Choose the statement that is true/false:

Human capital formation is the process of adding to the stock of human capital over time.

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Detailed Solution

The above statement is true.
Increasing the stock of human capital through time is known as human capital formation by offering improved education, health care facilities, etc. Human capital can be enhanced by producing a skilled, trained, and efficient labour force. Highly talented individuals can develop original concepts and production techniques. The process of gradually increasing the stock of human capital is referred to as human capital formation. It is the procedure for obtaining and growing the population of knowledgeable and seasoned individuals. It is necessary for the growth of an economy.

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