Explain how investment in education stimulates economic growth.

Solution

Education prepares people for the ever-changing situations by developing values, aptitudes, knowledge and skills. It provides capacity and flexibility to the people and enables them to contribute in the economic development of the country. General education raises the level of understanding of the people and technical education makes siginificant contribution in raising efficiency and productivity by encouraging science and technology in the country. Medical education improves the health of the people. Education generates consciousness towards nation, society and development. It promotes scientific outlook. Human beings without education be only a unskilled manpower. Investment in education gives them additional skills to do the same job more efficiently or variety of other jobs. Education converts human beings into human capital. The human capital represents the enhanced labour productivity which is an acquired ability and an outcome of deliberate investment decisions.

Some More Questions From Human Capital Formation In India Chapter

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Human Capital Formation In India

Explain how investment in education stimulates economic growth.

Some More Questions From Human Capital Formation In India Chapter

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?

What is social infrastructure?

What is meant by human resource development?

Why is technical education essential?

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