What is the role of education in human capital formation ?
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According to standard economics, human capitalplays 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 ...
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Education is the most important component of human resource development. →Proper education and training enable the formation of this human capital. An educated population is an asset, a resource.
→ Education enhances the quantity and quality of individual productivity, which in turn adds to the growth of the economy.
→It develops personality and sense of national consciousness among the people which are important for rapid economic growth.
-Aware of the benefits of education, educated persons help in its perpetuation. The advantages of an educated population spread to even those who themselves are not educated.
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