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The Factor of Human Capital in US Rising (Special Issue, No 8, 2016)
2016-03-31
By Yu Dong, Member of the Research Team on “The Waxing and Waning of a State and the Role of Human Capital” of DRC
Research Report, Special Issue, No 8, 2016 (Total NO 1483)
Abstract: Since its foundation, the US followed a path evolving from size expansion to quality elevation. After the extensive growth model came to its peak, through industrial, educational and other policy adjustments, plus capital deepening, labor force gradually took the advantageous position among other production factors and a knowledge-based economic driver became the mainstream. The US economic development model was transformed for two reasons. On one hand, human resource development matched well with industrial structure upgrading, mass education enjoyed a long-standing tradition, and organization management, scientific and technological innovation as well as social security network building were valued. On the other hand, numerous timely profound adjustments were made at critical junctures during the development model transformation, which successfully turned crisis into opportunities.
Key words: human resources, development model transformation, the United States
