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Abstract

Human resources are central to economic development and can be increased in value and productivity by investment in human beings e.g. in their education and health. But for a considerable period in the past economists stressed the importance of the accumulation of man-made physical capital for economic growth and development to the neglect of human resource capital. Nevertheless, in the second half of the 20th century the importance of human resource capital (particularly education) for economic growth came to be recognised. Nevertheless the implications of the formation of human resource capital for sustainable development were given virtually no in-depth attention but it is important to address this matter, as is done here.

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