What is The Role of Education in Human Capital Formation
What is The Role of Education in Human Capital Formation-Human Capital Formation refers to the development of abilities and skills among the population of the country. Also, it is a process of acquiring and increasing the number of persons, who have the skills, education, and experience. Not only that Human Capital formation is associated with the investment in man and his development as a creative and productive resource.
The Role of Education in Human Capital Formation 10 points
Effective use of Physical Human
- Physical Capital Can Create only by means of heard and intelligent work of human beings in the economy.
- Hence human skill and their efforts help in the effective utilization of physical capital.
2. Higher Productivity and Production
- Human Capital Formation Raises productivity and production as a knowledgeable and skilled worker makes better use of other resources.
For Example, A skilled person is needed to do any work. Because it is not possible to make any work successful without skilled people. We all know who the beautiful Pichai is. Because he is the CEO of Google so we know him worldwide. Because not only that, he is a skilled person. Google has become so successful today because of its beautiful Pichai skills. Many new features have been added such as Google’s home page, Google Translator, Pixel, Google Toolbar, and Android One.
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3. Inventions, Innovations, and Technological Improvement
- Human capital formation stimulates innovations and creates the ability to absorb new technologies.
- Education provides knowledge to understand changes in society and scientific advancements, which facilitates advancements. Which facilitates inventions and innovations.
- Similarly the availability of educated labor force facilities adaption to new technologies.
For Example: The spread of science and new inventions have made human life more comfortable. Because the spread of science has increased the speed of human work. At the same time, human labor has decreased. Not only this, but the production capacity has also increased. Which has been able to meet the endless needs of the people. So education is a blessing in the life of society and people. Therefore, the more educated a country is, the more economically viable and self-sufficient it is. Therefore, science must be developed through education. So that the human economic infrastructure grows faster.
4. Modernization of attitudes:
- Knowledgeable, skilled, and physically fit people are powerful instruments of change in society.
- The economic development of a country depends on the minds of the people and their changing attitudes towards development. Investment in human capital helps in creating a mental outlook and promotes the development of the economy.
5. Increase life expectancy
- Health Facilities and the availability of nutritive food enable people to live a healthy and long life. This increases the standard of living.
6. Improve Quality of Life
- The Quality of the Population depends upon the level of education. So the health of a person, and skill formation acquired by the people.
- Human capital formation not only makes people productive and creative but also changes people’s lives.
- People start living and enjoying higher incomes and more satisfying life.
For Example: If human civilization does not improve, human life can never improve. So education is needed to improve people’s lives. Because there is only one path of light in education. Which will make human life continuity more developed and civilized. People can change their lifestyles through education. Will bring home a new society. Every intention will improve their livelihood.
7. Control of population growth
- It has been observed that families of educated persons are smaller than those of illiterate families.
- Therefore, expansion of education is needed to control the rate of population growth.
Population growth is a big problem for the country and the world. Because the way the population is increasing day by day, the place of human habitation is decreasing in the country and in the world. Agricultural land is declining. As a result, there is a shortage of food. When is the water going? As a result, the world is losing its balance. This is because people are cutting down plants for their daily needs so that the amount of oxygen is decreasing and carbon dioxide is increasing as a result of the development of new industries. As a result, global warming is increasing. Gradually people are moving towards destruction. So people need to be aware. The rate of population growth must be reduced. So that people can live a healthy and beautiful life in the future.
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