International Journal of Business and Management Study
Author(s) : WONG MEI FOONG
Develop towards a knowledge-based economy is extremely important for the ASEAN five plus three countries, since the countries face challenges at the global fronts and technological changes; the rules of competition have changed. A country’s competitive advantage is no longer dependent solely on factors such as labor, land and natural resources, but on its potential to produce, acquire, utilize and disseminate knowledge. Thus, this is essentially a shift from economic development based on resources to development based on knowledge where human capital (consequently education) emerges as crucial public policy themes for creating wealth and increasing the quality of life. This paper attempts to identify the determinants of knowledge-based human capital in ASEAN five plus three countries. The empirical findings of the human capital analyses indicate significant economic and demographic variables including the Gross Domestic Product (GDP) and fertility rate.