Human Capital: Education and Health in Economic Development

These flashcards cover key concepts related to human capital, education, health, economic development, and barriers to education as discussed in the lecture notes.

Human capital

The productive investments embodied in human persons, including skills, abilities, ideals, health, and locations, often resulting from expenditures on education, on-the-job training programs, and medical care.

Health

Not just the absence of illness; it’s the ability of people to reach their potential throughout their lives, which has both intrinsic and instrumental value.

Education

A fundamental factor for economic development that improves individual understanding, productivity, creativity, and contributes to social benefits.

Poverty trap

A situation where poverty persists over time due to factors like child health and nutrition affecting adult education and income.

Barriers to education

Factors that prevent individuals from accessing education, such as lack of toilets, child marriage, conflict, and economic constraints.

Pandemic

An epidemic occurrence worldwide, crossing international boundaries and usually affecting a large number of people.

Economic development

A complex process involving the combination of financial and human capital in productive ways to raise living standards and economic welfare.

Returns to education

The benefits gained from investing in education, which influence income, productivity, and economic growth.

Instrumental value of health

The ways in which good health improves economic productivity, reduces absenteeism, and enhances educational outcomes.

Underinvestment in human capital

A systemic issue where insufficient resources are allocated toward health and education, limiting economic and developmental progress.