Estimating the educational structure, Microeconomics

Assignment Help:

Estimating the Educational Structure of the Labour Force in the Economy for the Target Year

The educational levels of persons within each occupational structure for the base year are noted. For instance, service workers may be either 1-year certificate holders or diploma holders with 2 to 3 years of technical education. Further, the area of workers would be different depending on the area of specialization pursued (e.g. secretarial practice, radiology, photography, hotel management, etc.).

Proportion of each level and type of education within each occupational category needs to be computed. In conjunction with the results of the exercises obtained earlier in step 4, the requirement of the number and type of educated workers can be estimated for the target year. In sum, the steps involved in forecasting demand for educated manpower are: fixing the level of GDP or national output for the target year, distribution of this GDP across economic sectors, determining labour productivity by economic sectors, assessing the occupational structure in each economic sector, and estimating the educational structure of the labour force.

The MRP technique became quite popular among planners though it has certain limitations. The limitations are rooted in the nature of assumptions made. One of the assumptions is that the state of technology will remain stagnant. If this assumption is belied, that is if new technologies enter the market or innovations and adaptations are effected in the existing technologies, then these developments would be accompanied by substitutions between labour and technology. For example, modernisation of the Amber Charakha or indigenous spinning machine may bring large-scale changes in the handloom industry. It may carry spin-off effects on textile and manufacturing industries. This would disturb the estimates of the demand for manpower. Another assumption that is on a slippery ground concerns the investments in the economy.

In a mixed economy as that in India it is not feasible to speculate on the investment potentials and plans for diversification of the private sector. They tilt the economic balance and thus hamper the estimates of the manpower plans. Still, with all the reservations, MRP technique remains a sophisticated and systematic method of manpower forecasting/planning.


Related Discussions:- Estimating the educational structure

Determine customer satisfaction levels, Periodically, Merrill Lynch surveys...

Periodically, Merrill Lynch surveys its customers to determine customer satisfaction levels. They want to determine the impact of experience on the satisfaction ratings of their co

Determine the nature of the reflected wave, A spherical wave is reflected f...

A spherical wave is reflected from a planar mirror sufficiently far from the wave origin so that the Fresnel approximation is satisfied. By regarding the spherical wave locally as

Rational producer, In the context of managerial economics how do you explai...

In the context of managerial economics how do you explain a rational producer. Illustrate giving example covering different dimention.

Motives of regional financial institutions, Motives of regional financial i...

Motives of regional financial institutions: There are mixed motives for the donor countries to provide development assistance to developing nations. While a desire for poverty

Determine the increase in money supply, Is it true to say that inflation ca...

Is it true to say that inflation can only sustain with the increase in money supply?  Inflation can only be sustained if there is a persistent enhance in money supply. If there

Theory of oligopolistic competition, Theory of Oligopoly: Oligopoly is that...

Theory of Oligopoly: Oligopoly is that situation where the number of firms in the market is large but not as large as in the case of perfect competition so that it is possible for

Explain about capital flight, Q. Explain about Capital Flight? Capital ...

Q. Explain about Capital Flight? Capital Flight: A destructive process in that investors (both domestic residents and foreigners) withdraw their financial capital from a countr

Consumer theory, what are the similarities and differences of marginal prod...

what are the similarities and differences of marginal productivity and marginal utility

Insurance market - full coverage insurance, There are two individuals in to...

There are two individuals in town, one is high risk and the other is low risk. 1 The probabilities of having an accident for the low risk individual and high risk individual are p

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd