What is the Role of Health in Human Capital Formation

Health is now recognized as a fundamental determinant of human and economic development. Despite its critical importance, health remains a neglected sector in most developing countries.

In this paper, we review the theoretical arguments and empirical evidence on the role of health in human capital formation

and socioeconomic progress.

We explore the links between health status at several levels (i.e., individuals and communities) and economic growth; we then examine specific factors that affect individual health outcomes, such as education, nutrition, income, gender, and race/ethnicity.

Role of Health in Human Capital Formation

Health is a much-misunderstood concept in economics. Here are the 5 most important role of health in human capital formation.

1. Having good health aids that person in making an effective contribution to the economic growth and development of the country.

2. In order to perform most effectively and efficiently, everyone needs to perform a good health.

3. Health is one of the main requisites for a person’s successful functioning in the society.

4. A healthy body and mind are pre-requisites for any job.

5. Health plays an important role in human capital formation because a healthy mind can produce more and a healthy body can do more work.

Role of Health in Human Capital Formation Class 9th

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Human capital, in a sociological sense, refers to the skills and abilities that distinguish human beings from one another. The development of all these skills is called human capital formation.

Human capital is a productive capacity involved in the production process that can generate value and yield profits. The role of health plays an important role in human capital formation.

Human capital formation is the combination of skills, knowledge and experience needed to do a job. It also includes the development of personal attributes such as personality traits, values and an awareness of professional ethics.

The role of health in human capital formation is crucial because it lays down a firm foundation for future productivity.

Health is an important factor in the formation of human capital. This can be supported with the fact that healthy individuals would be able to acquire, process and share knowledge better than those who are not well because of their physical or mental problems.

This is one of the major factors why it has been considered as a requirement for a person before he or she could become employable. Millions of dollars go to waste annually due to the employees not having good health. There are many ways through which health can determine how well employees perform in the workplace.

What is Health?

In order to analyze the role of health in human capital formation, it is essential to first know the meaning and significance of health. Health is defined as a state of ideal physical and mental well-being and not merely the absence of disease or infirmity.

To make this definition more clear one can go with Ivan Illich who said that “Health is a measurable capacity to robustly engage in activities that are valued by the culture at large.”

Physical Health:

Physical health refers to our ability to get around, play sports and enjoy fun leisure activities without getting out of breath or tired.

Physical health is an important part of a healthy lifestyle. It also includes eating healthy, being active and avoiding harmful substances such as tobacco and alcohol.

What is physical health? For starters, imagine two people—one who sleeps well every night and exercises regularly, and another who works long hours, eats poorly and doesn’t exercise. Which one do you think is physically healthy? Aside from looking in the mirror, experts say there are a few key indicators of physical health.

Mental Health:

Mental health refers to our emotional, psychological that affects how we think, act and feel. It also refers to our mental wellbeing or the condition of being psychologically healthy.

Conclusion

A strong, healthy workforce is essential for economic development. Yet many countries face burdens of ill health among the population. This is particularly true in low- and middle-income countries, where public systems often fail to provide good quality care. Private investors can help address this issue by investing in healthcare infrastructure and services.

In doing so, they strengthen human capital formation and increase the productivity of the workforce, thereby contributing to a more attractive business environment as well as to economic growth and development.