human capital refers to the stock of skill and expertise of a nation at a point of time . it is the sum total of skill and expertise of engineers, doctors, professors and workers of all types who are engaged (or have the capacity and expertise to be engaged) in the process of production.
human capital formation is the process of adding to the stock of human capital over time. if human capital stock of a nation consists of 10,000 skilled workers at the beginning of 2019 it increases to 12,000 skilled workers (implying an increase of human capital stock by 2,000 workers in a year ) , there is human capital formation to the extent of 2,000 skilled workers in a year.
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