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Question
What are the two major sources of human capital in a country?
What are the two major sources of human capital in a country?
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Solution
The two major sources of human capital in a country are
(i) Investment in education
(ii) Investment in health
Education and health are considered important inputs for the development of a nation. A better-educated person has greater skills and knowledge and therefore greater opportunity to work and earn a higher income. Similarly, a healthy person is an asset for the nation as he is more productive than a sick person. Hence, expenditure on education and health are important sources of human capital formation.
The two major sources of human capital in a country are
(i) Investment in education
(ii) Investment in health
Education and health are considered important inputs for the development of a nation. A better-educated person has greater skills and knowledge and therefore greater opportunity to work and earn a higher income. Similarly, a healthy person is an asset for the nation as he is more productive than a sick person. Hence, expenditure on education and health are important sources of human capital formation.
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