Bring out the differences between human capital and human development.
Bring out the differences between human capital and human development.
The differences between human capital and human development are:
i) Human capital considers education and health as a means to increase the labour productivity. On the other hand, education and health are crucial for the well being of individuals, which is what human development lays focus on.
ii) Human capital treats human beings as a means to increase in productivity. Any investment in education and health is unproductive if it does not lead to an increase in output. However, according to human development, human beings are ends in themselves. Human welfare should be increased through investment in health and eductaion even if there is no rise in output or productivity.
The differences between human capital and human development are:
i) Human capital considers education and health as a means to increase the labour productivity. On the other hand, education and health are crucial for the well being of individuals, which is what human development lays focus on.
ii) Human capital treats human beings as a means to increase in productivity. Any investment in education and health is unproductive if it does not lead to an increase in output. However, according to human development, human beings are ends in themselves. Human welfare should be increased through investment in health and eductaion even if there is no rise in output or productivity.
