explain human is a source of country
Answers
Human Capital is the stock of competencies, knowledge, social and personal attributes, including creativity in the citizens of a country.
The concept of human capital is more relevant to labor surplus countries like Pakistan and India. Developing countries are endowed with more labor because of higher population growth rate.
This resource can be transformed into human capital with effective inputs of education, health and moral values. Humans are therefore an investment for promoting comprehensive development of a nation. Human capital is directly related to human development.
When there is human development, the qualitative and quantitative progress of the nation is inevitable. Higher the human capital formation due to good standard of education and health, the higher the per capita income of the country.
It is expected that the country’s macroeconomic policies will focus on promoting human development. Human capital is, therefore, the backbone of human development and hence to economic development.