what is human capital formation? write importance of human capital formation . explain its 5 points.
Answers
Explanation:
According to Harbison, the human capital formation indicates, “the process of acquiring and increasing the number of persons who have the skills, education and experience which are critical for the economic and the political development of the country.
Human Capital Formation
Human capital formation is the process of adding to the stock of human capital over a period of time. It refers to development of abilities, skills, education and experience among the population of the county.
lmportance of human capital formation
Human capital formation raises the production as knowledgeable and skilled worker makes better use of the resources. Increase in productivity and quality production depends on technical skill of the people, which can be acquired only by means of education, training and maintaining the health of the people.