A useful distinction is also made between physical capital and human capital

A useful distinction is also made between physical capital and human capital

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A useful distinction is also made between physical capital and human capital . Just as investment is made in physical goods to enhance their productive capacity similar investment can be made in human beings to promote their efficiency. Over the past few decades the role of human capital has been specially emphasized. Prof. Schultz defines investment thus: Any expenditure on the upkeep and development of the physical and spiritual qualities of human members of society is
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Unformatted text preview: called investment . It performs a similar function of improving future productive resources of society. It is also suggested that human capital and investment activity is superior and in the long run produces permanent gain to a greater extent. Health, education, nutrition, training, etc. are the types of facilities contributing to human capital development. The whole process is known as Human Resource Development (HRD) activity ....
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