what is the role of education in human capital formation
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Human capital refers to production skills embodied in workers. According to standard economics, human capital plays an important role in the economic process; on the one hand, human capital is as important as machines and technology in the production process; on the other hand, higher human capital implies higher labor productivity and higher incomes for workers; higher human capital also requires higher schooling years, which give workers the basic capacity to learn skills.
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Education shapes our present actions, our future plans and our past history which also develops in the future . Education is a very crucial to guide anyone to reach their goals through any success with an effort along , and the chance is very high. Example if you compare a person with masters to a person with only a high school diploma salary is totally different and there is huge gap amount between it. Educations helps you to better understand the world and with that being said education plays big role in human development and indeed it is a great to resource us.
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