Question

What is meant by human capital formation

Answer 1

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Human capital refers to stock of 'skill and expertise' embodied in humans. Human capital is as important as physical capital for economic development. Human capital formation is the process of adding to stock of human capital over time. ... Expenditure on health can create more efficient and more productive human capital.

Answer 2

Human capital formation is the process of transforming the people in a country into workers who are capable of producing goods and services.