“There exists a positive correlation between human capital formation and economic growth of a nation.” Justify the given statement with valid explanation.
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Solution and Explanation
Higher Productivity: Investment in education, health, and skill development enhances the productivity of the workforce, contributing to economic growth.
Innovation and Technological Advancement: Human capital formation fosters innovation and efficient use of resources, leading to industrial and economic development.
Case Example: Countries like South Korea and Japan invested heavily in human capital post-World War II, achieving remarkable economic progress.
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