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.

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Answer 2

The concept of human resource development considered the role of human beings as source for development of economy. ... The capacity and ability acquired by the human beings through better education and health facilities are used as means to the attainment of rapid economic growth which is the ultimate aim of the nation.