The contribution of human resources to economic growth

The contribution of human resources to economic growth has surpassed that of other resources and has been increasing. Not only that, but human resources, when used properly, can conserve natural resources, and can even be a condition for enhancing the ability to regenerate natural resources and develop new natural resources. As a developing country with a large number of human resources (i.e., a large population) but low quality (i.e., low labor quality), increasing and optimizing the supply of human resources is a fundamental way to achieve catch-up development and sustainable development.

Therefore, in sustainable development legislation, special attention should be paid to human resources legislation on the development, allocation, protection and management of human resources. These include the Family Planning Law, the Education Law, the Health Law, the Science and Technology Law, the Culture Law, the Sports Law, the Labor Law, and the Social Security Law.

If you look back at the world, you can see that all of this was created by human beings. What contribution do you say human resources contribute to the growth of the economy?

Human resources are the largest, and the spread of education, science and technology, and culture has affected other aspects.

1.This paper analyzes the mechanism of human capital on economic growth from the factors of human capital and the production function of efficiency. Human capital is an important factor in determining economic growth, and the key is that it has a special production function.

From the perspective of the production process, it has two production functions: factor and efficiency. The former refers to the fact that human capital is an indispensable prerequisite or input factor in the production process. The latter refers to the fact that human capital is a key factor in improving production efficiency, and its approach is:

1) The increase of human capital investment can improve the production efficiency of human capital itself;

2) Increased investment in human capital can improve the productivity of other factors of production. Human capital, as a factor of production, contributes directly to economic growth on the one hand, and at the same time contributes to economic growth by promoting scientific and technological progress. Scientific and technological progress depends on the improvement of human capital, and technological progress is the fundamental reason why the rate of return on human capital does not decline or increase.

It can be seen that economic growth depends on the progress of science and technology, and at the same time, it also depends on the increase of human capital.

Human capital still plays a great role in modern economic growth, it can promote economic growth and provide vitality for the economy.

We must pay attention to human capital, and economic growth has a great impact in China now.

What is the role of human capital in modern economic growth Human capital plays an extremely large role in the growth of modern economy.

What is the role of human capital in modern economic growth? Play a synergistic role.

Human capital has promoted people's quality of life and improved people's livelihood in the course of modern economic growth.

Human capital is the key to economic growth is Theodore W. Schultz's view.

What is Human Capital?

The theory of human capital (HCM) originated from economic research. In the 60s of the 20th century, American economists Schultz and Becker created the theory of human capital, opening up a new idea about human productivity. According to this theory, physical capital refers to the capital on existing physical products, including plant, machinery, equipment, raw materials, land, money and other valuable goods.

Human capital, on the other hand, is the capital embodied in human beings, that is, the sum of the expenditure on education and vocational training for producers and the opportunity cost of receiving education, which is manifested as the sum of the stock of various production knowledge, labor and management skills, and health quality contained in people.

Economists believe that education, training, skills, and even personal health are responsible for 75% of the wealth of the modern economy, and wealth creation is not diamonds, high-rise buildings, oil, or fancy leather bags, but everything in our brains. "We should call our economy a 'human capital economy'" because that's the main part of the economy.

All forms of capital – physical capital (e.g. machines, factories, financial capital) and human capital – are important, but human capital is the most important.

The concept of human capital is proposed to divide capital into two categories: physical capital and human capital, which have different roles in economic growth at different stages of human social development. In the relatively backward stage of social and economic development, economic growth Human capital, as a decisive factor for the long-term economic growth of developed countries, and its important role in the sustained development of the economy, has been proven by many facts.

For example, the rapid take-off of Japan's economy after World War II and the phenomenon of "high growth, low inflation, and low unemployment" in the United States that lasted for more than 110 months since the 90s relied on technological progress based on human capital; In contrast, the rapid economic growth of East Asia, known as the "Asian miracle", was marked by the outbreak of the 1997 financial crisis, which to a certain extent proved to be a kind of "bubble" economic growth with no basis for technological innovation and dominated by foreign "virtual" inputs. From this, we can see that compared with physical capital, human capital has more powerful energy, and will play a pivotal role in the future economic development process, or it is no exaggeration to say that human capital will undoubtedly become the fundamental driving force of economic growth in the future.

Whichever country takes the lead in focusing its strategy on human capital and uses it as a basis for formulating and adjusting economic development policies will grow mainly on the input of physical capital, which plays a decisive role in economic growth. When human social and economic development reaches a certain stage, the role of physical capital in economic growth is relatively weakened, and the role of human capital in economic growth continues to increase after this stage, and there is a trend that the economy mainly relies on human capital input to grow. In this new era of knowledge economy, which is full of fierce competition and severe challenges, it is at the forefront and is admired by all countries.

Whether a country is strong or not depends on economic, military, political, diplomatic, and other resources, but it is still up to talented people to provide development for these things, and the development of talented people shows that the country's comprehensive development strength is good, and it has played a role in protecting a country.

There are five main aspects of impact:

1.The socialist market economy has gradually improved. After 30 years of reform and opening up, China has changed from the traditional economic system to the market economy system, under the market economy system, enterprises must go through product innovation and technological transformation in order to survive in the competition, this competition is the competition of talents in the final analysis, only enterprises with a large number of employees with a high level of human capital can win in the competition.

Therefore, for enterprises, people with a high level of human capital are becoming increasingly important.

2.Changes in the structure of the three major industries. With the continuous development of the economy, the proportion of the tertiary industry is increasing, which means that the demand and demand for high-quality labor is higher.

Due to the incompatibility between the quality of China's population and the industrial structure, a huge waste of human resources has been caused, and the improvement of the quality of the labor force and economic growth have also been restricted. China's industrial structure and product structure need to be greatly adjusted, which will lead to changes in the employment structure, and the changes in the employment structure will lead to the adjustment of the human resources structure, which will cause population migration. The transfer of the main body of human resources is conducive to promoting the adjustment and optimization of the structure of human resources, which is an inevitable phenomenon of economic development and a symbol of progress.

3.Socio-demographic changes. The age structure of the world's population will slowly shift to an ageing type over time, which has led to a significant increase in the average age of workers, resulting in the re-employment of the elderly population.

The elderly population is also an important part of the human capital stock of a society. Therefore, while maximizing the development and utilization of human capital stock, enterprises should actively and boldly implement the talent introduction strategy, optimize the age structure, knowledge structure and professional structure of employees through human capital adjustment, so that enterprises can keep up with the latest development trends and lay a solid foundation for improving the competitiveness of enterprises.

4.The continuous development of science and technology. The world has entered the information age, the knowledge economy has begun to take shape, the degree of socialization of production has been continuously improved, and the new economy characterized by knowledge has flourished.

Human resources have become the most important strategic resource in the knowledge economy. The development and management of human resources has also become the strategic commanding heights of economic and social development of all countries in the world.

5.The economy is becoming increasingly globalized. Economic globalization is the trend of today's world and the general trend of historical development, and China's participation in economic globalization is a rational choice.

Economic globalization has led to the globalization of competition, which has brought new opportunities and challenges to the development and management of human resources of Chinese enterprises, forcing Chinese enterprises to elevate management issues to the level of life and death of enterprises.