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What is Human Capital?

Human capital can be understood better if we take an analogy with physical resources. Like physical resources say land can be converted into physical capital and assets, a nation can also convert human resources like students into human capital or human assets like doctors and engineers. Any society needs enough human capital in order to develop more human capital for the future. That is, any upcoming society needs educated people like professors who in turn train and educate human resources and turn them into human capital. Hence an investment into human resources will produce more human capital as returns.
Consider the following questions:
  1. What are the sources of human capital?
  2. What is the relation between the economic growth of a nation and the human capital of that nation?
  3. Is the creation of human capital related to man's all around development or human development?
  4. In the creation of human capital what is the role of the government?

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