New Economic Framework Proposed to Tackle Global Job Crisis
A resolution for the potential global jobs crisis: the Human Capital Monetisation Economic System
The Economic TimesImage: The Economic Times
Deepak Sharma, founder of the Human Capital Monetisation Economic System (HRMES), has proposed a new economic framework to address a projected global shortfall of 800 million jobs. He urges the World Bank to adopt systemic reforms that redefine human potential as a monetizable asset, aiming to transform the workforce into stakeholders in economic growth.
- 01The global job market faces a potential shortfall of 800 million jobs as 1.2 billion young people enter the workforce.
- 02Deepak Sharma proposes the Human Capital Monetisation Economic System (HRMES) to redefine human potential as a measurable economic asset.
- 03HRMES suggests creating financial instruments like Human Capital Credit Notes and Universal Potential Credits to support entrepreneurship.
- 04The proposal includes a National HR Account to manage the economic value of human capital and a Manpower Grid to optimize workforce capabilities.
- 05Sharma emphasizes the need for pilot programs in developing regions to test HRMES and redefine economic participation models.
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In response to the looming global job crisis, Deepak Sharma has proposed the Human Capital Monetisation Economic System (HRMES) to address the projected shortfall of 800 million jobs as 1.2 billion young people are set to enter the workforce over the next 10 to 15 years. Current economic systems, namely capitalism and socialism, are deemed inadequate for generating sufficient employment opportunities. HRMES aims to redefine human potential as a quantifiable and monetizable asset, introducing financial instruments such as Human Capital Credit Notes and Universal Potential Credits to support entrepreneurial ventures. This framework also proposes the establishment of a National HR Account to manage the economic value of human capital and a Manpower Grid to align workforce capabilities with economic demand. Sharma argues that by treating skills as collateral, the system could expand economic participation and reduce reliance on traditional financing. He urges the World Bank and global institutions to initiate pilot programs in developing regions, emphasizing the need for a shift in how economies define value and investment in the face of technological disruption and demographic changes.
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The HRMES framework could significantly alter how economies engage with their workforce, potentially increasing job creation and reducing economic inequality.
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