What is meant by human capital and how can it be used to promote economic growth?
Please provide the best answer for the statement.
Human capital is a worker’s stock of education and training that equips them to perform in a certain profession. Investment in human capital involves both formal education and on-the-job training. This investment increases labor productivity and earnings, which subsequently promotes economic growth. It’s estimated that 15 percent of productivity growth is due to human capital investment.
You might also like to view...
Refer to the figure above. If the government of China wants to peg the exchange rate above E yuan per dollar:
A) it will have to buy dollars and sell yuan. B) it will have to buy both dollars and yuan. C) it will have to buy yuan and sell dollars. D) it will have to sell both dollars and yuan.
The position of the long-run aggregate supply curve is determined by
A) the long-run aggregate demand curve. B) the production possibilities curve. C) the open economy effect. D) the interest rate effect.