why is human capital formation necessary?
Answers
Answered by
3
Hey mate here is your answer
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.
Plz mark as Brainliest!
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.
Plz mark as Brainliest!
Aloi99:
ty
Answered by
3
Answer:
The human capital formation plays crucial role in the economic development. ... Secondly, human capital increases the productivity of the physical capital (for example, they can handle the tools and machines in better way). Enhanced productivity would accelerate the growth.
Similar questions