Rule of thumb method, Microeconomics

Rule of Thumb Method

Sir Ashby had been requested in 1960 by the Government of Nigeria to submit a report on manpower development in Nigeria. In doing so, in the absence of reliable micro level data, Ashby assumed that high level manpower should grow twice as fast as the target of economic growth. Likewise, second level manpower should grow three times as fast as the target of economic growth. This ratio was suggested on the basis of the experience that high level manpower categories like engineers, doctors and other professionals will always be skewed at the top as compared to their important junior level functionaries like technicians, para-medical and other supporting staff at lower levels.

However, the relation of the production of manpower to targeted economic growth did not take shape in expected ways. This was because the assumptions made were not based on hard data. Hence it came to be known as the ‘Rule of Thumb’ method.

Posted Date: 12/17/2012 5:38:06 AM | Location : United States







Related Discussions:- Rule of thumb method, Assignment Help, Ask Question on Rule of thumb method, Get Answer, Expert's Help, Rule of thumb method Discussions

Write discussion on Rule of thumb method
Your posts are moderated
Related Questions
You have just been hired by your city’s department of health. Your first task is to use cost-benefit analysis to evaluate a smocking awareness program that the department has been


During summer of 2006, China increased their reserve requirement for the banking system while maintaining a fixed target for the interbank lending interest rate. Draw a graph of th

Determine the Business Cycle and Classical Economists Business Cycle:   The business cycle is the fluctuations in the rate of economic growth that take place in the economy. Th

Normal 0 false false false EN-IN X-NONE X-NONE MicrosoftInternetExplorer4

consumers oriented application

what is the law of diminishing marginal product? explanation with the help of proper schedule and diagram.

define and explain theory of production?

Nile.com, the online bookstore, wants to increase it''s total revenue. One strategy is to offer a 10% discount on every book that sells. Nile.com knows it''s customers can be divid

What is utility maximization according to consumer behavior? Consumer Behavior: Utility Maximization A foundational hypothesis onto individual behavior within modern econ