Dear fellow RG members, let me share with you this quote from Malu (1994) "The real wealth of a country is not measured by the quantity and quality of its mineral or vegetable raw materials, but by the quantity and quality of its gray matter".
I am pleased to invite the community of researchers who are members of RG to interact on the notion of "real wealth of a country".
http://documents1.worldbank.org/curated/en/816281518818814423/pdf/2019-WDR-Report.pdf
http://hdr.undp.org/sites/default/files/reports/270/hdr_2010_en_complete_reprint.pdf
http://hdr.undp.org/sites/default/files/reports/270/hdr_2010_en_complete_reprint.pdf
https://www.youtube.com/watch?v=KyLvvGPSMQk
National Human Development Report 2013, dedicated to the topic of human capital and titled: 'People are the real wealth of the country.' How rich is Montenegro?
https://www.worldbank.org/en/publication/human-capital
A Project for the World
Welcome to the Human Capital Project (HCP), a global effort to accelerate more and better investments in people for greater equity and economic growth. With the current COVID-19 pandemic, it's even more important to understand why countries should invest in human capital (HC) and protect hard-won gains from being eroded. Find out why the World Bank, countries, and partners are coming together to try to close the massive HC gap in the world during COVID-19 and afterwards. Check out the updated 2020 Human Capital Index, our videos, visualizations, frequently-asked-questions,...
https://scholar.harvard.edu/files/goldin/files/human_capital_handbook_of_cliometrics_0.pdf
Human capital is the stock of skills that the labor force possesses. The flow of these skills is forthcoming when the return to investment exceeds the cost (both direct and indirect). Returns to these skills are private in the sense that an individual’s productive capacity increases with more of them. But there are often externalities that increase the productive capacity of others when human capital is increased. This essay discusses these concepts historically and focuses on two major components of human capital: education and training, and health. The institutions that encourage human capital investment are discussed, as is the role of human capital in economic growth. The notion that the study of human capital is inherently historical is emphasized and defended
https://www.britannica.com/topic/human-capital
Human capital, intangible collective resources possessed by individuals and groups within a given population. These resources include all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively, the cumulative total of which represents a form of wealth available to nations and organizations to accomplish their goals.
Article The relevance of human capital as a driver for innovation
The relevance of human capital as a driver for innovation
La importancia del capital humano como impulsor de la innovación
In my humble opinion, that is summerizied into four following words:
Thought, wisdom, cooperation, innovative and stable management.
The real wealth of a country is honest, skilled, and united manpower.
It's true that's human resources are the most important wealth of a country.
Dear Dr Hamid Reza Farhang, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Md Rabiul Alam, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Ketty Balthazard-Accou, your contribution to this discussion is greatly appreciated. Thank you for your participation.
The notion of "real wealth of a country" can as well be seen as incorporating the above contributions which are significant factors that contribute to the cumulative wealth of any nation. However, investing in the citizens and residents of a nation can go a long way to boosting a nation's wealth. Investing in the education of the youths, re-educating and re-training older adults still in the (not already in retirement) labour market. It is also important to note that retirement does not mean the end of a person's active life, therefore, the wealth of knowledge, wisdom, skills, and experience of citizens and residents in retirement being put in use means a lot in promoting integrative workforce and fostering inter-generational collaboration; older generation collaborating with the younger generation which is invaluable resources for national growth. Furthermore, investing in the health and social care system as well as health education and health promotion. The health and social care system is a very significant mechanism and catalyst that changes everything. There is a high tendency that the healthy body and mind might be honest and skilled (MD Rabiul Alam), continue to practice its profession, and is healthy to freely unite to achieve the common goals to move the nation forward.
Just my little cent!
Dear Dr Muhammad Aledeh , your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Joan Nyika, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Nelaturi V Raghavaiah, your contribution to this discussion is greatly appreciated. Thank you for your participation.
https://crenos.unica.it/crenos/sites/default/files/WP10-06.pdf
Measures of wealth and well-being. A comparison between GDP and ISEW
It is well known that, as a measure of well-being, the Gross Domestic Product does not reflect the real wealth of a country but just its monetary counterpart. Thus, it is not fit to differentiate between the costs that enhance welfare and those which, instead, undermine it. For this reason some corrective measures of well-being have been advanced in the literature, one of the most important is the so called Index of Sustainable Economic Welfare. The aim of this work is to explore some of the features of this measure and to calculate it for Italy up to year 2006 comparing it with the time series of Gross Domestic Product. In particular our purpose is to analyze whether the ISEW for Italy registered a decreasing trend as well as the ISEW of other countries. This negative trend was not visible in the previous studies because of the lack of recent data which could not allow to register the threshold point of the index
Carta, V., & Porcu, M. (2010). Measures of wealth and well-being. A comparison between GDP and ISEW. Contributi di Ricerca CRENoS, 6.
https://academicjournals.org/journal/AJBM/article-full-text-pdf/A32FE5915067.pdf
An alternative to measure national intellectual capital adapted from business level
Navarro, J. L. A., Ruiz, V. R. L., & Pentilde, D. N. (2011). An alternative to measure national intellectual capital adapted from business level. African Journal of Business Management, 5(16), 6707-6716.
Singh, B., Kaur, P., & Kumar, P. (1995). HUMAN RESOURCE DEVELOPMENT—A CHANGING SCENARIO. Current trends in human resource development (HRD): challenges and strategies in a changing scenario, 395.
Dahiya, L. N. (1989). A Strategy of Human Resource Development. Human resource development: Strategic approaches and experiences. Jaipur (India): Arihant Publishers.
Vipraio, P. T. (2007). Education, Research and Innovation for Sustainable Development: a Review of the G8–Unesco Forum. Transition Studies Review, 14(2), 381-396.
Evensky, J. (2015). Adam Smith's Wealth of Nations. Cambridge University Press.
Evens Emmanuel
Article Measures of wealth and well-being. A comparison between GDP and ISEW
Dear Dr Nirmala S.V.S.G, thank you for sharing the paper and your contribution to this discussion.
without hesitation, the human capital is the real wealth of a given country. History has proven that!
Dear DrHermann Gruenwald, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Amine Moulay, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Intelligence often comes to nothing without education. But in poor countries an educated person often goes abroad to earn money that goes with their education, or in fact goes abroad for their education and often stays there. The country of their birth loses out in a number of ways. In poor and rich countries the general population long served as 'cannon fodder.' Yes, in wealthy countries an intelligent and educated group is important but little permeates down, and in modern technological societies many cannot progress as they neither understand nor can apply new technology and ideas.
The USA as an example grew powerful because of the talented people who arrived on their shore. European countries lost their best minds and their dominance.
The Brooklyn Bridge has been sold many times; each time required creative economic thinking by individuals, or groups of individuals. In consequence, the wealth of any country resides in the degree of creative thinking within its general population.
Lou
"The real wealth of a country consummately measured by the quantity and quality of its gray matter". This notion seems absolutely correct. And becomes further valid when the political elite domain is the fundamental repository of the gray stuff.
Dear Dr Stanley Wilkin, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Lou Schmitt, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Remi Chukwudi Okeke, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Diena Dwidienawati, thank you for your participation to this discussion.
I agree with the the notion "The real wealth of a country consummately measured by the quantity and quality of its gray matter".
Dear Dr Naresh Kumar Sharma, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr M.K. Tripathi
, your contribution to this discussion is greatly appreciated. Thank you for your participation.
Dear Dr Yolette Jerome, your contribution to this discussion is greatly appreciated. Thank you for your participation.
As I'm a Buddhist , I think the Buddha's teaching on governance of the country according to "Dasaraja Dharma" (The Ten Duties of Rulers) is the wealth of a country. If the governance is devote and the governances are intelligent, the public will be according to them.
Dear N. S. Abegunasekara, your contribution to this discussion is greatly appreciated. Thank you for your excellent reply.
I think the real wealth of the country are the potential human who help to develop their country
Dear colleague Md. Israt Hasan, let me thank you for your collaboration and support, for your contributions to this discussion.
Dear Nirmala S.V.S.G , your contribution to this discussion is greatly appreciated. Thank you for your excellent reply.
Dear Magline Alexis, your contribution to this discussion is greatly appreciated. Thank you for your excellent reply.
I agree the real wealth is in the gray matter. The gray matter is held by human beings. A well trained human resource can greatly shape the country's development!
Dear Professeur Evens Emmanuel thank you for this discussion, excellent question.
Thanks Dr. Evens Emmanuel for disseminating such a valued truth. I agree with you.
Dear Dr Kafula Chisanga, your contribution to this discussion is greatly appreciated. Thank you for your excellent reply.
Dear Praneeth Silva , I really appreciate your contribution to this discussion. Thank for your support.
Dear Dr Kamal Prasad Sapkota, allow me to share the thanks with you. Indeed, I want to tell you that I very much appreciate your intervention. By accepting the profession of researcher, we have chosen to go in search of the truth and nothing but the truth. Our questions lead us to elaborate hyspotheses, which in the light of the mind will end up being validated or invalidated.
I agree with some reservations. We saw how countries, in the last century, with an abundance of gray matter misdirected their valuable resources that eventually led to their destruction and ultimately were dismantled.
One of the factors that should be included, when measuring the wealth of a country, is strong institutions that foster and create the right environment for the gray matter to flourish and more importantly, keep it in check.
The development of a country does not matter, it is up to the country's gray matter to develop it.
Dear Dr Ketty Balthazard-Accou, let me thank you for your cooperation in this discussion.
Hi All,
Presumably "gray matter" refers to brain color, and by extension, related behavior, possibly intellectual, depending upon the local or predominant interpretation. If this includes creative phenomena, experiences and behaviors such as love, then the interpretations may seem to have some validity. However, humanity is far more than brains, and many forms of "capital', intellectual, emotional, social, cultural, spiritual, ecological etc contribute to truth and reality. Is this not why we research, to study such assumptions in greater depth and detail?
Best wishes
Steve
Dear Dr Stephen David Edwards, your contribution to this discussion is greatly appreciated. Thank you for your reply.
The real wealth are its knowledgeable and dedicated people. Therefore, efforts must be made to facilitate and educate them and most importantly help them in developing 21st century thinking skills.
According to the interpretation given to the concept "Wealth"; Let me explain: there are countries so poor that they only have money or oil; for me the wealth of a country has to be measured in the happiness of its inhabitants; their solidarity and empathy towards others; its democratic standards; the role, rights and equality of their women; care and respect for their elders; your Health System (eg, the US, "apparently" rich, has a frankly improvable Health System) ... Thus, measuring "wealth" only in money - still important - and in GDP is an estimate very poor; Saint Francis Xavier said "what good is it for a man to get it and have it all if he loses his soul?" Such a phrase should be applied to countries as well.
When a people is intellectually well trained, its true wealth will be its sons qui will allow him to move forward with beautiful visions for his future.
Nature and human resources with their abilities and competences are real wealth of a country. In addition - also foreign diaspora of former emigrants from the country, who can help their native country by various initiatives and transfers.
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