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Human Capital Formation In India — Economics STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEconomicsHuman Capital Formation In India4 Marks
Question
Bring out the differences between human capital and human development.
✓

Answer

Human Capital
Human Development
Human capital considers education and health as means to increase productivity.
Human development is based on the idea that education and health are integral part of human well being.
It treats human being as a means to an end; the end being the increase in productivity.
Human development treats human beings as an end in themselves.
Human capital considers any investment in health and education is unproductive if it does not enhance output of goods and services.
Human development stress on increasing human welfare by investing in education and health even if it does not results in higher output. It says that every individual has right to education and basic health facilities.

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