question_answer 24)

Which capital would you consider the best land labour physical capital and human capital? Why?  

Answer:

(i) Land labour physical capital and human capital are very important for the growth and development of the society and the economy.   (ii) In the absence of any of these resources we cannot hope too much progress, so they are very important.   (iii) However, human capital is the most important capital because all other types of capital can be utilized only by humans; if humans do not develop and process other capital or resources and make them usable, they would remain underdeveloped and unutilized because on their own they are useless and of no use to anybody. If we develop human capital, all others will automatically develop and lead to progress.