Men can make this world a best place; also they might destroy it if they are misused. It depends upon circumstances. So the World needs to pay close attention on the issues of human resources globally.
Adam Smith, born in Scotland, UK, is the father of economics. When he wrote a book The Wealth of Nations in 1776, since then economics is recognised as a different subject of study. Before that it was just a social science.
The main focus of The Wealth of Nations is economic growth where Smith says labour force/human resource is the wealth of nations. Higher the productivity of labour is higher the nation’s wealth. Education accelerates labour force’s productivity where division of labour increase individual productivity and personal work satisfaction. So government must provide the education to its labour force. According him it is specialization of human resources. Hence productive labours lead to the production of tangible objects and create a surplus which can be reinvested into production.
But youth today are immensely vulnerable, almost ignored due to expensive education, unemployment, human trafficking, migration, modern slavery, and super-manager’s discriminatory policy on wage determination, pittance culture, war-torn, refugee, and corruption and so on.
Health, education, food, security and shelter are determiners of indicator of the quality of labour force of the nation. This is hardworking people who work hard, build the nation and build a hopeful future. So I think we should be talking constantly about these issues in line with specialization of human resources. Also their social and cultural setting can affect the quality of labour force.
Well, who is the human resource or labour forces then? Obviously, people who are fit to work mentally, economically and physically are categorised as human resources. So, total size of the population is not human resource. Especially young generation is the main source of labour force.
But youth today are immensely vulnerable almost ignored due to expensive education, unemployment, human trafficking, migration, modern slavery, and super-manager’s discriminatory policy on wage determination, pittance culture, war-torn, refugee, and corruption and so on. Data shows that there are 168 million child labour (ILO), 201.8 million were jobless in the World. Also the World needs additional 600 million jobs over the next decade. States seem unable to protect its wealth of nation i.e. labour force. Labour is not given importance. The atrocities can be seen around the world was created by man against men. That must be stopped.
Hence, economics is not a complete subject without labour. Man got imagination, creation and production of the development. Even among the four factors of production labour and organization are totally dominated by human resources. Human and humanity must be protected because it is wealth of nation. It is a vague subject of study.
So, to have a close look on the issue of labour and its plight and opportunity I have decided to include this issue in my regular post as well.