Economics of Human Capital Essay Example | Topics and Well Written Essays - 1250 words

Economics of Human Capital - Essay Example he justification for this argument was that essentially the amount of available land for production was believed to be limited due to the fact that land cannot grow at the same pace as capital and labor, consequently, land becomes insufficient, and capital and labor in the end become saturated and less efficient and less profitable (Mauro & Fernandez 68). This essay discusses the role of human capital in economic growth. Nevertheless, these early growth framework took in a fourth variable—knowledge, or technological development, that allowed available capital and labor to generate greater yields on specific amounts of land. The rate and extent of transformation of this fourth variable was viewed as exogenous to the framework—knowledge only grew constantly by itself and not as an outcome of investments or capital constituted within the framework. However, examinations of the potential sources of increases in national productivity over time revealed consistently that this inadequately known and non-quantifiable variable-- technological development-- comprised a substantial portion of overall economic development all over the 20th century (Qadri & Waheed 93). Obviously, economists did not accept the assumption that knowledge expanded without help, and hence several adjustments on this framework enable ‘labor’ input to expand not just by increasing work hours and people, but a lso by hypothesizing that the labor force’s human capital could, successfully, expand by means of training and education. This model is quite subjective, and, according to numerous economists, scarcely better than merely considering technological development as a residual variable that provides explanation of the portion of economic progress that cannot be clarified by expansion in physical or human capital (Becker(b) 57). During the 1980s, economists became fascinated with a modeling framework referred to as ‘New Growth Theory’, which viewed the role of growth in technological and

Contracts Assignment Example | Topics and Well Written Essays - 500 words

Contracts - Assignment Example The appellant proved that Woods did not seek an equivalent request for her explicit promise. In addition, she did not make any requests for any proceeds from Wood in a manner that would have provided a sense of her â€Å"consideration†, which was vital for the validity of the contract. In light of this, the court established that even though, Wood failed to create a binding contract by not seeking the input of the other party, it was naturally implicit for the party to conduct himself in a reasonable manner by delivering half of the proceeds he was to obtain. The primary rationale behind the ruling was that for a contractual term to be deemed as implicit, they must be very clear to validate the contract. This means that in common law, parties to a contract must foster a relationship that undercuts formalism of the document signing process. The English case law of Chandler v Webster [1904] 1 KB 493 involved frustration in the performance of contracts. Mr. Webster entered into an agreement with Mr. Chandler, in which the latter party would have an accommodation on a strategic street to witness the Kings installation on June 26 1902. In the initial agreement, the tenant was supposed to pay 141 £ 15s. Mr. Chandler had rented the room on behalf of another party who was not impressed by it; besides, the party could not use it due to other commitments elsewhere. In light of these changes, Mr. Chandler paid  £100 on June 19 and requested Mr. Webster to raise money using part of the room, and promised to settle the shortfall in a letter dated June 10, if any occurred under the new arrangement. The King became unwell prompting the cancellation of the event (McKendrick 730). The High Court ruled that the claimant could not reclaim the  £100, and that his letter dated 10th June was clear enough that he would only settle the balance after the ceremony. The defendant was also disbarred