As such, a well-developed workforce assures efficient production lines. Investing in the labour force is advantageous because it increases the efficiency and productive capacity of the entity. Increased training leads to the specialization of the employee, therefore, enhancing their competence.
Additionally, a well-developed labour force attracts better pay. Specialization confers rare attributes to the employee. As a result of this, their compensation is higher. Such wages improve disposable incomes and raise living standards.
Furthermore, a developed labour force spearheads innovation. As the knowledge and technical expertise increases across industries, there emerges the need to improve procedures and processes. This thirst for knowledge leads to research and discoveries that are crucial in achieving economic growth.
Using Education to Develop Human Capital
Education is a vital tool in developing human capital. It imparts knowledge, skills, attitudes, and experiences that transform the employee. The UAS will use this tool to build its human capital by:
Providing Full Access to Excellent Education and Job Training
The envisaged education system is one that will create independent, resourceful, and productive citizens. This system will encourage the students to develop a sense of wonder and promote discovery. Such a mindset is an essential component of innovation.
Additionally, it will lead them to discover their giftings and align their studies to their chosen development paths.
The government will provide the requisite infrastructure to enable purposeful learning. The said infrastructure eases the teaching-learning process making it more meaningful.
Improving Teacher Programs
Teachers are crucial to the success of any education system. Those with mastery of content and delivery methods deliver best on the goals of the education system. The reverse is true too. The government will enhance teacher training programs to expand its capacity to impart knowledge and skills as prescribed by the curriculum.
Adopting Innovation and Technology
Teaching in the nation will incorporate advanced technology. From an early age, learners will interact with technology through lessons and activities. Making technology a part of their everyday life spurs interest and early adoption. That interest feeds innovation later, leading to world-changing developments.
Accountability of the Education System
Using smart contracts, the government will ascertain the ability of its educational system to deliver on its objectives. These contracts will provide a record of aspects such as teacher-student attendance and competence. Any deficiencies identified can then be resolved.
Fostering Business Leadership
The UAS administration understands the importance of leadership in enhancing productivity. Therefore, it will provide opportunities for those in leadership positions to increase knowledge in their areas of expertise. This knowledge will make them better managers of the production process, resulting in increased productivity and growth.
Insistence on Technical Training
Through this training, the government will build a citizen’s practical skills and competences. The training goes past a mere acquisition of knowledge to its practical application in the real world. An employee with hands-on skills is an asset to any production unit.
Incentivizing Leading World Tech Firms to Invest in the Nation
When these firms open shop in the nation, a significant number of their labour force will come from the local labour pool. These jobs will require training on the workings of the product or service that the firm produces. Consequently, the firms pass on knowledge and skills to the locals, therefore, expanding their knowledge base.
Supporting Research and Development
Knowledge catalyzes change and growth. UAS’s government undertakes to support research organizations. The unfettered freedom accorded them is an incentive to increase their scope of research. In turn, this researches will lead to discoveries that enhance the production process.
Production is the result of the management of elements of production. Even the most automated systems can’t divorce themselves from the human element. Human capital encompasses skills, knowledge, and experiences that the labour force possesses. A highly skilled, knowledgeable, and experienced workforce is a boon for production and growth. It is this realization that informs the UAS’s significant investments in building its human capital. An educational system based on quality learning experiences will produce competent citizens ready for the market.