Bring out the differences between human capital and human development.

Solution

Differences between human capital and human development:
1. Human Capital considers education and health as a means to increase labour productivity. Investment in education converts human beings into human capital. Human Capital represents enhanced labour productivity, which is an acquired ability and an outcome of deliberate investment decisions with the expectations that it will increase future income sources.

Human development is based on the idea that education and health are integral to human well being because only when people have the ability to read and write and the ability to leed a long and healthy life, they will be able to make other choices which they value.

2. Human capital treats human beings as a means to an end, the end being the increase in productivity. Human development treats human beings as ends in themselves because human welfare should be increased through investment in education and health even if such investment doesn't result in higher labour productivity.

Some More Questions From Human Capital Formation In India Chapter

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Human Capital Formation In India

Bring out the differences between human capital and human development.

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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