HUMAN CAPITAL FORMATION IN INDIA class 12 Indian economy revision notes
HUMAN CAPITAL FORMATION IN INDIA HUMAN CAPITAL - MEANING, ELEMENTS Meaning of Human Capital: Human capital is the stock of of knowledge, habits, social and personality attributes, including creativity, embodied in the ability of an individual to perform labor so as to produce economic value. Alternatively, Human capital is a collection of resources—all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively by individuals in a population. These resources are the total capacity of the people that represents a form of wealth which can be directed to accomplish the goals of the nation or state or a portion thereof. Alternatively, Human Capital as the aggregation of the innate abilities and the knowledge and skills that individuals acquire and develop throughout their lifetime. Elements of Human Capital: There are basically three elements of Human Capital are as follows. (a...