Question

what is the role of education in human capital formation?give any three step taken by our government to unimprove literacy rate in our country?

Answer 1

this paper assess the contribution of education to increasing individual and aggregate income, as well as the possible feedback of increasing income on the demand for human resources. Individuals differ in both inherited and acquired abilities, but only the latter differ among countries and time periods. Human capital analysis deals with acquired capabilities which are developed through formal and informal education at school and at home, and through training, experience, and mobility in the labor market. The belief that education is an engine of growth rests on the quality and quantity of education in any country. The paper posits that formal education is highly instrumental and even necessary to improve the production capacity of a nation and discusses the rationality behind investment in human capital. Empirical evidences of human capital model were identified and findings reveal that investment in education has positive correlation with economic growth and development. Criteria for the applicability and problems associated with the theory were identified and implications for educational development highlighted. Conclusively, the paper recommends that for education to contribute significantly to economic growth and development, it must be of high quality to meet the skill-demand needs of the economy. It may provide a good guideline for research and a strong base for future manpower planning in india.
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