Question

explain the role of education in human captial formation

Answer 1

Human capital refers to the stock of skill and productive knowledge embodied in a population. Proper education and training enable the formation of this human capital. An educated population is an asset, a resource. In contrast to the uneducated and untrained, educated individuals make efficient use of the available resources and opportunities. 
Education and skill are the major determinants of the earning of any individual in the market. Education enhances the quantity and quality of individual productivity, which in 
turn adds to the growth of the economy. Aware of the benefits of education, educated persons help in its perpetuation. The advantages of an educated population spread to even 
those who themselves are not educated. Hence, educated people benefit the society as a whole. Thus, education plays the role of a catalyst in transforming a human being into a 
positive asset and a precious national resource.
 

Answer 2

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.