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प्रश्न
Discuss the following as a source of human capital formation
Expenditure on migration.
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उत्तर
Expenditure on migration
Migration refers to the movement of people from underdeveloped or developing countries to t developed countries in search for better avenues. Migrations contribute to human capital formation as it facilitates the utilisation of inactive or underdeveloped skills of an individual. The cost of migration involves cost of transportation, and cost of living at the migrated places. Usually, the cost of migration is very high due to the high cost of transportation and high cost of livelihood in the developed countries. But still, people migrate in search of better job opportunities and handsome salaries. Migration of human capital helps the underdeveloped countries to acquire technical skills, efforts reducing methods and efficient ways of performing tasks. These skills and know-how are transmitted by the migrated people to their home country that not only add to the economic growth and development but also enhance the human capital of the home country. If the gains from migration outweigh the migration costs then it can be inferred that migration leads to better utilisation of human capital skills.
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संबंधित प्रश्न
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| Column I | Column II | ||
| A | Migration | i | Reduced in per capita economic growth |
| B | Low level of academic standards | ii | An imbalance between demand and supply of human resource |
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| D | Lack of proper manpower planning | iv | The mismatch between required skill and academic standards |
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Read the given case study and answer the questions
Traditional economic theory viewed capital in physical terms only. Economists during the late 1950s based on the aggregate production function found that the standard measures of simple labour and physical capital were incapable of explaining adequately the rapid post-war growth. Speculations on what was missing were diverse. Some argued that the principal explanation lays in the lack of appropriate adjustments for improvement in the quality of physical capital and the embodiment of technical progress in that capital. Others suggested that the most important omission pertains to the organisational advance or a vaguely specified human capital. The residual of unexplained growth was at first ascribed to technology by Solow, but later, the residual was defined to include improvements in the quality of capital can the investment in human beings. Human capital is formed with improvement in skills education. Improved health and education is merit as well as a public good and is associated with a large number of externalities which are often indirect, indivisible and non-quantifiable.
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Statement 2: An economy must make a choice of the wants which are important for the economy.
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