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Labour Markets in Small Developing States

image of Labour Markets in Small Developing States
Recent studies of the economic growth and development process have emphasised the critical role of human development. For small developing countries the existence of limited natural resources means that emphasis must be placed on human resources development (HRD) in national development strategy formulation. Through education and training (and health and nutrition), HRD can overcome imbalances in the labour market.



This book explores the approaches to this challenge adopted by governments of smaller states across the world and considers the effectiveness of the particular strategies adopted. It also explores the role of labour migration, particularly the emigration of skilled labour, in this process.



The book will be of value to national economic planners, labour market economists, and all those who seek to ensure the successful development of the economies of the world’s smaller states.

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Labour Markets and Human Resources Development in the Small States of Africa and the Indian Ocean

Empirical studies done under the new growth theory (endogenous growth theory) has shown consistently that human capital has a significant impact on economic growth. Education is both a result and a determinant of income and can produce public and private benefits. The starting point of endogenous growth theory was the dissatisfaction with the neoclassical approach, with its assumption of a steady state of zero per capita growth. Instead it brings back into the realm of economic analysis long-term growth by assuming that some investments, such as human capital or knowledge acquisition, are not subject to diminishing returns because they generate spillover to the rest of the economy (Romer, 1986).

English

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