Volume : 5, Issue : 12, DEC 2019

THE ROLE OF HUMAN CAPITAL FORMATION IN ECONOMIC GROWTH AND HUMAN DEVELOPMENT

SARBJIT KAUR

Abstract

A significant shift in thinking about human development has taken place with Nobel Laureate Amartya Sen as one its leading advocates. People are considered to be real wealth of nation. They can be transformed into Human capital with effective inputs of education, health and moral values. The transformation of raw human resource into highly productive human resource with these inputs is known as the process of human capital formation. This paper highlights the role of human capital formation in economic growth and overall human development. It has been pointed out in the paper that human capital formation brings economic growth by improving the technical and creative skills of labor force and also results in human development by enhancing the quality of life. Hence, human capital formation is considered as backbone of human development and economic growth of any individual as well as of any country.

Keywords

EDUCATION, HUMAN CAPITAL, ECONOMIC DEVELOPMENT, HUMAN DEVELOPMENT.

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