Question

What is human capital ? Why human capital formation is necessary

Answer 1

The skill and productivity embedded by man is called human capital.

Answer 2

Human capital means the skills, experience and training acquired by individuals of an economy so that he can participate in the development of economy. The expenditure made on a human gives much higher return that was made on his education and skills.

Human capital formation is necessary for the development of an economy the higher the skilled humans in economy the higher the development..