Consider the following statements :
Human capital formation as a concept is better explained in terms of a process which enables
1. individuals of a country to accumulate more capital.
2. increasing the knowledge, skill levels and capacities the people of the country.
3. accumulation of tangible wealth.
4. accumulation of intangible wealth.
Which of the statements given above is/are correct?
Statement 1: This is Gross Capital Formation (GCF) representing physical capital. Statement 2: According to the OECD, human capital is defined as: “the knowledge, skills, competencies and other attributes embodied in individuals or groups of individuals acquired during their life and used to produce goods, services or ideas in market circumstances”. Statement 3: Tangible capital is also GCF is it involves largely infrastructural components. Statement 4: Intangible wealth of a nation is comprised of the skilled population, human resource base, culture, arts etc.