In addition, a large body of literature in macroeconomics has underscored that productivity spillovers are important determinants of economic growth and that an increase in collective human capital will have an effect on collective productivity which is as a results of an increase in an individual’s education on productivity as a result of the investment in education. (Moretti, 2005). Robert (1991) developed a human capital model which shows that education and the creation of human capital is responsible for both the differences in labour productivity and the differences in overall levels of technology that we observe in the world today. This, according to him, explains the spectacular growth in East Asia that has given education and human capital their current popularity in the field of economic growth and development. Countries such as Hong Kong, Korea, Singapore, and Taiwan have achieved unprecedented rates of economic growth while making large investments in education.
Known as “export-import”, this kind of activity brings a lot of benefits of the countries that are getting involved such as access to technology, health, and education. Developing countries can actually follow this method to improve their countries. Thus, “developing countries should be more globalized by doing export and import activity due to access to technology, health, and education”. As mentioned above, technology is one of the perks a developing country
Higher education may not be fruitful all the way without inducing R&D environment. The importance of R&D is understood as also endorsed by endogenous economic growth theory and knowledge based economy phenomenon. The contribution of R&D in economic growth of a country is manifested mainly by developed countries while developing countries are trying hard to groom in innovative products and services through investment in R&D for sustainable economic growth. R&D, innovation and knowledge workers are elementary indicators for the economic growth by becoming knowledge based economy (Raspe & Van Oort,
Effect of Employees Training in an Organization Introduction Training increases the employee’s performance with regard to the research that suggests, training is an important activity that enhances the performance of both the organizations that conduct these activities to nourish its employees so that they can meet their goals in a timely fashion yet bring quality and efficiency to meet and exceed expectations. Employee performance depends on many factors like job satisfaction, knowledge or novice level of the employee and alignment of individual with organizational goals. This shows that focusing on employee performance has the highest priority in terms training and development to benefit both parties involved. The main objective of our study
Situation Analysis Situation Analysis In the era of globalization and technological revolution, education is considered as a first step for every human activity. It plays a vital role in the development of human capital and is linked with an individual’s well-being and opportunities for better living. It ensures the acquisition of knowledge, skills, attitudes, and values that enable individual to increase productivity and improve quality of life to make a difference in the society. To achieve this, the teaching profession comes in wherein teachers’ role in today’s world is a multifaceted profession where teachers carry the role of a surrogate parent, class disciplinarian, mentor, counsellor, book keeper, role model, planner, and many
It is through education that people learn how to become more socially and politically conscious, and how to increase their ability to acquire and use knowledge to improve the quality of their lives. It is the most important "ideological apparatus" devised by the ruling classes to serve and preserve their vested interests and thus to maintain a status quo in the economic and political power structure. In developing countries, education has been considered as a very important instrument of social change. Compared to other institutions in society, higher education has a much bigger share as a fountainhead of change. Social change and Higher Education Change simply means deviations from the existing patterns.
Advanced workforce: Due to technological progress and the spread of educational institutions workers will increasingly become aware of their higher level needs; managers will have to evolve appropriate policies and techniques to motivate the knowledge of workers. Better educated and organized workforce will demand greater discretion and autonomy at the work place. 2. Technological Advancement: This will require retraining and mid-career training of both workers and managers. Rise of the international corporation is proving new challenges for personnel function.
The use of the technology is related to the transformation of the market, the improvement of people's living standards and the growth of international trade. “Technology had mainly transformed in every industry in the economy. The economy continues to move forward, just like goods and services. To achieve the goal of progress and growth, the industry needs to improve or change the technology to maintain the competitiveness of other competitors in the market. (“How does technology affect the economy?”, n.d.).
On the industrial side, rapid industrialization affected skill formation in workplaces while industrial deepening in a short time required substantial efforts to upgrade workforce skills and knowledge in particular. The education and training system need to change and meet the new requirements of the industry on the supply side. Hence, South Korea’s education and training system responded to the growth of the South Korean economy through rapid expansion of student enrolment capacity, which caused the imbalance between quantitative expansion and qualitative improvement of education and the skill mismatch between public training and industrial needs (South Korean economic
The ever evolving Technology can be used positively in our country to improve the quality of education. The new technologies proffer immense opportunities for development in all domains of life especially in economic growth, improved health, better service delivery, improved learning and socio-cultural advances. Technology possesses an amazing selection of tools that can endorse and enhance learning making it an extraordinary experience. Through technology-aided education, teachers would get a chance to collaborate to share their resources online, students could develop research skills at a young age, and students and teachers can have access to plenty of resource materials. The role of technology in education is imperative and this is an area where the Government should take a keen interest.