Question

Describe the role of health and education in human capital formation.

Answer 1

Human capital refers to production skills embodied in workers. According to standard economics, human capital plays an important role in the economic process; on the one hand, human capital is as important as machines and technology in the production process; on the other hand, higher human capital implies higher labor productivity and higher incomes for workers; higher human capital also requires higher schooling years, which give workers the basic capacity to learn skills.

Answer 2

In human capital formation health and education plays an important role as the peoplr havin g good health ate only taken for job and are employed. People who are daily sick and not educated are excempted from the job and are a lability for tje society.