HUMAN CAPITAL AND ICT PER CAPITAL CONTRIBUTION TO EAST ASIAN PRODUCTIVITY GROWTH

The knowledge-based economy (K-based economy) is not confined to information and communication technology (ICT) alone. Even before the evolution of ICT, knowledge was personified in human beings' "human capital" and technology. It was further embodied in capital investment undertaken by those countries associated with the so-called Asian miracle. This study examines the impact of capital productivity, labor, ICT, and human capital per unit of capital, or the total factor productivity (TFP) per unit of capital in the economies of five members of the Association for Southeast Asian Nations (ASEAN): Indonesia, Malaysia, the Philippines, Singapore, and Thailand (hereafter ASEAN5). Whereas high capital input growth resulted in low capital productivity with insignificant technological progress experiences in the economies of these countries, labor, ICT, and human capital per unit of capital played a significant role in achieving light productivity contribution to the growth of these economies through the use of huge inputs to produce output. Adapted from the source document.