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Some economists say Ireland is experiencing a 'Brain Drain' due to emigration - Leaving Cert Economics - Question 8 - 2015
Question 8
Some economists say Ireland is experiencing a 'Brain Drain' due to emigration. Explain the underlined term and state one other economic problem that Ireland may expe... show full transcript
Worked Solution & Example Answer:Some economists say Ireland is experiencing a 'Brain Drain' due to emigration - Leaving Cert Economics - Question 8 - 2015
Step 1
Explanation:
Answer
The term 'Brain Drain' refers to the emigration of highly educated and skilled individuals from one country to another, particularly in search of better job opportunities, higher salaries, or improved living conditions. In the context of Ireland, this phenomenon involves the migration of many of its most talented workforce, including professionals such as engineers, doctors, and IT specialists, to wealthier countries. This outflow can lead to a significant loss of human capital, adversely affecting the country's economic growth and development.
Step 2
One other economic problem:
Answer
Emigration can lead to a higher dependency ratio, which occurs when a smaller working-age population must support a larger non-working population. This situation may increase taxation burden on the remaining workforce, making it more challenging for the government to fund essential services. Additionally, there is a loss of investment in the education and training of these citizens, as well as smaller domestic markets, which can reduce opportunities for investment in local businesses and entrepreneurship.