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Introduction: Human Capital and Economic Development

 
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Introduction: Human Capital and Economic Development
   

Health and education are both components of human capital and contributors to human welfare. One index of human welfare, which incorporates income, education and health, shows that Africa’s level of ‘human development’ is the lowest of any region in the world. In this paper we will frequently compare Africa with South Asia. While Africa’s level of human development is lower than that of South Asia, its per capita income is higher. Africa’s poor economic performance has been most marked in its growth rate which has been half that of South Asia. As Africa has found since 1980, slow economic growth severely limits the ability of governments and households to fund further investments in health and education. Low investments in human capital may impinge on already low growth rates of income. Such interrelations might be thought to imply a vicious circle of development, but this should not be overstated.

Poor countries have considerable discretion over how much to invest in health and education. Since Independence, Africa has achieved a rapid growth of some aspects of human capital - particularly in the expansion of education - despite starting from a low level of income. The expansion of the human capital stock has not been matched by a commensurate rise in physical capital. The result has been low growth of incomes and low returns to the educational investment.

This paper provides an overview of Africa’s achievements in the formation of human capital, and its impact on economic growth and welfare. Human capital, economic growth and welfare are closely interrelated. Section 2 provides an assessment of Africa’s human development in the context of other developing regions. Section 3 turns to the central issue of how to promote economic growth in Africa and the role of human capital in that process. Section 4 presents evidence on the linkages between education and health outcomes, while section 5 provides some concluding remarks.

Human Capital and Economic Development Simon Appleton and Francis Teal To learn more about this author, visit African Development Bank's Website.

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African Development Bank
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The African Development Bank is the premier financial development institution of Africa, dedicated to combating poverty and improving the lives of people of the continent and engaged in the task of mobilizing resources towards the economic and social progress of its Regional Member Countries.The Bank’s s mission is to promote economic and social development through loans, equity investments, and technical assistance. The ADB is a multilateral development bank whose shareholders include 53 African countries and 24 non-African countries from the Americas, Asia, and Europe. It was established in 1964, with its headquarters in Abidjan, Côte d’Ivoire, and officially began operations in 1967.
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