August 18, 2016

Errors of omission are worse than errors of commission

Now that the government has raved about its economic policy, business firms at home and abroad are all eyes on its move. According to some foreign media, lack of specific information about the economic policy forces potential investors to remain aloof. Nevertheless, our national economy is going to take off sooner or later.
When it comes to economic development, the development of human resources must be at the top of the agenda. In this respect, the government needs to be aware of the possible errors of omission, which is defined as a failure to do something that should have been done or to include something that should have been included. Researchers have argued that errors of omission are likely to be more common than errors of commission, which is defined as a mistake that consists of doing something wrong, such as including a wrong amount or including an amount in the wrong place.
The 21st century being dubbed the Age of Information Technology, the economic development of a country depends on its knowledge economy, a term used for an economy in which growth is dependent on the quantity, quality and accessibility of the information available rather than on the means of production.
In other words, the knowledge economy places a greater reliance on intellectual capacities than natural resources.
Our country has witnessed how a heavy reliance on natural resources for economic development degraded the ecosystems. The world is full of the examples of how resource-poor countries have achieved high socioeconomic status on the basis of human resources.
In fact, the development of human resources involves increasing the number of healthy and skilled workers to build up trained and skilled manpower. After all, it is the educated workforce that can pave the way forthe economic and political stability of the country.


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