Advertisements
Advertisements
Question
Bring out the differences between human capital and human development.
Solution
Human capital and human development are interrelated concepts but they are not identical. While human capital refers to the stock of a nation’s human skills and expertise at a particular point of time human development refers to holistic development and well being of a nation’s human capital. On one hand, human capital considers education and health as a means (skills and expertises) to enhance productive capacity, on the other hand human development considers human beings as end in itself. The important difference between human capital and human development is associated with the difference in the motive of investment. While human capital focuses on t investment in education and health sector to increase productivity and efficiency of workforce,on the other hand, human development focuses on investment in education and health sector to increase the general well being and standard and quality of living of human capital. If investment fails to increase the efficiency and income earning capacity, then human capital regards the investment to be unproductive. But, human development advocates in favour of such investments even though these had failed to bring out higher productivity and efficiency. Human development protects every individual’s right to get education and lead a healthy life.
APPEARS IN
RELATED QUESTIONS
How is human development a broader term as compared to human capital?
Human capital treats humans as ends in themselves.
Which of the following is not a merit of human capital formation?
The stock of skill and expertise of a nation at a particular point of time is known as ______.
Read the following statements - Assertion (A) and Reason (R):
Assertion (A) - Human capital treats human beings as a means to an end (increase in productivity).
Reason(R) - Human Capital Formation decreases by way of investments in education and health.
From the given alternatives choose the correct one:
Read the following case study carefully and answer the question that follows.
Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.
Human Capital Formation came into existence in ______.
Read the following case study carefully and answer the question that follows.
Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.
Economists say that the main key player of economic development is ______.
Read the following case study carefully and answer the question that follows.
Human capital can be defined as the body of knowledge possessed by the population and the capacity of the population to use the knowledge effectively. Until the late 1950s, no economist and any other social scientist did pay much attention to the role of investment in human beings as an important determinant of economic development. The birth of this idea can be dated from the presidential address of Prof. Theodore W. Schultze to the American Economic Association in December 1960. As a result, the concept of human capital formation came to the limelight. A circular relationship between human development and economic growth has come to be established. Economic growth creates conditions for better health and education facilities; which in turn spur economic growth.
In ______ Five year Plan, India emphasized on human capital formation.
Which of the following points indicate the difference between human capital and human development?
How is human development a broader term as compared to human capital?
State whether the following statement is true/false, with valid argument:
Human Capital and Human Development are one and the same thing.
Assertion (A): Human capital is not traded in the market; however its services are traded.
Reason (R): Human capital is intangible in nature.
"Active Government intervention is essential in education and health sectors in India."
Do you agree with the given statement? Give reasons in support of your answer.
