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Describe in brief the role of human resources in economic development.

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Role of Human Resource:

(i) Higher Productivity: Investment in human capital yields a return just like investment in physical capital. This can be seen directly in form of higher incomes earned because of higher productivity of the more educated or the better-trained persons as well as the higher productivity of healthier people. India’s Green Revolution and IT Revolution are good examples of human resources development.

(ii) Better Utilisation of Resources: Countries like Japan have invested in human resource. They did not have any natural resource. They could become rich/developed because of investments in people especially in the fields of education and health. These people have made efficient use of other resources like land and capital. Efficient technologies developed by people have made these countries developed.

(iii) Source of Demand: Human beings make demand for the output of goods and services produced in the country. So, expansion of market for various types of foods and services further leads to increase in production.

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