Human capital is defined as the knowledge, habits, traits and skills that are unique to an individual, but that influence society's productivity. As the image below demonstrates, education influences the formation of one's human capital. Theodore Schultz, an American, academic economist, viewed education as an investment, in which people gain personal and societal benefits. This means that by receiving a higher education, individuals are able to develop skills and knowledge that lead them to become productive members of society and valuable employees.
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