Although Ricardo drew heavily on Adam Smith's writings, yet he was the first economist who presented the classical thought in a consistent body of economic analysis, presented in a vigorous form. His ideas are embodied in his book, The Principles of Political Economy and Taxation (1817) and the many letters that he addressed to contemporary economists. The Ricardian theory of [...]
Capital embodied in human beings in the form of education and health which make them more productive is called human capital. Read this article to learn about Introduction to Human Capital, Human Capital and Economic Development and Cost of Human Capital. Human Capital: Introduction, Economic Development, Cost of Human Capital 1. Introduction to Human Capital: Capital embodied in human beings [...]
It is necessary to mention that by economic development we mean not only increase in national income (GNP) or per capita income, but also reduction in unemployment as a result of the growth of employment opportunities and reduction in poverty and inequalities of income. Since economic growth depends on rate of saving and investment and productivity of labour. We will [...]