Question

What is Human capital Formation?

Answer 1

Answer:

Meier defines Human Capital Formation as “human capital formation is the process of acquiring and increasing the number of persons who have education and experience which is essential for the economic and political development of a country”.

Explanation:

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Answer 2

Answer:

Human Capital Formation refers to addition to the stock of Human Capital in the Country.

Explanation:

• This addition takes the form of Investment in Education, training, healthcare. Human Capital Formation is both similar to and different from physical Capital formation.
• Human Capital Formation adds to the productive Capacity and generation of income; Physical Capital Formation also performs the same function.
• Human Capital Formation adds to the stock of human skills and knowledge. Physical Capital Formation adds to the stock tools equipments, machinery and building in an Economy