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प्रश्न
"Expenditure on On-the-job training is an important means of human capital formation in an economy."
Give valid reasons to justify the given statement.
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उत्तर
Yes, Expenditure on 'On the job training' is an important means of human capital formation in the economy.
Reasons:
- Updation of new skills: There are several skills that employees are inexperienced with. Employee training at work enables individuals to improve their skills. Teachers have found the usage of smart boards and mobile devices, for instance, to be extremely helpful during the time of Covid.
- Increase in productivity: The development of new skills aids in improving an employee's productivity or efficiency. They execute a task in comparably less time than before.
- Increase in expertise: Employees become experts at a task when they accomplish it consistently while utilizing new skills. Additionally, it boosts employees' self-confidence.
- Economic growth: The majority of employees gain new skills and contribute to GDP growth, therefore investing in "on the job training" is helpful for economic growth in addition to the business and the employees.
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संबंधित प्रश्न
Discuss the following as a source of human capital formation
Expenditure on migration.
How does investment in human capital contribute to growth?
Explain how investment in education stimulates economic growth.
Trace the relationship between human capital and economic growth.
______ five-year plan recognized the importance of human capital.
The objective of midday meal scheme is ______.
Physical capital is inseparable from its owner.
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.
In the context of the above paragraph, the ‘residual’ factor include ______.
Which of the following statements are correct
Statement 1: Migration is the shifting of a person from one place to another with the intention of settling, permanently or temporarily in a new location.
Statement 2: The movement is often over long distances and from one country to another.
Statement. 3: When people migrate from one country to another country it is known as external migration.
Benefits of physical capital accrue only to private entities, whereas human capital provides private as well as ______ benefits.
How does spending on health contribute to the formation of human capital?
What justifies the investment that people make when they migrate for employment?
Spending on information about which markets enables people to make better investment decisions in human capital?
Why is human capital less mobile across countries than physical capital?
With what does human capital depreciate?
How can the depreciation of human capital be slowed down?
What constitutes the private benefit of human capital?
