ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Human capital and economic growth have a strong correlation. Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people. Human capital refers to the knowledge, skill sets, and experience that workers have in an economy.

Detailed explanation-2: -The term human capital refers to the economic value of a worker’s experience and skills. Human capital includes assets like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-3: -Key Takeaways Human capital the intangible economic value of a worker’s experience and skills. This includes factors like education, training, intelligence, skills, health, and other things employers value such as loyalty and punctuality.

Detailed explanation-4: -Human capital is not perfectly mobile between countries as movement is restricted by nationality and culture. It is intangible, it cannot be sold in the market only the services of human capital are sold and hence the necessity of the owner of the human capital to be present in the place of production.

Detailed explanation-5: -The dominant paradigm in the economics of education is Human Capital Theory, which suggests that education and training are investments that make individuals genuinely more productive. Individuals who are more productive will, according to this theory, also have higher earnings and be more employable.