The human factor and economic development in Africa

Abstract

The imporuuice of adequate investment in the Human Factor (HF) for the inyriad tasks of development has been emphasized in the literature by Schultz (1959), Becker (1962), Harbison (1973), Denison (1962), Kendrick (1961) and others. Investment in human capital has been found to create a productive labour force endowed with increased knowledge and skills necessary' for sustained national development. In fact, out of four factors of production, namely capital, natural resources, labour and entrepreneurial ability, only labour, (the human beings) has been regarded as the active agent of development and modernization, while capital and natural resources have been regarded as passive agents. This is because human beings are the ones who are capable of accumulating capital, exploiting natural resources and building economic, political and social organizations and carrying forward national development (Harbison, 1973; Ojo, 1983).