Rule of thumb method, Microeconomics

Assignment Help:

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.


Related Discussions:- Rule of thumb method

Explain about gross domestic product, Q. Explain about Gross Domestic Produ...

Q. Explain about Gross Domestic Product? Gross Domestic Product:Value of all the services and goods produced for money in an economy, evaluated at their market prices. Excludes

Comparison with our targets - structure of national income, Comparison wit...

Comparison with Our Targets : A proper objective assessment of our performance can be carried out only when we juxtapose our current achievements with: (i) planned or targeted

Understanding of micro/macro distinction and ppc, explain how microeconomic...

explain how microeconomic and macroeconomic issues may be represented using the production possibility curve

Supply, The table shows the demand schedule of Taylor Swift’s concert ticke...

The table shows the demand schedule of Taylor Swift’s concert ticket. Draw the demand curve for her concert ticket

Explain production and costs, The reason that an entrepreneur supposes the ...

The reason that an entrepreneur supposes the risk of starting a business is to earn profits.  The fundamental assumption in the theory of production is that a rational owner of a b

Theory of the firm, Profit maximization is theoretically the most sound but...

Profit maximization is theoretically the most sound but practically unattainable objective of business firms. In the light of this statement critically appraise the Baumol’s sales

Opportunity cost, meaning of opportunity cost under theory of cost

meaning of opportunity cost under theory of cost

Micro., what is the theory of second best? prove the theorem with the help ...

what is the theory of second best? prove the theorem with the help of a diagram.

#titlefree trade and protectionsm .., why is international trade important ...

why is international trade important for south africa

Corporations price and output in the short run, Consider that the governmen...

Consider that the government tells a large monopolistic firm that maximizes profits that it has to pay a fee to the Reelect the President Committee same to one third of its total 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