concep of human capital and human capital formation
Answers
hii
human is important for our country development
Explanation:
Human capital is the stock of competencies, knowledge and personality attributes embodied in the ability to perform labour so as to produce economic value. It is the attributes gained by a worker through education and experience.
Human capital formation is the process of adding to stock of human capital over time. It is possible through creation of skilled, trained and efficient labour force by providing better education, health, care facilities, etc.
Thus, it is a process of providing education, healthcare facilities, research and training facilities to the labour force so that they can handle the sophisticated capital equipment’s efficiently and can innovate new ideas and methods of production through their enhanced knowledge.
More human capital formation means an increase in production capacity of the economy as a whole. Increase in production capacity implies higher level of output and higher level of growth and development.