Question

What is meant by human capital formation?
the quality of population in a country?​

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”.

The quality of population depends upon the literacy rate, health of a person indicated by life expectancy and skill formation acquired by the people of the country. The quality of the population ultimately decides the growth rate of the country. Illiterate and unhealthy population are a liability for the economy.

Answer 2

The term human capital formation implies the development of abilities and skills among the population of the country. In order to transform the liability of the huge size of population into assets adoption of various measures for human capital formation is very much essential

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