EFFECTS OF PUBLIC INJECTION/ EXPENDITURE TOWARDS HUMAN CAPITAL DEVELOPMENT AND ECONOMIC GROWTH (ECONOMICS PROJECT TOPICS AND MATERIALS)
1.1BACKGROUND OF THE STUDY
Economic Growth which is the quantitative increase in output of goods and services in an economy at a particular point in time (i.e. Increase in production level of every sector of the economy) is one of the most important attributes of the macro-economic goals which every economy aims to achieve but Economic Development is sustained growth in the economy accomplished by improvement in the standard of the living of the people in the economy, it therefore considers an increase in output level that will reflects on Human Capital in the economy which includes though not limited to:-
Higher life Expectancy i.e. Good things of life
Higher Educational level
Good Health facility
Less Mortality rate
Higher Per Capital Income
Increase in employment of natural, human and financial resources in the economy
Higher level of functional infrastructures
Basic facilities or necessities of life e.g. Food, Clothing, shelter etc.
Public Injection or Expenditure is an action the Government to engage in financial activities on a sector or the entire country for the purpose of influencing economic activities or attainment of desirable or preconceived macro-economic goals.
As the Government being the Public Sector plans to engage in certain financial expenditure in its short or long-term budget, it aims at providing certain public goods for the citizens to increase their standard of living which is investing in Human Capital.
However the realization that an healthy and well educated people makes an economy more productive has now shifted the focus of the Government to invest in human capital. Thus Human Capital is now regarded as the primary determinant of a country’s standard of living.
The quality of human resources determines a nation’s growth and development.
Natural resources are being exploited, processed and developed by human beings to eventually benefit mankind. Natural or Physical resources of whatever kind will not on their own contribute to the development of a nation.