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What is the role of education in human capital formation?
Answer
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Points to remember
- Educated people can find jobs .
- Uneducated people cannot and have to work the same as their parents .
- Education increases the quality of labour which increases productivity that increases the growth of the economy .
- That pays an individual through salary.
- Investment in education and health pays high returns in future .
Answer to be written
- Educated people can find jobs in private firms and earn a good living .
- Uneducated people continue with the same work as their parents and earn a meagre amount to survive .
- Several years of education increases the quality of labour which enhances their total productivity that adds to the growth of the economy.
- This in turn pays an individual through salary or in some other form of his choice.
- Investments made in education and health can yield a high return in the future in the form of higher earnings and greater contributions to society.
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