Question

Using examples discuss the ways in which human capital and technological progress boost productivity of a country.

Answer 1

Humancapital and economic growth have a strong correlation. Human capital affects economic growth and can help to develop an economy by expanding the knowledge and skills of its people.

Human capital refers to the knowledge, skill sets, and experience that workers have in an economy. The skills provide economic value since a knowledgeable workforce can lead to increased productivity. The concept of human capital is the realization that not everyone has the same skill sets or knowledge. Also, the quality of work can be improved by investing in people's education.

Technological progress also boost productivity .When a nation develops new technology, it applies this new understanding to the production of goods and services in order to produce more output per unit of input. In other words, workers can produce goods and services faster, better, or cheaper.