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This conceptual paper seeks to present the concept for the application of the principle of ‘Caveat Venditor’ or ‘Seller Beware’ in Higher Education and Healthcare sectors in India. Simply, this principle imposes a greater responsibility on the sellers themselves for the goods and services that they sell. This note presents the need for implementing the ‘Caveat Venditor’ principle to the two important service sectors in India, i.e., higher education and healthcare. In terms of cost, there has been a steady and steep rise in cost of both higher education and healthcare in India over the last decade. It is important to note that despite the steep rise in the cost of both higher education and healthcare, there has been no corresponding improvement in the quality of these services. While the ROI (Return on Investment) for students in India continues to be extremely low, quality of healthcare in India is still not up to the mark and lack of accountability from these service providers ensures that this trend continues. In view of the importance and spectacular growth potential of these two service sectors in India, coupled with the non-commensurate improvement in quality/outcomes/accountability of these services, the time is right to examine if the application of the principle of ‘Caveat Venditor’ is the only solution. [ABSTRACT FROM AUTHOR]

Abstract: India's agricultural research spending has long been regionally uneven. Regional research intensity ratios, which account for size differences, indicate research spending has consistently favored southern and western states over northern, central, and eastern ones. Farm production patterns have, however, changed in recent years and regional output growth is being driven by new commodity mixes. In this article, we ask which region had the highest factor productivity growth and rate of return to investments in public agricultural research and higher education. Our analysis relies on a 1980–2008 Indian agricultural production and policy data set together with a dual heteroscedastic production frontier to decompose total factor productivity (TFP) growth into formal technical progress and efficiency elements. The model's regional flexibility affords region‐to‐region comparison of multiple research return rates, TFP growth, and the elements influencing them. Regardless of return‐rate measure or allocation scenario evaluated, the North has enjoyed the highest return to research spending, and the Central and East the lowest. Factor productivity growth has however been strongest in the South, primarily on account of efficiency gains. Overall, though, the technical progress and productivity growth easily attributable to government‐supported research has accounted for about one‐quarter of the sector's TFP growth. [ABSTRACT FROM AUTHOR]

Abstract: This paper estimates the distribution of educational returns by gender for India. While previous studies focus on mean returns, the variance of educational returns has important implications for policy-making and micro-level decision making with respect to education. If the variance of educational returns is large, it can leave large sections of the population with negative returns; if the variance of educational returns is gender specific, it can influence households’ decisions to educate girls versus boys. Our econometric results provide evidence that India''s labor markets are characterized by significant uncertainty and that the uncertainty is systematically larger for women. [Copyright &y& Elsevier]

This paper estimates the returns to education for adult male workers in regular and casual wage employment using Indian national survey data at three points in time spanning almost two decades. Both standard and augmented Mincerian wage equations are estimated using a set of human capital measures and other controls after addressing the issue of potential selection bias. This paper finds that the returns to education are significantly different for the two types of workers—while casual workers face at best flat returns to education, the returns to education for regular workers are positive and U‐shaped with respect to education levels. There is also some evidence of a widening wage gap between regular workers with graduate and primary education that could possibly be a consequence of trade liberalization and other reforms pursued during the 1990s. [ABSTRACT FROM AUTHOR]

In this paper, education is treated as a form of investment. No attempt is made to measure the contribution of education to economic growth. Internal rates of return to investment in education in India for the year 1960-61 are estimated and compared with Professor A. C. Harberger's estimate of the rates of return to physical capital, "Net" education capital formation during the period 1950-51 to 1960-61 is also estimated at 1960-61 prices and compared with physical capital formation during the same period. The study indicates that education is not an attractive form of investment when compared with physical capital. Within the educational system, primary education is the most attractive and collegiate nonprofessional education the least attractive form of investment. The study suggests diversion of resources in favor of physical capital. [ABSTRACT FROM AUTHOR]