Bring out the differences between human capital and human development Economics CBSE class 11 ncert

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Bring out the differences between human capital and human development. -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 Capital
Human capital is a narrow concept.
It indicates that education and health are a means to increase labour productivity.
It treats human beings as a means to an end, the end being an increase in productivity.
It states that investment in education and health is unproductive if it cannot increase the output of goods and services.
Human Development
Human development is a broad concept.
It indicates that education and health are integral to human well-being. When people have the ability to read and write, then they can lead a healthy life.
It is an end in itself. It refers to the development of individuals as personal value develops by obtaining education and health.
It states that human welfare should be increased through investment in education and health though such investments cannot result in higher labour productivity.

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