Class 11 Economics - Indian Economic Development - Chapter Human Capital Formation in India NCERT Solutions | ‘There is a downward trend in ineq
‘There is a downward trend in inequality world-wide with a rise in the average education levels’. Comment.
Theoretically, there is a negative relationship between education level and degree of inequality. This relationship has been practically established across the world in recent decades. Education not only imparts technical skills but also at the same time enhances productivity of a person. An educated person, endowed with higher productivity and efficiency enjoys relatively higher income earning capacity. The higher income earning capacity and greater acceptability of modern techniques raise the standard and quality of living. Distribution of income has become less skewed and gap between the rich and the poor has been narrowing slowly. Gradually, the importance of education is being realised world-wide and, consequently, governments of different countries have been investing heavily in the education sector. With the rise in average education levels, not only inequality but also other problems like, poverty, underutilisation of resources and inferior standards and quality of life have been minimised.
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Trace the relationship between human capital and economic growth.
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Discuss the following as a source of human capital formation
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