Distinguish between human capital and human development ? I want it in tabular form.......please can i get it?????
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Basis of Difference
|Meaning||It is the stock of a nation's skill and expertise at a particular point of time.||It is the overall development and well being of a nation's human capital.|
|Means and Ends||It considers human beings as a means and the improvement in productivity as the end.||It considers human beings as the end itself i.e., it considers the welfare in human beings as the end.|
|Motive of Investment||To improve the efficiency and productivity.||To improve the overall welfare.|
|Role of Education and Health||Education and health are seen only as means to improve the productivity of human beings.||Education and health are considered to have their own importance in improving the general welfare of the human beings.|
- Human capital is the stock of competencies, knowledge, social and personality attributes, including creativity, embodied in the ability to perform labor so as to produce economic value. It is an aggregate economic view of the human being acting within economies, which is an attempt to capture the social, biological, cultural and psychological complexity as they interact in explicit and/or economic transactions. Many theories explicitly connect investment in human capital development to education, and the role of human capital in economic development, productivity growth, and innovation has frequently been cited as a justification for government subsidies for education and job skills training.
- Human development is a concept within the scope of the study of the human condition, specifically international development, relating to international and economic development. This concept of a broader human development was first laid out by Amartya Sen, a 1998 Nobel laureate, and expanded upon by Martha Nussbaum, Sabina Alkire, Ingrid Robeyns, and others.Human development encompasses more than just the rise or fall of national incomes. Development is thus about expanding the choices people have, to lead lives that they value, and improving the human condition so that people have the chance to lead full lives.Thus, human development is about much more than economic growth, which is only a means of enlarging peoples choices.