question_answer 5)

How is human development a broader term as compared to human capital?

Answer:

Human development is a broader term than human capital as it encompasses many areas of human welfare that are not covered under human capital. Human capital as the form suggests refers to the skills and qualities in human beings which ate useful in production in an economy. On the other hand, human development includes human welfare aspect even if it does not lead to any production gains. Basic education and basic health are important in themselves for human development, irrespective of their contribution lo labour productivity. Aspects of gender equality, political and civil rights child labour issues life expectancy, infant mortality, etc are involved in human development though they may not be taken care of In human capital formation. Human development is much concern that education and health are integral to human well-being. Thus it is a broader term.