collective ownership of property • Economic system based on collective ownership of property and means of production • Includes Marxism, anarchism, communism, mutualism, etc. • Egalitarian economic structure • Can be mixed
private ownership of property • Economic system based on private ownership of property and means of production • Includes liberalism, fascism, libertarianism, conservatism, etc. • Hierarchical economic structure • Can be mixed
A third economic model named Human Resource Economic Model was developed by Deepak Sharma in 2014.
it. is tipped to replace Socialism and Capitalism.
Regarding financial viability and reliability of the aforesaid proposal, Mr. Deepak Sharma ensured that
All Data in the a fore said proposal are practical reputable and viable.
He also ensured that all the Data was in accordance with the Rules and tools of Human Resources Economics.
ECONOMICS OF HUMAN RESOURCES
Economics Program Fields of Study Economics of Human Resources
This Economics field covers Labor Economics, Health Economics, and Human Resource Economics. Labor Economics is concerned with the determination of wages and hours of work in labor markets. Health Economics is concerned with the production of goods and demand for health care products and how the determinants of demand of goods and supply of goods affect the costs of various types of health care services.
Human Resource Economics studies individual, family, and market investments in various forms of human capital such as education, on the Internship, and health services. He validated that human resource Economics is an absolute assets, and mankind currently has no intellectual ability to transform this into financial funds and healthy economy.
For this reasons, People is Facing poverty, crony commercialism, crime and corruption.
CONCEPT BEHIND THIS MODEL
Under the current circumstances, the Indian economy depends upon three pillars.
the Reserve Bank of India (RBI),
The Ministry of Finance,
The stock market.
After adopting the H.R. Economic create, the Indian economy will get an extra fourth pillar. This will be in the form of a manpower grid. This manpower fourth pillar grid will be a centralised pillar and will gain very fast worth capability.
It will be bigger than the integrated worth of the RBI, the finance ministry and all stock markets of India within the next 5 years. Can India achieve $15 trillion GDP by 2025
REQUIREMENTS FOR THIS MODEL
Mr. Sharma father of H.R. economics likewise validated that currently readily available accounting requirements are not adequate to run this a fore said economic system.
For this reason, he suggest twelve brand new accounting standards along with 5 economic requirements which have to be used compulsorily.
NEED FOR THE NEW MODEL?
Deepak Sharma stated that Socialism has been discontinued by India since 1991.
Capitalism, which is still in practice, has not been able to remove unemployment, poverty and corruption, even 70 years after Independence.
Example- 22% of India’s population is below the poverty line and 77% of the nation’s worth has been accumulated by just 1% of the population.
He further requested the government to form a committee of economic experts at the earliest to verify the viability and reliability of the aforesaid financial proposal. Can India achieve $15 trillion GDP by 2025