Q.4:- Bring out the differences between human capital and human development.
Human capital considers education and health as a means to increase labour productivity. It is a narrow concepts which treats human beings as means to achieve an end which is higher productivity, failing which the investment is not considered to bee productive. Investment in education and health is unproductive if it does not enhance output of goods and services.
Human development is the based on the idea that education and health are integral part of human well being because only when people have the ability to read and write and lead a long and healthy life. It is a broader concept which considers human beings as ends in themselves. Human development occurs when majority of people in the economy are educated and healthy.