Attitudes and values play important roles in economic growth and development
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| (Head Table - Left to right) - Financial Secretary, Mrs. Janet Harris; St. Kitts and Nevis Prime Minister Hon. Dr. Denzil L. Douglas; Permanent Secretary for Sustainable Development, Mrs. Hilary Hazel; Deputy Premier of Nevis, Hon. Hensley Daniel and Representative of the St. Kitts and Nevis Chamber of Industry and Commerce, Mr. Austin Da Silva |
BASSETERRE, ST. KITTS, OCTOBER 12TH 2007 (CUOPM) – The Prime Minister of St. Kitts and Nevis Hon. Dr. Denzil L. Douglas says while education and skills are important for economic growth and development, “attitudes and values play just as an important role.”
Addressing the Annual Consultation on the Economy on the theme:
Strengthening Human and Social Capital, Key Elements in Our Economic Transformation, Dr. Douglas said the area of focus that has been selected indicates that Government’s strategic planning process, places great emphasis on the human side of our development.
“Human capital highlights the economic behaviour of individuals, especially the way their accumulation of knowledge and skills enables them to increase their productivity and their earnings – and in so doing to increase the productivity and wealth of the societies they live in,” the Prime Minister told the 300 participants from government and non-governmental organisations, voluntary organisations and students of the Clarence Fitzroy Bryant College and high schools and representatives from the International Monetary Fund, World Bank and Caribbean Development bank.
Dr. Douglas noted that the underlying implication of a human capital perspective is that investment in knowledge and skills brings economic returns, individually and therefore collectively.
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“A large portion of today’s discussion will focus on our system of education and we will deliberate on how this can be shaped to deliver the type of economic transformation that we are striving to achieve. We will also look at the important role that the Development Bank and Institutions of Learning continue to play in fostering the education and skills acquisition of our people,” he said.
Dr. Douglas said it was for this reason that the all must look at Social capital which focuses on networks, the relationships within and between them, and the norms which govern these relationships.
“It implies that positive trusting relationships are good for social cohesion and for economic success. Social capital underpins the policy instruments that we use as it deals with the social infrastructure which enables our policies to be effective. This emphasis on social relationships is crucial in our society to ensure economic progress,” said the St. Kitts and Nevis leader.
Dr. Douglas said human capital can certainly be understood to encompass social as well as technical skills which are learnt through various avenues for education and training; but social capital brings to the fore the social networks and values through which these skills can be successfully deployed and rewarded.
“Therefore while human capital may measure the duration of schooling, qualifications, income and productivity; social capital concentrates on the attitudes, values and social cohesion which must be employed also in order for the former to be successful. By looking at these two variables we are seeking to strike a balance in our society which will not only deal with the issues of skills and competencies but will also address issues such as social exclusion, delinquency and the phenomena of gangs,” said Prime Minister Douglas.
