Question

1) Human Capital:

Consider two sources of human capital accumulation-education and on-the-job training-and think about what factors might be conducive to each. In the education sphere, keep in mind the distinction between primary and higher education. Discuss what you might expect in the following societies.

(i) Societies in which individuals typically look after their ageing parents, compared to societies in which parents do not expect economic benefits from their children.

(iii) Societies in which education is supplied by the free market, compared to societies in which the state is responsible for the provision of education.

Answer 1

(i)The given example in the question, obviously can be clarified by the social contrasts in the western and eastern societies.

The majority of the social contrasts base on two ideas:

• Individualism – favors the person as a free element and supports self-advancement and self-esteem.

• Collectivism – people are a piece of a gathering and the necessities of the gathering precede the person.

All things considered, societies in the West will in general be increasingly individualistic though individuals from the East are progressively collectivist. These ideas are a running string through numerous eastern and western social contrasts.

In Western culture, the individual standards. Also, this has ramifications for society, the work environment, family, even connections. For instance, in the West, the general public respect the 'independent man'. We esteem individual accomplishments over collective endeavors. We need approval for our own confidence however not for a specific gathering.

This can lead us to overestimate our own capacities or 'self-swelling'. For example, an astounding 94% of US teachers evaluated themselves as 'superior to average' when gotten some information about their skill.

Then again, in the East, family and network are a higher priority than the person. Also that there is practically no proof of any inclination for self-swelling. Truth be told, individuals living in the East are bound to belittle their capacities, instead of appear to be careless. In Eastern culture, it is considered incredibly impolite to gloat about one's capacities.

Also, family assumes a critical job in Eastern culture. Especially with regards to living courses of action. In the West, it is a transitional experience for youngsters to move out at a particular age. Getting your own place is an indication of freedom. Though in the East, there is no requirement for kids to leave the family home.

Asian individuals consider living to be your own as a decision as abnormal. This goes for old family members also. Relatives care for their more established ages in the East. Though in the West, we don't consider minding to be our old as a family duty.

In the East, wedded couples don't move out of the family home. Indeed, a recently hitched lady will proceed to live with her better half's family. Recently wedded Western couples typically live respectively before they get hitched. In the East, the accentuation is particularly on family.

Indeed, you'll regularly discover a few ages living under a similar rooftop. In any case, this likewise implies people living in the family home may need to settle. Family start things out in the East.

(ii) In societies in which education is supplied by the free market, there wont be equality in the access of education, only those who have enough capital would be able to join colleges and attain higher education and the rest would have to look for alternative options, this in the long run would create a huge dis-balance in the society and surely the society would become more fragmented.
Secondly, if a person take a huge amount of loan in order to pursue education, it may takes years to repay that loan, this in turn would discourage a lot of students to not pursue higher education.

In societies where the state is responsible for the provision of education there is a good chance that every individual would get equal opportunities in getting good higher education at minimal tuition fees, this in turn would help a lot of people to get out of poverty by pursuing education and earning well enough in their respective career, which will eventually help in the overall well being of the society as these individuals will give back to society in terms of taxes that can be used in the welfare of people.