How do people become resources?
People become resources through the skills they acquired, through the knowledge they apply, through the productivity they contribute, and through their abilities. To understand this better, we will focus on human capital formation first. Let’s discuss this.
What is human capital formation?
Human capital formation is the process of increasing the number of people as resources who are skilled and have experience. These people are an asset to the economic, social, and political development of the country.
What leads to human capital formation?
Human capital formation involves investment in human capital to make them more efficient so that the economy can grow better. To invest in human capital formation; one needs to spend on education, health, providing training on the jobs, etc.