Question

"Education is an important input of human capital formation." Do you agree? Given reasons for your answer

Answer 1

The role of education in human capital formation is vital. A large population can be turned into a liability if it is not educated. By giving proper education we can make a child well developed, well eligible to do any work. Thus, education adds to the quality of labor. This enhances total productivity, which adds to the growth of the economy.

This in turn pays an individual through salary or in some other form of his choice. Education has a vital role to play in human resource development. Education and skills are the major determinants of the earning of an individual. A child, with the investment made on her education and training, can yield a high return in the future in the form of higher earnings and greater contribution to society.

Educated persons are found to invest more heavily in the education of their children. This is because they have realized the importance of education for themselves.