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Monitoring International Labor Standards: Human Capital Investment
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Ray Marshall argued that labor standards play an important role in fostering human capital. After discussing the importance of human capital in general, he summarized the rationales for labor standards in the global economy to introduce the linkages between the two. Marshall said that most people would agree that investment in human capital is critical to improving the human condition. He raised three gen- eral points regarding human capital investment. (1) Human capital is costly; resources for human capital formation are limited, especially in poor coun- tries; and it is important to use these resources efficiently in the production of knowledge and skills. (2) Human capital cannot be considered in isola- tion from overall economic and social policy. In other words, production systems that demand educated labor must be in place if the increased sup- ply of educated labor is to be absorbed. (3) The concept of education should be thought of more broadly than just schooling. Learning takes place out-
Monica Ulewicz - Personal Name
0-309-52711-2
NONE
Human Resource management
English
2003
1-59
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