Japan, China and the United States of America are known as the most advanced and prosperous nations in the world because of their hard working people.
Well, the people who work hard as laborers in these countries mostly aren't their people, especially in the United States, but it's people who migrated to these countries for work because of low pay rates in their countries. It's basically about making the best of the laborers you have to improve your industries. Many countries are unable to do that, they don't pay their workers enough to motivate them to keep working hard and this makes them move to these developed countries to work there only so that they can earn what they deserve for their work.
So it's true that labour is an asset and these major countries make sure they make full use of it this is the reason why these countries are so developed because they know that laborers are a moving force for any nation or any industry. It's about using the right resources at the right time and place to get full benefits from it and they do it very well.