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Economics · 2024 · 4 marks
CBSE 2024 · Region 2 · Set 1 · Q31
“There exists a positive correlation between human capital formation and economic growth of a nation.” Justify the given statement with valid…
“There exists a positive correlation between human capital formation and economic growth of a nation.”
Justify the given statement with valid explanation.
Marking-scheme solution
Investment in human capital formation enhances efficiency, skill, and capabilities implying economic growth. Human Capital formation stimulates innovation and creates the ability to absorb new technology. Technical skills acquired through sources of human capital formation such as education, training, sound health, etc. add to productivity and production. Thus, human capital formation may accelerate economic growth.
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