Human Capital Formation In India
Discuss the importance of education in human resources development.
The importance of education for the development of human resources was recognised long ago. Adam Smith published his 'Wealth and Nation' nearly 200 years ago, considered education and specialised training in various crafts useful for the society. Expenditure on these items creates a sort of fixed capital which raises production ability of both individuals and the society. The education system performs the following functions :
1. It results in greater awareness of available opportunities and mobilities of labour.
2. It produces the skilled and trained personnel needed by the economy and society.
3. It promotes science and technology, scientific outlook and increased participation of citizens in the affairs of the country.
4. It builds human capacity for appreciation of art and literature.
5. It generates national and development consciousness.
6. It is needed for cultural needs and develops personality.
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Human capital formation is the process of adding to the stock of human capital over time.
What do you mean by the term 'sources of human capital formation?'
A professor earns a higher wage than a peon in the college. Why?
What is human developments?
What is 'on the job training'?
Give the different forms of 'on the job training'.
Why is expenditure regarding on-the-job training a source of human capital formation?
What is investment in education?
Mention on the main forms of development of human resources.
What do you mean by health?
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