Human Resource as factor of production has seen a paradigm shift. It is one of the tare three factors of production. Other two are land and capital.
The Agrarian Economy
When the economy was Agricultural the factor of production that was having the central place was land. The landowners were the rich people. Land was the focus of endeavors which was agriculture. The other two capital and labor (Human Resource) were playing the supporting role. In this age land was the KEY factor.
The Capitalistic Economy
Man made many changes in his environment and started doing other things. He was not only doing farming. He was more into making factories, decreasing costs of production and increasing his wealth. Capital or money as we call it became the KEY factor in this era. So Capital was having the center stage with Land and Labor playing supporting role. Whoever had more capital was controlling things.
Finally the bell has rung for the resource known as human resource.
The Service Economy
The age of skills is here. Most of the space in the economy is occupied by services. Human resource here is the KEY resource, with capital and land playing supporting roles. Whoever has better worker beats the competition.
This is the time for THE RESOURCE – Human Resource.