Summary of educational planning and economic growth, Microeconomics

Summary of Educational Planning and Economic Growth

An economy with scarce resources and enormous needs and aspirations requires planning. This is true of the education sector also. Educational planning facilitates an economy in boosting the efficiency of educational expenditures and helps in the provision of meaningful (to the market) and relevant education which ultimately contributes to higher level of economic growth. There are several approaches to educational planning, each of them having its own merits and limitations. For instance, while manpower planning would be highly useful for a macro-economy, cost-benefit studies would be useful to compare the relative merits of individual educational courses/levels.

Production or growth is a function of interaction of a variety of variables that contribute to growth. A model that examines, explains, assesses and predicts the relative differentials in values/contributions of variables to economic growth is a Production Function Model. This model was used by leading economists of the world such as Edward F Denison, Theodore W Schultz, Gary S Becker and D. W.Jorgensen to measure the contribution of education to economic growth in the United States for different periods of time.

While Cost-Benefit studies in education are quite useful and relevant in a market economy, manpower studies would be most effective in centralised economies. As techniques of understanding for educational planning, both of them are useful in a mixed economy.

There are five well known techniques of manpower forecasting. These are:

(a) Rule of Thumb Method,

(b) Employers’ Estimates,

(c) International Comparison Technique,

(d) Manpower Population Ratios, and

(e) MRP Technique.

Of all of them, MRP technique is most sophisticated. Input-output models are used in economics of education in studies of cost-quality and education-labour-earnings relationships.

Posted Date: 12/17/2012 6:12:31 AM | Location : United States







Related Discussions:- Summary of educational planning and economic growth, Assignment Help, Ask Question on Summary of educational planning and economic growth, Get Answer, Expert's Help, Summary of educational planning and economic growth Discussions

Write discussion on Summary of educational planning and economic growth
Your posts are moderated
Related Questions
Outline the possible negative effects of import-substitution policies. Define and outline import-substitution; focus on reducing domestic reliance on imports by implementing hi


In year one, suppose the federal government has no national debt and spends $100 billion, while raising only $50 billion in taxes. The U.S. Treasury will issue $ billion of governm

1. Suppose that there is a credit market imperfection because of asymmetric information. In the economy, there are N consumers. A fraction b of consumers consists of lenders, who e

Provide an economic explanation of what you have shown in your diagram above.  Iceland was a small open economy with perfect capital mobility. Consequently, the equilibrium domesti

You are a member of a problem solving group that is concerned with incidents involving losses with their information system (IS). Let us assume that IS loss events can be grouped i

If the quantity demanded of Pepsi Cola goes up, and its supply enhances what will occur in the market for Pepsi?

What is the difference between Price inflation and Wage Inflation?  Price inflation is the rate of enhance in the prices of goods and services whereas the wage inflation is ra


Hi, I am taking an economics course. I have a problem where I am given 2 types of units with the same production rate and the labor used to produce those units. I am supposed to c