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Human Capital, Manpower and Human Resources
As has already been noted earlier, the term human capital became popular after it was used by Theodore Schultz in the title itself of his Presidential Address to the American Economic Association. Schultz identified five sources/five forms of human capital which have already been noted. Classical economic theory recognised only two factors of production that best explained agricultural economies – Land and Labour.
With the growth of industrialisation in Europe and England, a third factor came to be recognised and that was capital in the form of machinery and equipments. Land, machinery and equipments were together treated as physical capital. With the popularity of ‘money’ as a medium of exchange in trade and services, a development over the barter system, David Ricardo distinguished between fixed capital like land or machinery from money which he referred to as ‘circulating capital’.
Exchange Rate Policy: After the second amendment to the Articles of Agreement of IMF which came into effect on April 1, 1978, every member is free to choose its own exchange r
Explain about the term cost function. Cost Functions This function measures the minimum cost of producing a specified level of output for some fixed factor prices. Likewise
Why Have These Economies Converged? By and large economies which have converged are those which belong to OECD: the Organization for Economic Cooperation and Development that w
if coast of good A fall by Rs.1 & coast of good B increases by 1 Rs. what will be the effect on budget line
a) Consider the following flows (in thousand of people) between the various labour market states in a particular month: UE = 240 000; UNLF = 180 000; EU = 190 000; NLFU = 220 000
How might a change in the exchange rate affect the domestic economy of the country? A change in the exchange rate - ceteris paribus - will alter relative prices between trading
if tc is 200 what will be marginal cost?
3, chapter 12
Which drug is likely to be the most profitable for its producer (in terms of average “per-drug” profit)?
Production without capital is hard for us even to imagine. Nature cannot furnish goods and materials to man unless he has the tools and machinery for mining farming forestry fishin
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