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What is the role of education in human capital formation?
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14/01/2021 5:27 pm
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What is the role of education in human capital formation?
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14/01/2021 5:28 pm
Educated people find jobs in private firms while the uneducated people continue with the same work as their parents. They earn a meagre income like their parents, which is just enough to support a family. Several years of education adds to the quality of labour. This enhances their total productivity. Total productivity adds to the growth of the economy. This in turn pays an individual through salary or in some other form of his choice. It is a known fact that with investments made on education and health; one can yield a high return in the future in the form of higher earnings and greater contribution to society.
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