Q. Which one of the following statements correctly differentiate between human capital and human development?

The correct option is A
Human capital treats human beings as means to increase productivity whereas the aim of human development is solely Human welfare.
Explanation:

Option (a) is correct. Under Human capital, human beings are treated as a means to achieve the end of productivity increase. i.e. if education and health fails to enhance the output of goods and services by human beings, investment in them would be unproductive. Whereas under the perspective of human development, human beings are an end in themselves. i.e. even if investment in education and health do not result in higher productivity, Human welfare should be increased through investments in them.

Option (b) is incorrect: Concept of human capital is not aimed at the welfare of human beings but at increasing productivity even if it results in human welfare or not.

Option (c) is incorrect: Human development requires heavy public investment.

Option (d) is incorrect: Both the concepts involve skill upgradation.