Which capital would you consider the best--land, labour, physical capital or human capital? Why?
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Out of all the factors of production-land, labour, physical capital and human capital, the last one is superior since human resource can make best use of land and capital to achieve greater output. In fact land and capital do not become useful until man uses the both to make them productive.
In Indian context, Green Revolution has set a good example of how the input of greater knowledge of production technologies can lead to increase the productivity of scarce land resources. Secondly, India’s lT revolution shows the importance of human capital over that of material plant and machinery.
In Indian context, Green Revolution has set a good example of how the input of greater knowledge of production technologies can lead to increase the productivity of scarce land resources. Secondly, India’s lT revolution shows the importance of human capital over that of material plant and machinery.
jigamtali:
human capital is mostly valuable according to me..! because.. without having ur knowledge u can't produce anything.. to make more productive u need strategy n etc levels of planning. so if u r having human capital u can achieve all dis other capital like land, labour n etc
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Answer:
Human capital makes use of the other resources like land, labour and physical capital to produce an output. The other resources cannot become useful on their own. Hence, human capital may well be considered the best among all the resources.
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