The new edition of this SAGE Handbook builds on the success of the first by providing a fully updated and expanded overview of the field of human resource management. Bringing together contributions from leading international scholars - and with brand new chapters on key emerging topics such as firm ownership, talent management, engagement and big data - the Handbook focuses on familiarising the reader with the fundamentals of applied human resource management, while contextualizing practice within wider theoretical considerations. Internationally minded chapters combine a critical overview with discussion of key debates and research, as well as comprehensively dealing with important emerging interests. The second edition of this Handbook remains an indispensable resource for advanced students and researchers in the field. PART 01: Context of Human Resource Management; PART 02: Fundamentals of Human Resource Management; and PART 03: Contemporary Issues.
Chapter 26: HRM and National Economic Performance
The management of labour has been recognised as a crucial determinant of national economic performance for as long as national economic performance has been analysed. The first analysis of the relative wealth of nations identified the division of labour as being fundamental to labour productivity and hence to the economic prosperity of the firm in question and of the economy in aggregate (Smith, 1776). Adam Smith's Wealth of Nations was presented as five ‘Books', and the title of the first one opens with ‘Of the Causes of Improvement in the Productive Powers of Labour…'. Chapter One is ‘Of the Division of Labour'. The opening sentence of the Wealth of ...