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Educational Planning and Manpower

  Manpower Planning Approach for Educational Planning: In this method, the general demand for and the capacity of supply of human resources in different streams of and at different levels of the educational sector are estimated. The approach asserts that the system of education produces the right quality of human resources with desirable knowledge, attitudes and skills in the right numbers and thus, education is directly linked with economic development. The application of the manpower planning approach depends on these factors: (a) An appraisal and analysis of the existing employment conditions and the system of education, (b) Planning the system of education vis-a-vis the manpower needs of the economy, and (c) Using the financial resources (which are limited) in an optimum way so as to fulfill the demands of the employment sector without incurring wastage on account of unemployment. (d) Making an appraisal of the number of students enrolled, the number of existing teachers and th...
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Educational costs and benefits

                                                          Educational  Costs Costs incurred on education fall into two broad categories: Private and Social costs. a).  Private Costs. Private costs are those incurred by the individual, family or organization in the course of purchasing education or additional education. These costs can be direct or indirect. Examples of direct private costs include expenditures on fees, tuition, books, uniforms, transport, room, and board etc. Indirect private costs include foregone earning by learners, i.e., the opportunity cost of schooling including loss of labor for the family concerned. b).  Social costs. These are the costs that are incurred by the society/public/government in providing education. They are also categorized into direct and indirect social costs. Examples of direct social cost...
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Education and Economic development

Education is one of the most important aspects of development. It has a significant impact on a country's economic prosperity. Without considerable investments in human capital, no country can achieve long-term economic progress. Education broadens people's outlook on themselves and the world around them. It enhances their quality of life and provides a variety of social benefits to both people and society. It is critical for ensuring economic and social progress. It helps in the development of human capital, productivity, creativity, poverty reduction, encourages entrepreneurship, technological advancements, women empowerment, social development, health awareness, and other areas where economic development can be boosted. These different roles of education in India's Economic Development are addressed below. 1 ) Human Capital Formation:-  Human capital is directly related to human development. When there is human development, qualitative and quantitative advances in the na...
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Education productivity and income

There are very strong links between education, productivity and economic growth. Workers with more skills are more productive, and greater productivity leads to greater income. A study by Federal Reserve economists examined the factors contributing to greater state prosperity over a 65-year period and found that a state’s high school and college graduation rates, along with the rate of patents, were the primary factors explaining which states experienced more rapid growth in per capita income. But the economic gains to society from education go beyond the obvious link between skills and productivity. Higher levels of education also correspond with healthier people, lower rates of mortality, and lower rates of crime. Greater parent education correlates positively with children’s health, cognitive abilities, and academic achievement. The children of more highly paid workers are also less likely to grow up in poverty, less likely to be poor as adults, and more likely to be better educ...
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Educational Production function

  An educational production function is the relationship between school and student inputs and a measure of school output. This method of representing the educational production process is likely to be of particular value both in descriptive studies of human capital formation and in normative investigations to determine optimal educational resource allocation.   https://hanushek.stanford.edu/sites/default/files/publications/Hanushek%202008%20PalgraveDict.pdf
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Scope of Economics of Education

Scope of Economics of Education is wide and dynamic. The subject matters of Economics of Education are drawn from both the Economics and Education disciplines. Basically the study of economics of education includes private and social rate of returns to education, human capital formation, relation between education and economic development, educational cost and benefits, educational planning, efficiency of education, cost effectiveness of education, education and equity etc. These are the essential areas to be included in economics of education.  According to Hanson the subject matter of economics of education falls into seven categories as follows-  • Human capital formation.  • Education’s contribution to economic growth.  • Impact of education on earning.  • Historical analysis of economics of education.  • Relationship between education and earning.  • Programme budgeting and financing of education . • Efficiency and equality of education as opportu...
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Concept of Economics of Education

Economics of education is relatively a new field of academic discipline. The importance of systematic study of economic aspects of education were realized in the mid of twentieth century. So, the history of Economics of education is not very old. The subject matters of economics of education are concerned with both Economists and Educationists. The different economic aspects of education are also differing from country to country based on their economic system, economic growth and development. For example developed country invests more on their education comparing to the less developed country. The relationship between economic growth and educational development in the countries is always seen positive. So, Economics of Education is a new, dynamic and specialized field of study. A country's government has to take decisions on three central problems of education. Central problems arise because of the scarcity of resources.  These are:  • What type of education the country needs...
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