How is human development a broader term as compared to human capital Economics CBSE class 11 ncert

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How is human development a broader term as compared to human capital? -Economics CBSE class 11 ncert

Book: Indian Economic Development
Chapter 5: Human Capital Formation in India
(NCERT textbook questions)


By:Aparna-Dasgupta

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Human development is a broader term as compared to human capital because
Human capital focused on increase in labour productivity through investment in education and health. On the other hand, human development focused on all the factors which help develop economic and social welfare of the economy.
Human capital states that any investment in education and health may be unproductive if it is unable to increase the quantity of goods and services. While human beings are ends in themselves from the perspective of human development, basic education and health are essential in themselves irrespective of their contribution to productivity.  

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