Economics Economic Development Questions
Human capital refers to the knowledge, skills, abilities, and health of individuals that contribute to their productivity and potential for economic growth. It encompasses both formal education and training as well as informal learning and experiences. Human capital is crucial for economic development as it enhances productivity, innovation, and technological advancements. A well-educated and skilled workforce can attract investment, stimulate economic growth, and improve living standards. Additionally, human capital development promotes social mobility, reduces poverty, and fosters sustainable development.