Application Of Human Capital Theory For Higher Productivity Among Education Economics Students In Imo State University, Owerri

ABSTRACT

The main objective of this study is to investigate the application of human capital theory for higher productivity among education economics students with particular reference to Imo State University Owerri. Three research questions were formulated and a descriptive survey research design was adopted for the study. The population for the study comprised of five hundred and thirty-eight (538) students and forty-eight (48) lecturers of the faculty of education from the 2016/2017 session. However, a sample of 200 students were randomly drawn from the total population. The method of data collection was through the use of a rating scale which was structured on a four point likert scale. The data were analyzed using arithmetic mean and standard deviation. The results indicated that shows that human capital theory in education and the creation of human capital was responsible for differences in productivity. Also, the study revealed that exam malpractice, substandard facilities, lack of study skills promotes low productivity among education economics graduates The study therefore recommends that students should concentrates their efforts in human capital development and there should be joint partnership among parents, NGOs and the Federal government in rasing the level of awareness and participation in human capital development among youths.

CHAPTER ONE

INTRODUCTION

Background of the Study

Education results in human capital development through capacity building for self actualization, hence it serves as the key to economic prosperity, technological advancement and political stability. Although expensive, the government in realization of the inherent benefits of an educated populace and dangers posed by ignorance to the nation’s progress has committed enormous resources to the promotion of sound and qualitative education at all levels (Okeke, 2008).

The belief that education is an engine for growth rests on the quality and quantity of education in any country. The economic prosperity and functioning of a nation depends on the physical and human capital stock, whereas the former has traditionally been the focus of economic research, factors affecting the enhancement of human skills and talents are increasingly figuring in the research of social and behavioral science. In general terms, capital represents the investment people make in themselves that influence their economic productivity.

The basic principle of the human capital theory that stresses the role of education as a productivity enhancing investment according to Becker (1964) is widely accepted in this discussion. Education policy is directed to meet the skill needs of the modern workplace and to improve the performance of the individuals both in the institution and in the labor market. In fact entrepreneurship education is seen almost as a universal cure to some of the most severe economic problems such as unemployment and poverty. Human capital is also a regarded as key factor in generating higher productivity and economic growth (Barro and Sala-i-Martin, 2005).

According to Olaniyan and Okemakinde (2008), education is an economic good because it is not easily obtainable and thus needs to be apportioned. Economists regard education as both consumer and capital good because it offers utility to a consumer and also serves as an input to the production of other goods and services. As a capital good, education can be used to develop the human resources necessary for economic and social transformation. The focus or education as a capital good relates to the concept of human capital, which emphasizes that the development of skills is a- important factor in production activities. It is widely accepted that education creates improved citizens and helps to upgrade the general standard of living in a society. Therefore, positive sec al change is likely to be associated with the production of qualitative citizenry. This increasing faith in education as an agent of charge in many developing countries, including Nigeria, has led to a heavy investment in it. The pressure for higher education in many developing countries has undoubtedly been helped by public perception of financial reward from pursuing such education. Generally, this goes with the belief that expanding education promotes economic growth.

Human capital theory emphasizes how education increases the productivity and efficiency of workers by increasing the level of cognitive stock of economically productive human capability which is a product of innate abilities and investment in human beings. The provision of formal education is seen as a productive investment in human capital which the proponents of the theory have considered as equally or even more equally worthwhile than that of physical capital. According to Babalola (2013), the rationality behind investment r human capital is based on three arguments: that the new generation must be given the appropriate parts of the knowledge which has already been accumulated by previous generations; that new generation should be taught how existing know edge should be used to develop new products, to introduce new processes and production methods and social services; and that people must be encouraged to develop  entirely  new  ideas,  products,  processes and  methods through creative approaches,

Human capital theory which is inter-disciplinary and cuts across all facets of education especially among the education economics students in I mo State University, increases their productivity and efficiency by increasing the level of cognitive stock of academically and economically productive human capability which is seen as a product of innate human abilities and investment in human capital which the proponents of the theory have considered as equally or even more equally worthwhile than that of capita

It is therefore against this background that the researcher deems it necessary to examine the application of Human Capital Theory for Higher Productive among Education Economics Students in Imo State University, Owerri.

Statement of the Problem

The belief that education s an engine for growth rests on the quality and quantity of education in any country. The quality of education acquired by an individual in school settings determines his/her output in the society. Thus it has been the concern of the populace and the government to ensure that qualitative education is obtained in the country. Consequently, the qualification of graduate students in Nigeria is now questionable, especially in private universities and in Imo State University in particular whereby one graduates without gainful employment. It is argued that the credibility and skills of these students do not march us with the requirement of the digital/global world of today, to this end Amaechi, Anamonye, Onuoha and Okwu (2012) argued that the quality of education acquired by an individual determines his output in an organization. This study poses as a question; is our graduate equipped with the needed things in the university to face the challenges of the global world and to be employed in the global market? What are the problems behind low productivity graduates in firms? What is the ways forward to this trend? This work therefore delves to examine the application of human capital theory for higher productivity among education economics students in Imo State University, Owerri.

Scope of the Study

The study covers all the undergraduate students of Education Economics Department and all the staff of the Faculty of Education in Imo State University, Owerri. It is delimited in finding out the application of human capital theory for higher productivity among education economics students in Imo State University, Owerri.

Purpose of the Study

The general purpose of the study is to examine the application of human capital theory for higher productivity among education economics students in Imo State University, Owerri. The study will attempt to find out;

1. The skills needed to equip education economics graduates of Imo State University/ Owerri for higher productivity in the global market.
2. The problems behind low productivity among education economics graduates of Imo State University, Owerri in

• The ways forward to eradicate low productivity among education economics graduates of Imo State University, Owerri in firms.

Significance of the Study

The study will be of help to educational policy makers, the lecturers, the students and to subsequent researchers.

To the educational policy makers, this research work will ensure that the scheme of work for each semester is properly outlined in such a way that it will suit what the discipline portrays.

To the lecturers, the study will instigate them to lecture in line with the scheme of work and as well as cover them as when due.

To the students, the study will serve as an eye opener for them to see reasons to embrace all they are been taught as this will always lead to higher productivity in the capital market,

To subsequent researchers, the study when duly completed will be a reference material whenever a study of this magnitude is to work upon.

Research Questions

The following research questions are posed by the researchers in line with the purpose of this study which serve as a guide to the research;

1. What are the skills needed to equip education economics graduates of Imo State University, Owerri for higher productivity in the global market?
2. What are the problems behind low productivity among education economics graduates of Imo State University, Owerri in firms?
3. What are the ways forward to eradicate low productivity among education economics graduates of Imo State University, Owerri in firms?

Pages:  51

Category: Project

Format:  Word & PDF        

Chapters: 1-5

Material contains Table of Content, Abstract and References.