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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
Identify similarities and dissimilarities between physical capital and human capital.
✓

Answer

Similarities between physical capital and human capital:
  1. Both the forms of capital formation are outcomes of conscious investment decisions.
  2. Both the forms of capital depreciate over time but the nature of depreciation varies for both. In physical, capital depreciation is caused by usage while in human capital depreciation is caused by ageing.
  3. Both give a return in future. Dissimilarities in Physical Capital and Human Capital:
  4. Physical capital can be separated from its owner but human capital cannot be separated from its owner.
  5. Physical capital benefits only the owner but human capital benefits the owner as well as society in general.
  6. Physical capital can be created through imports as well but human capital has to be created within economy through conscious effort.

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