Question

Human resource is superior to cash in hand.Give three reasons to justify the statement

Answer 1

Human Capital :-Human capital is an asset for any country rather than a liability. The citizens of a country become human capital when there is investment made in the form of education and medical care. In fact, human capital is the stock of skill and productive knowledge embodied in them. 
Reason of superiority of human capital to other resources -Human capital is superior to other resources like land and physical capital because human resources can make better use of land and physical capital but land and physical capital cannot become useful on its own. Several years of education adds to the quality of labour. This enhances their all over productivity. Productivity adds growth of the economy of a country. The health of a person helps him to realize his potential and the ability to fight illness. Countries like Japan have invested in human resources as they do not have any natural resources. They have invested on their people especially in the field of education and health. These people have made efficient use of other resources like land and capital.


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