Distinguish between Physical Capital Formation and Human Capital Formation.
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- 'Physical Capital formation' is mainly an economic and technical process whereas 'human capital formation is partly a social process and partly a conscious decision of the possessor of the human capital.
- Physical capital is tangible i.e. can be sold in the market like any other good but human capital is intangible i.e. built in the body and mind of its owner.
- Physical capital is sold in the market but human capital is not sold in the market only the services of human capital are sold.
- Physical capital is separable from its owner whereas human capital is inseparable from its owner.
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