Economic Development: A Modern Perspective on Human Resources

The topic of practical economic development is the most important from an economic perspective. With the significant development in production tools and technological advancements, there is a real need to reconsider this concept and identify the basic requirements for maximizing theoretical thinking in developing economic resources, particularly human resources, which constitute the backbone of successive economic development. It has become clear to economic thinkers that possessing human capital trained and equipped with the latest technologies is one of the most important weapons for finding rapid solutions to advance economic development. Possessing capital is no longer of great importance compared to possessing intellectual capital, which keeps pace with economic development with various modern, creative ideas that possess innovation and renewal to move the economy forward. On this basis, the researcher concluded that the basic principles of economic development are based on the modern ideas possessed by the human element. The researcher recommended that developing countries focus on creating innovation by developing scientific research systems in research centers, universities, and public and private institutes to advance economic development in accordance with the modern perspective of sustainability.