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'Differences in the endowment and acquisition of human capital account for differences in the economic development of countries.' Discuss with reference to India and the USA.
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'Differences in the endowment and acquisition of human capital account for differences in the economic development of countries.' Discuss with reference to India and the USA. There are a number of factors responsible for differences economic development of countries. The more recent theories of economic growth stress the levels of endowment and the acquisition of human capital as one of the significant aspects that determine the rate of development of a country. Let us examine the thesis drawing on the examples of American and Indian experiences. What is human capital? The basis of human capital lies in the theories of Schultz (1979) who produced the idea of human capital as a way of explaining advantages of investing in education to improve output. This linkage was then expanded to consider the relationship between education and improved productivity in the economy overall. Schulz demonstrated that the yield on human capital in the US economy...
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