The Role of Education in Human Capital Development
Investment in education forms the core of human capital development. The theory of human capital which first got highlighted in the 1960s has come a long way in explaining the role of education in the countries’ economic growth. Various approaches to human capital research inquire into whether investment in education is fruitful. India lags far behind the developed countries but it is fast gearing up for human capital development through various public-private initiatives in the education sector. We have tried to present a comprehensive outline of the role of education in human capital development from a global perspective with the discussion of major works in the field and at the same time tried to highlight developments in the Indian scenario.
Keywords - Education, Human Capital, Development, Investment in education
JEL Classification Code - I25, O15