ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -By our estimates, the value of human capital represents roughly two-thirds of an individual’s total wealth. Skills acquired or deployed through work experience contribute an average of 46 percent of this value over a typical working life.

Detailed explanation-2: -Human capital allows an economy to grow. When human capital increases in areas such as science, education, and management, it leads to increases in innovation, social well-being, equality, increased productivity, improved rates of participation, all of which contribute to economic growth.

Detailed explanation-3: -The definition of human capital is the economic value that a person, or group of people, brings to an organization based on their training, skills, loyalty, motivation, and well-being. These intangible qualities help companies produce and sell their goods or services.

Detailed explanation-4: -Human capital consists of the knowledge, skills, and health that people accumulate throughout their lives, enabling them to realize their potential as productive members of society. We can end extreme poverty and create more inclusive societies by developing human capital.