The correct option is Productivity in terms of human labour..
Explanation
The concept of Human Development is supported by four essential pillars: Equity, Sustainability, Productivity, and Empowerment. In this paradigm, the focus shifts from mere economic expansion to the enrichment of human lives and the expansion of human choices.
Analysis of Options
- Industrial output per unit of capital. is incorrect: Industrial output per unit of capital refers to capital productivity, which is an economic metric used to measure the efficiency of physical assets, not human development.
- Agricultural yield per hectare. is incorrect: Agricultural yield per hectare refers to land productivity. While relevant to food security, it does not define productivity in the context of human capabilities.
- Productivity in terms of human labour. is correct: In the context of human development, Productivity refers to productivity in terms of human labour. This principle asserts that human labour must be constantly enriched by building capabilities in people. It recognizes people as the real wealth of nations; therefore, efforts to increase their knowledge and improve health facilities are necessary to enhance their work efficiency.
- The rate of economic growth adjusted for inflation. is incorrect: The rate of economic growth adjusted for inflation describes Real GDP growth. Human development distinguishes itself by prioritizing human well-being over statistical economic growth.
Key Takeaway
Productivity in human development signifies the investment in human capital (education, health, and skills) to enhance the capabilities and efficiency of the workforce, treating people as the primary agents of development.