HUMAN CAPITAL DEVELOPMENT

CONTENT

1. Introduction to Human Capital Development
2. Meaning and Definition of Human Capital Development
3. Factors Affecting the Efficiency of Human Capital
4. Brain Drain and its Effect on the Nigeria Economy
5. Reasons for Human Capital Flight
6. Effects Brain Drain on Nigeria Economy
7. Effects of Brain Drain on the Destination Country
8. How to Arrest Brain Drain

Introduction to Human Capital Development

According to modern growth theory, the accumulation of human capital is an important contributor to economic growth. Numerous cross-country studies extensively explore whether educational attainment can contribute significantly to the production of overall output in an economy. Although macro studies have produced inconsistent and controversial results (Pritchett 1996), several micro studies that look into the same problem have shown a consistently positive relationship between the education of the workforce and their labor productivity and earnings. General finding is that individuals with more education tend to have better employment opportunities, greater earnings, and produce more output than those who are less educated. These findings provide a strong rationale for governments and households to invest substantial portions of their resources on education, with the expectation that higher benefits will accrue over time.