scholarly journals A Theoretical Framework for Estimating the Rate of Return to a Pharmacy Education Anywhere

Pharmacy ◽  
2020 ◽  
Vol 8 (3) ◽  
pp. 162
Author(s):  
Manuel J. Carvajal ◽  
Ioana Popovici
Keyword(s):  
Human Capital ◽  
Theoretical Model ◽  
Pharmacy Education ◽  
Rate Of Return ◽  
Costs And Benefits ◽  
Rates Of Return ◽  
Trade Off ◽  
Education Investment ◽  
The Individual ◽  
Benefits And Costs

Undertaking a pharmacy education is an investment in human capital. Candidates trade off present versus future costs and benefits. They make this investment with the expectation of earning enough income throughout their worklives to make their undertaking financially worthwhile. Whether or not this occurs is determined by the rate of return. The aim of the current study was to construct a theoretical model to estimate the rate of return to a pharmacy education investment. Specifications for model assumptions, inputs, and outputs are discussed. The outputs are the rates of return, the inputs are the costs and benefits of a pharmacy education, and the assumptions illustrate the circumstances of the individual or group for whom the model is built. The rate of return is the annual percentage that equates the streams of benefits and costs over the investment span. The higher the value of the rate of return to a pharmacy education is, the more profitable is the investment. This theoretical model may be used to estimate the financial viability of pharmacy and compare it to the viability of other professions or to the viability of pharmacy among various locations.

The Social Structure of Competition

2003 ◽  
Author(s):  
Ronald Burt
Keyword(s):  
Social Capital ◽  
Human Capital ◽  
Social Structure ◽  
Formal Education ◽  
Rate Of Return ◽  
Rates Of Return ◽  
Job Experience ◽  
The Social ◽  
Lines Of Credit ◽  
Market Production

A player brings capital to the competitive arena and walks away with profit determined by the rate of return where the capital was invested. The market production equation predicts profit: invested capital, multiplied by the going rate of return, equals the profit to be expected from the investment. You invest a million dollars. The going rate of return is 10 percent. The profit is one hundred thousand dollars. Investments create an ability to produce a competitive product. For example, capital is invested to build and operate a factory. Rate of return is an opportunity to profit from the investment. The rate of return is keyed to the social structure of the competitive arena and is the focus here. Each player has a network of contacts in the arena. Something about the structure of the player’s network and the location of the player’s contacts in the social structure of the arena provides a competitive advantage in getting higher rates of return on investment. This chapter is about that advantage. It is a description of the way in which social structure renders competition imperfect by creating entrepreneurial opportunities for certain players and not for others. A player brings at least three kinds of capital to the competitive arena. Other distinctions can be made, but three are sufficient here. First, the player has financial capital: cash in hand, reserves in the bank, investments coming due, lines of credit. Second, the player has human capital. Your natural qualities—charm, health, intelligence, and looks—combined with the skills you have acquired in formal education and job experience give you abilities to excel at certain tasks. Third, the player has social capital: relationships with other players. You have friends, colleagues, and more general contacts through whom you receive opportunities to use your financial and human capital. I refer to opportunities in a broad sense, but I certainly mean to include the obvious examples of job promotions, participation in significant projects, influential access to important decisions, and so on. The social capital of people aggregates into the social capital of organizations.

scholarly journals Another reason for non-neutrality of financial liquidity

2019 ◽  
Vol 66 (1) ◽  
pp. 41-50
Author(s):  
Jong-Eun Lee
Keyword(s):  
Theoretical Model ◽  
Interest Rate ◽  
Financial Market ◽  
Rate Of Return ◽  
Financial Policy ◽  
Real Economy ◽  
Rates Of Return ◽  
Price Stickiness ◽  
Financial Liquidity ◽  
Meaning Of Money

This paper reinterprets the non-neutrality of financial liquidity under a general equilibrium model with multiple financial liquidities, but without price stickiness. Non-neutrality opens the possibility of effective monetary or financial policy on the crisis-prone real economy and thus revisiting its nature is worthwhile. We find that models with only one asset and money limit our perspectives to see the nature of financial liquidities interacting with real economy. Departing from abstracting an economy with only one interest rate allows us to see the underlying reason of non-neutrality of financial liquidities, that is, industry-specific rates of return distinguishable from the representative rate of return. Without the assumption of price stickiness but with a wider frame of multiple liquidities, this paper offers another reason for non-neutrality of financial liquidity and naturally clarifies the meaning of money neutrality. We incorporate complicated reality of multiple financial liquidities in a theoretical model, which is a way of deepening our understanding of financial market.

scholarly journals CAREER CAPITAL AS A COMPONENT HUMAN CAPITAL: A THEORETICAL MODEL PROPOSAL TO THE INTELLECTUAL CAPITAL

2020 ◽  
Vol 8 (5) ◽  
pp. 3772-3794
Author(s):  
Nihan YAVUZ AKSAKAL
Keyword(s):  
Human Capital ◽  
Theoretical Model ◽  
Intellectual Capital ◽  
Relevant Literature ◽  
Essential Element ◽  
Individual Characteristics ◽  
New Model ◽  
Career Capital ◽  
The Subject ◽  
The Individual

In this study, the concept of intellectual capital and its components are examined first. Then, the standard features of intellectual capital and human capital with career capital are revealed. Moreover, finally, a new model has been proposed for the concept of intellectual capital. The study aims to show the bond of career capital in intellectual capital and to emphasise that it can be considered as a separate essential element. The theoretical model proposed by the study considered career capital as a sub-component of human capital within intellectual capital. Accordingly, human capital in the study consists of two main sub-components: attitude capital and career capital. The career capital supported by the attitude capital of the human can be evaluated as the whole capital in a concrete career life rather than the individual characteristics of the employee. The study aims to bring a different perspective to studies on the subject. It is the review of the related conceptual literature in order to contribute to the information in the relevant literature.         

scholarly journals Tingkat Pengembalian Investasi Pendidikan di Kalimantan Barat Tahun 2018

2021 ◽  
Vol 21 (2) ◽  
pp. 164-184
Author(s):  
Sakuntala Devi Ayu ◽  
Sri Mulatsih ◽  
Tanti Novianti
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Rate Of Return ◽  
Individual Data ◽  
West Kalimantan ◽  
Education Investment ◽  
Step Procedure ◽  
Result Show ◽  
The Government

Theoretically, human capital plays an important role in economic growth. In West Kalimantan, the government increase the education investment to improve human capital. This study aims to estimate the rate of return of education investment in West Kalimantan Province, Pontianak and Singkawang District. SAKERNAS 2018 individual data was analyzed using the Mincer Model and the Heckman’s Two-step procedure. The result show that the rate of return of education investment in West Kalimantan province is 3,83 percent. It means that each additional year of schooling will increase income by 3,83 percent. The rate of return of education investment in Pontianak and Singkawang District are 6,21 percent and 4,87 percent, respectively. ------------------------------- Secara teoritis, modal manusia mempunyai peran penting dalam pertumbuhan ekonomi. Untuk meningkatkan modal manusia, pemerintah meningkatkan investasi pendidikan di Kalimantan Barat. Penelitian ini bertujuan untuk menghitung tingkat pengembalian investasi pendidikan di Provinsi Kalimantan Barat, Kota Pontianak, dan Kota Singkawang menggunakan model Mincer dan prosedur Heckman’s Two Step. Hasil estimasi dengan menggunakan data individual SAKERNAS 2018 menunjukkan tingkat pengembalian pendidikan pada seluruh level pendidikan di Kalimantan Barat sebesar 3,83 persen. Artinya, setiap penambahan satu tahun lama sekolah akan meningkatkan pendapatan rata-rata sebesar 3,83 persen. Tingkat pengembalian investasi pendidikan di Kota Pontianak dan Kota Singkawang masing-masing sebesar 6,21 persen dan 4,87 persen.

scholarly journals Spatial Segregation, Redistribution and Welfare: A Theoretical Model

2016 ◽  
Vol 1 (1) ◽  
pp. 68-78 ◽  
Author(s):  
Tommaso Gabrieli
Keyword(s):  
Theoretical Model ◽  
Median Voter ◽  
Spatial Segregation ◽  
Point Of View ◽  
Trade Off ◽  
Economic Equilibria ◽  
Economic Opportunities ◽  
The Individual ◽  
Individual Effort

This paper develops a theoretical model focusing on the effect that different neighborhood compositions can have on the formation of individual beliefs about economic opportunities. Specifically we highlight two effects that spatial segregation may have: (1) it can efficiently separate the individual effort choices of highly and low productive individuals, (2) it may imply that the median voter imposes a level of redistribution that is inefficient from the aggregate point of view. The trade-off implies that segregated and non-segregated cities may present very similar levels of aggregate welfare. We employ this framework to discuss how the structure of cities can play a role in the determination of US-type and Europe-type politico-economic equilibria and the implications for planning policies.

scholarly journals Declining returns to investment in tertiary education in Vietnam

2020 ◽  
Vol 4 (3) ◽  
pp. First
Author(s):  
Ngoc Thi Minh Tran
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Development Strategy ◽  
Global Financial Crisis ◽  
Tertiary Education ◽  
Economic Benefits ◽  
Rate Of Return ◽  
Economic Downturn ◽  
Education Investment ◽  
Returns To Investment

The human capital theory in economics argues that education is an investment in human capital and that the acquisition of knowledge and skills would enable individuals to increase their productivity and earnings, and thereby contributing to economic growth. As an investment, education incurs costs and benefits at various points in time. To measure economic benefits of education investment by individuals, economists use the rate of return to investment in education. This rate of return should be positive and higher than that of alternative options to ensure economic benefits of education investment and motivate education decisions. Given that tertiary education attainment is costly to individuals and the society at large, highly positive returns to tertiary education matter for individual and social human capital investments being economically justified. In the present age of mass access to tertiary education, the pattern of declining returns to investment in tertiary education was observed in a growing number of countries that include Vietnam. This trend may avert individual investment in human capital formation, and thereby negatively affecting national economic growth and development. To contribute to addressing this problem, the current paper aims to analyse the factors that drive the decay in returns to investment in tertiary education in Vietnam. Based on the descriptive research method using descriptive statistics, we summarize key trends in tertiary education in Vietnam. We identify that the abatement in returns to tertiary education investment in Vietnam may be attributed to three main factors: (i) the expansion of education supply, in particular tertiary education; (ii) the economic downturn after the global financial crisis; and (iii) the mismatched quality of tertiary education. These findings are foundations for our suggestions on possible solutions to inform the tertiary education development strategy.

On Measuring the Social Opportunity Cost of Labour in the Presence of Tariffs and an Informal Sector (The Distinguishedl Lecture)

1992 ◽  
Vol 31 (4I) ◽  
pp. 535-564 ◽  
Author(s):  
M. Ali Khan
Keyword(s):  
Informal Sector ◽  
Opportunity Cost ◽  
Costs And Benefits ◽  
Open Letter ◽  
Review Of The Literature ◽  
The Social ◽  
Action Project ◽  
Relevant Group ◽  
Net Benefits ◽  
The Individual

Harberger introduced his influential 1971 essay with the following words. This paper is intended not as a scientific study, nor as a review of the literature, but rather as a tract - an open letter to the profession, as it were - pleading that three basic postulates be accepted as providing a conventional framework for applied welfare economics. The postulates are: (a) The competitive demand price for a given unit measures the value of that unit to the demander; (b) The competitive supply price for a given unit measures the value of that unit to the supplier; and (c) When evaluating the net benefits or costs of a given action (project, programme, or policy), the costs and benefits accruing to each member of the relevant group (e.g., a nation) should normally be added without regard to the individual(s) to whom they accrue.

Welfare tradeoff psychology is present in children and adults

2018 ◽  
Author(s):  
Rhea M Howard ◽  
Annie C. Spokes ◽  
Samuel A Mehr ◽  
Max Krasnow
Keyword(s):  
Social Networks ◽  
Social Context ◽  
Opportunity Cost ◽  
Trade Off ◽  
Contextual Features ◽  
Limited Experience ◽  
The Individual

Making decisions in a social context often requires weighing one's own wants against the needs and preferences of others. Adults are adept at incorporating multiple contextual features when deciding how to trade off their welfare against another. For example, they are more willing to forgo a resource to benefit friends over strangers (a feature of the individual) or when the opportunity cost of giving up the resource is low (a feature of the situation). When does this capacity emerge in development? In Experiment 1 (N = 208), we assessed the decisions of 4- to 10-year-old children in a picture-based resource tradeoff task to test two questions: (1) When making repeated decisions to either benefit themselves or benefit another person, are children’s choices internally consistent with a particular valuation of that individual? (2) Do children value friends more highly than strangers and enemies? We find that children demonstrate consistent person-specific welfare valuations and value friends more highly than strangers and enemies. In Experiment 2 (N = 200), we tested adults using the same pictorial method. The pattern of results successfully replicated, but adults’ decisions were more consistent than children’s and they expressed more extreme valuations: relative to the children, they valued friends more and valued enemies less. We conclude that despite children’s limited experience allocating resources and navigating complex social networks, they behave like adults in that they reference a stable person-specific valuation when deciding whether to benefit themselves or another and that this rule is modulated by the child’s relationship with the target.

The Acceptance of Party Unity in Parliamentary Democracies

2017 ◽  
Author(s):  
David M. Willumsen
Keyword(s):  
Political Parties ◽  
Costs And Benefits ◽  
Parliamentary Democracies ◽  
Survey Questions ◽  
Ideal Policy ◽  
Central Argument ◽  
The Individual ◽  
Policy Incentives

The central argument of this book is that voting unity in European legislatures is not primarily the result of the ‘disciplining’ power of the leadership of parliamentary parties, but rather the result of a combination of ideological homogeneity through self-selection into political parties and the calculations of individual legislators about their own long-term benefits. Despite the central role of policy preferences in the subsequent behaviour of legislators, preferences at the level of the individual legislator have been almost entirely neglected in the study of parliaments and legislative behaviour. The book measures these using an until now under-utilized resource: parliamentary surveys. Building on these, the book develops measures of policy incentives of legislators to dissent from their parliamentary parties, and show that preference similarity amongst legislators explains a very substantial proportion of party unity, yet alone cannot explain all of it. Analysing the attitudes of legislators to the demands of party unity, and what drives these attitudes, the book argues that what explains the observed unity (beyond what preference similarity would explain) is the conscious acceptance by MPs that the long-term benefits of belonging to a united party (such as increased influence on legislation, lower transaction costs, and better chances of gaining office) outweigh the short-terms benefits of always voting for their ideal policy outcome. The book buttresses this argument through the analysis of both open-ended survey questions as well as survey questions on the costs and benefits of belonging to a political party in a legislature.

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