explain the role of human capital in the economic growth process
Answers
Answer:
Hi mate!!
Explanation:
When we talk about economic growth, human capital is the main reason for accelerated growth and expansion for many countries, which provide investment in human capital. This gives the best advantages to these countries for providing the best situation for work and life.
A significant advantage in generating a stable environment for growth is that the nation has expanded high-quality human capital in fields like health, science, management, education, and other fields. Here the main components of human capital are definitely human beings, but presently, the principal component is creative, an educated, and enterprising person, with a high level of professionalism.
The human capital in the economy manages the central portion of the national wealth of the country. Hence, all researchers consider that human capital is the most important resource of the community, more powerful than natural or wealth. In most countries, human capital determines the rate of development, economic, technological, and scientific progress.
Answer:
Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. The level of economic growth driven by consumer spending and business investment determine the amount of skilled labor needed.