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What are the sources of human capital? Highlight the role that human capital plays in the economic growth of a country.
Sources of Human Capital 1. Education and Training Education gives basic information and academic skills while vocation prepares the learners for certain lines of work in the society. 2. Health Human health affects efficiency, or the ability to work, since healthy workers are more productive. 3. On-Read more
Sources of Human Capital
1. Education and Training
Education gives basic information and academic skills while vocation prepares the learners for certain lines of work in the society.
2. Health
Human health affects efficiency, or the ability to work, since healthy workers are more productive.
3. On-the-Job Experience
Vocational training is useful as it assists in practice and coping with certain kinds of workplaces.
Role of Human Capital in Economic Growth
1. Enhancing Productivity and Innovation
Education and training are associated with a qualified human capital that increases efficiency and contributes to the advancement of technology.
2. Improving Health Outcomes
Higher levels of health improve work attendance which in turn improves the productive number of working hours and thus produces more output.
3. Generating Multiplier Effect
Since educated people are inclined to create something new, open their own business and get new jobs they promote economy development. Higher earnings by educated persons also boosts up the propensity to consume and save more thus promoting demand for the products and services.
Conclusion
See lessAny strategic development of human capital remains a critical foundation for the growth and development of the economy, fighting poverty and increasing a nation’s competitiveness in the global economy.