Malaysia and Hong kong Essay Example | Topics and Well Written Essays - 1750 words

Malaysia and Hong kong - Essay ExampleIn this concern, major(ip)ity of the economists have developed their ideas focusing on the cultureal criterion of the economy to promote knowledge- base society. Notably, the governing bodyal bodies can play a significant role in accumulating the public sector with the private sector in this regard and promote the educational backdrop of the economy. This shall not only stimulate the economic growth with lower rate of unemployment, but shall also furbish up the economic competitiveness (Wilson, J. P., gentleman Resource Development Learning & Training for Individuals & Organizations). The fact can be well identified in the recent economic development of Hong Kong. Since the initiation of the 21st century several(prenominal) analysts have been observing the trend of Hong Kong in terms of its Human Resources. Mr. tung tree Chee-Hwa played a major role in stimulating the need of knowledge-based society in order to enhance the affectivity of th e Human Resources of Hong Kong. Mr. Tung was designated as the Chief Executive of the Hong Kong Special Administrative Region (HKSAR). His Policy Addresses, for consecutive few years, were based on the requirements and the importance of a knowledge-based society. For instance, his 2000 Policy Address outlined the series of measures to be customized by the government in order to improve the infrastructure of the economy. This in turn shall facilitate its objective of gaining the advantages of a knowledge-based society. It is deserving mentioning that Mr. Tungs initiation to develop the economy into an innovative and knowledge-based society made it a prior(prenominal) concern for the governmental bodies until 2003. Stating precisely, as suggested by Mr. Tung, the objective could be attained effectively providing extra force-out to the four chiefly categorized economic pillars, i.e. logistics, finance, producer services and tourism sector. Furthermore, to ensure these strategies the governmental cloth initiated to push value added industries. Hence, the governmental supervision played a crucial role in enhancing Hong Kongs Human Resources and in turn stipulating the economic competitiveness (Wong, G., Taking stock of Hong Kongs Human Resources). 1.2. Role of Human Capital in Developing Economic Competitiveness According to the Organization for Economic Co-operation and Development (OECD), benevolent capital is defined as The knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social, and economic well-being (OECD, The benefit of Nations The Role of Human and amicable Capital). Apparently identifiable from the provided definition, human capital is quite important to reward stability and competency to the economy irrespective of its present status. As further communicated by the OECD report, efficacy in terms of human capital can be attained through an enhanced education and training system to im prove the knowledge base of the society (OECD, The Well-being of Nations The Role of Human and Social Capital). It is in this context that the concept of knowledge-based economy is gaining a growing importance in the