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How can a nation increase its stock of human capital if the population remains constant? Why...

How can a nation increase its stock of human capital if the population remains constant? Why is education such an important tool for long-run economic growth?

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Answer #1

Human capital refers the skills, knowledge or intangible assets of an individual. A nation can increase its human capital by making education cheaper, providing on the job training and enhancing knowledge of the public.

Education is an important tool for long run economic growth because education increases productivity which can act like an improvement in technology. Same number of resources can produce higher output which results in long run economic growth.

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