Econometrics as an Academic Discipline in Higher Education: An Exploratory Study of the Need, Relevance and Significance

Econometrics is a young science. It developed during the twentieth century in the mid-1930’s, primarily after the World War II. Econometrics is the unification of statistical analysis, economic theory and mathematics. The history of econometrics can be traced to the use of statistical and mathematics analysis in economics. The most prominent contributions during the initial period can be seen in the works of Tinbergen and Frisch, and also that of Haavelmo in the 1940's through the mid 1950's. Right from the rudimentary application of statistics to economic data, like the use of laws of error through the development of least squares by Legendre, Laplace, and Gauss, the discipline of econometrics has later on witnessed the applied works done by Edge worth and Mitchell. A very significant mile stone in its evolution has been the work of Tinbergen, Frisch, and Haavelmo in their development of multiple regression and correlation analysis. They used these techniques to test different economic theories using time series data. In spite of the fact that some predictions based on econometric methodology might have gone wrong, the sound scientific nature of the discipline cannot be ignored by anyone. This is reflected in the economic rationale underlying any econometric model, statistical and mathematical reasoning for the various inferences drawn etc. The relevance of econometrics as an academic discipline assumes high significance in the above context. Because of the inter-disciplinary nature of econometrics (which is a unification of Economics, Statistics and Mathematics), the subject can be taught at all these broad areas, not-withstanding the fact that most often Economics students alone are offered this subject as those of other disciplines might not have adequate Economics background to understand the subject. In fact, even for technical courses (like Engineering), business management courses (like MBA), professional accountancy courses etc. econometrics is quite relevant. More relevant is the case of research students of various social sciences, commerce and management. In the ongoing scenario of globalization and economic deregulation, there is the need to give added thrust to the academic discipline of econometrics in higher education, across various social science streams, commerce, management, professional accountancy etc. Accordingly, the analytical ability of the students can be sharpened and their ability to look into the socio-economic problems with a mathematical approach can be improved, and enabling them to derive scientific inferences and solutions to such problems. The utmost significance of hands-own practical training on the use of computer-based econometric packages, especially at the post-graduate and research levels need to be pointed out here. Mere learning of the econometric methodology or the underlying theories alone would not have much practical utility for the students in their future career, whether in academics, industry, or in practice This paper seeks to trace the historical development of econometrics and study the current status of econometrics as an academic discipline in higher education. Besides, the paper looks into the problems faced by the teachers in teaching econometrics, and those of students in learning the subject including effective application of the methodology in real life situations. Accordingly, the paper offers some meaningful suggestions for effective teaching of econometrics in higher education

Human Resources Development in Higher Education in Kerala

The study is entitled “HUMAN RESOURCES DEVELOPMENT IN HIGHER EDUCATION IN KERALA”. The concept “Human Resource Development” is of high value in business and industry and has been used and applied since years. In industry and business the 'human' element is considred as a resource and hence its development and protection is very essential and inevitable. Of all the factors of production, human resource is the only factor having rational faculty and therefore, it must be handled with utmost care. Right recruitment, right training and right induction followed by faultless monitoring and welfare measures are but decisive factors in business and industry. Altogether there is a constant attention up on human factor there. But this is not a practice at all in education. So far there has not been any such measure of care and close watch and performance analysis of human resource on education front. This may be the main reason for lack of accountability in the sphere of education. The present study reveals the importance of introducing HRD practices in higher educational institutions in Kerala. In order to promise human capital formation through education, it is basic requirement. The higher educational institutions must follow the method of industry and commerce because education can be treated as an industry in service sector. There also we can follow the methods of right recruitment, right training and promotion, delegation, performance analysis and accountability checking of human resource. HRD is a powerful idea of transformation of human being into highly productive and contributing factor The HRD of students is the sum total of HRD of teachers. Reminding the primordial usage 'Yatha Raja Thadha Praja’ the quality of faculty resembles in students. The quality of administrative staff in colleges also affects the quality of higher education. Hence, it is high time to introduce the managerial method of HRD with all its paraphernalia in higher educational institutions so as to assure proper human capital formation in higher education in India.

Human Resources Development in Higher Education in Kerala

The study is entitled “HUMAN RESOURCES DEVELOPMENT IN HIGHER EDUCATION IN KERALA”. The concept “Human Resource Development” is of high value in business and industry and has been used and applied since years. In industry and business the ‘human’ element is considred as a resource and hence its development and protection is very essential and inevitable. Of all the factors of production, human resource is the only factor having rational faculty and therefore, it must be handled with utmost care. Right recruitment, right training and right induction followed by faultless monitoring and welfare measures are but decisive factors in business and industiy. Altogether there is a constant attention up on human factor there. But this is not a practice at all in education. So far there has not been any such measure of care and close watch and performance analysis of human resource on education front. This may be the main reason for lack of accountability in the sphere of education. The present study reveals the importance of introducing HRD practices in higher educational institutions in Kerala. In order to promise human capital formation through education, it is basic requirement. The higher educational institutions must follow the method of industry and commerce because education can be treated as an industry in service sector. There also we can follow the methods of right recruitment, right training and promotion, delegation, performance analysis and accountability checking of human resource. HRD is a powerful idea of transformation of human being into highly productive and contributing factor The HRD of students is the sum total of HRD of teachers. Reminding the primordial usage ‘Yatha Raja Thadha Praja’ the quality of faculty resembles in students. The quality of administrative staff in colleges also affects the quality of higher education. Hence, it is high time to introduce the managerial method of HRD with all its paraphernalia in higher educational institutions so as to assure proper human capital formation in higher education in India.

Employment Realm in Technical Education in Kerala-A Study on the Problem of Unemployment among Engineers

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