The Role of Human Capital in the New Global Economy Essay

The Role of Human Capital in the New Global Economy - Essay ExampleIt is seen that with the growth of the population towards their while of retirement, nations tend to face a shortage of labor party. The saving faces a labour shortage crisis which fails to meet the desired level of skill requirement of the society and economy on the whole. Thus it is crucial that nations maintain a certain amount of skill within the economy which meets its output and productivity requirement. In other haggling nations need to maintain a balance in their labour markets (Turner, Executive Summary). Technological advancement has also played a significant parting in the increasing competitiveness of nations. Moreover it forms a primary component behind the competitiveness and competitive advantage of nations in the international market. This has called for a labour force which is highly competent in the field of information technology in order to sustain and survive in the global markets. Nations su ffering from little advancement in technology and communications has suffered skill shortage and labour efficiency which is the reason why they have lost their competitive position in the market among global competitors (Turner, Executive Summary). With globalization, the prevalence of trade and commerce has also change magnitude substantially. Global economies reliance on international trade has increased substantially over the years.