This refers to the news report, ‘Govt must invest in human capital more than infrastructure uplift’ (Jun 2). According to the news report, the government should invest more in enriching the human capital instead of launching infrastructure projects. The human capital is the measure of the economic value of the skills of an employee. This capital is really a form of wealth for a country like Pakistan. The quality of this capital can be improved through education and training. In any business, there are three basic resources which are taken into account: land, labour and capital. Land is used to produce goods or services; labour is the manpower that transforms the resource into a product, and capital is the money used to purchase both.
In human capital, there are two types of labour: skilled and unskilled. Skilled labour usually accomplishes tasks quicker and more efficiently than unskilled labour and the skilled labour is better paid as compared to unskilled labour that can accomplish basic and repetitive tasks only. This means that we should produce as many skilled workers as we can. Pakistan should first develop the human capital and then think of innovative methods to utilise this developed resource for completion of various projects.
Air-Cdre (r) Azfar A Khan