does people also effect in the formation of human capital like education explain long answer
Answers
The role of education in human capital formation are as follows: An educated society facilitate better development program than an illiterate one. Education improves productivity and prosperity, and also improve enriched life experience. Education increases national income and other cultural richness.
Like education, health is also considered as an important input for the development of a nation as much as it is important for the development of an individual. Hence, expenditure on health is an important source of human capital formation.
Some governments are actively involved in improving human capital by offering higher education to people at no cost. These governments realize that the knowledge people gain through education helps develop an economy and boost economic growth.