Bring out the differences between human capital and human development.
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 the 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.
Match the following:
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1. Prime Minister 3. Quota 4. Land Reforms 5. HYV Seeds 6. Subsidy |
A. Seeds that give large proportion of output C. Chairperson of the planning commission D. The money value of all the final goods and services produced within the economy in one year. E. Improvements in the field of agriculture to increase its productivity F. The monetary assistance given by government for production activities. |
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Welcome to the NCERT Solutions for Class 11 Economics - Indian Economic Development - Chapter . This page offers a step-by-step solution to the specific question from Excercise 1 , Question 4: Bring out the differences between human capital and human development.....
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