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Posted by Economics Concepts | Economic Systems | 0 |
Please Share the below Post 5/5 - (1 vote) Introduction and Characteristics or (Features): A command economic system is radically different from a market economy. A command economy is also called a centrally planned economy....
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Please Share the below Post Rate this post Introduction and Characteristics (Features): A market economic system or market economy is also referred to as a capitalist economy or private enterprise economic system. The reasons...
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Please Share the below Post Rate this post Introduction to Economic System and its Relationship with Scarcity: An economic system is the way a nation has organized its economic activities to solve the issue of scarcity and the...
Read MorePosted by Economics Concepts | Definition and Explanation of Economics | 0 |
Please Share the below Post 5/5 - (1 vote) (Illustrate the concept of scarcity by using a production possibility frontier) Production possibility theory is the first model we examine, which demonstrates the problems of scarcity,...
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Please Share the below Post Rate this post Definition and Example: Opportunity cost is the sacrifice, or forgone alternatives, in choosing to satisfy one need or want rather than another. Every time a decision is made about...
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Please Share the below Post Rate this post Definition of Needs and Wants: Our needs are the things that are necessary for survival, for example, food, shelter and clothing. The goods and services that supply them are basic and...
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Please Share the below Post 2/5 - (1 vote) Definition: Every economy is endowed with what we call resources, which are inputs used in the production of goods and services for consumption to satisfy our needs and wants. The issue...
Read MorePosted by Economics Concepts | Indifference Curve Analysis of Consumer Equilibrium | 0 |
Please Share the below Post Rate this post Definition: Prof. R.G.D. Alien and J.R. Hicks introduced the concept of MRS (marginal rate of substitution) in the theory of demand. The similar concept is used in the explanation of...
Read MorePosted by Economics Concepts | History of Money | 0 |
Please Share the below Post Rate this post Definition and Types of Near Money: The main objective of money is to arrange transaction between different people and business organizations. The money and incomes are closely related....
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Please Share the below Post 5/5 - (1 vote) The money as medium of exchange played an important role by having put to an end the demerits of barter system. But if we observe the present day problems we find that money also played...
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Please Share the below Post Rate this post The commodity which is to serve as money should have following properties or qualities: (1) General Acceptability: The most important property of money is this that it should be...
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Please Share the below Post Rate this post We know about barter system and its demerits. The barter system had such a problems that they could be removed only by inventing money. Therefore, the importance of money can be judged...
Read MorePosted by Economics Concepts | History of Money | 0 |
Please Share the below Post Rate this post Money performs the following functions: (1) Money as a Medium of Exchange: Barter system was furnished with the situation of non-existence of double coincidence of wants. The trade...
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Please Share the below Post Rate this post Representative money or modern money is also known as Plastic Money or Electronic Money. These days, the following types of money are in use or operation: (1) Full Bodied Money:...
Read MorePosted by Economics Concepts | History of Money | 0 |
Please Share the below Post Rate this post The monetarists which are known as modern friends of classical economists have much more similarity regarding different issues. However, they also differ in certain fields. In...
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Please Share the below Post Rate this post According to Keynesian Economists money has an other role to play which is as a store of value. They said that due to this role of money a link is established between present and...
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Please Share the below Post Rate this post According to classical economists, money is just a medium of exchange and it can not influence the income and employment of a country. In other words, the money supply which is in...
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Please Share the below Post 5/5 - (1 vote) According to definitions: “Money is a commodity which is generally acceptable as a medium of exchange and at the same time it acts as a measure and a store of value”. This...
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Please Share the below Post Rate this post With the passage of time the barter system lost its efficacy. Hence it was thought for some commodity which could be used to represent the values of goods and services. Moreover such...
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Please Share the below Post Rate this post Definition of Barter System: The economic system which functions without the use of money is given the name of barter system. In other words the economy which lacks any monetary media...
Read MorePosted by Economics Concepts | Agriculture and Economic Development | 0 |
Please Share the below Post Rate this post We know that higher the size of farms lower will be the productivity of land while the reverse is true in the case of small farms. But in this analysis land was the variable factor. It...
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Please Share the below Post Rate this post Concept and Definition: Here we discuss relationship between size of lands and the productivity of lands as to whether the small farms are more productive as compared with large farms....
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Please Share the below Post Rate this post Normally it is said that as the size of the farm increases, the per acre yield of the farm decreases. It means that the small farms are more efficient than the large farms. In this...
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Please Share the below Post Rate this post Problems of GR: Apparently this scheme of GR looks very attractive that it will lead to bring a revolution in agri. But Prof. Hala Mynit has presented a lot of problems regarding GR....
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Please Share the below Post Rate this post Here we assume that GR is technological and biological. Whether GR is labor using or labor displacing depends on the net effect of the forces released by two different kinds of...
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Please Share the below Post Rate this post (1) Population Growth: During fifties and early sixties due to population growth the real per capita income and per capita food availability has reduced. When the food production hardly...
Read MorePosted by Economics Concepts | Agriculture and Economic Development | 0 |
Please Share the below Post 1/5 - (1 vote) (1) Due to Green Revolution (GR) miracle seeds known as HYV (High yielding variety) have been adopted by the farmers in some LDCs at a high rates. As in Pakistan about 73% of wheat was...
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Please Share the below Post Rate this post Concept and Definition of Green Revolution (GR): When better and superior seeds are used; the fertilizers, pesticides, herbicides and sprays are used; and the farm machinery like...
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Please Share the below Post Rate this post The land reforms in a country can play an effective role in its development if there exist certain circumstances and conditions in a country. The land reforms are unable to remove the...
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Please Share the below Post Rate this post (i) Promotion of Equality in Rural Population: Because of land reforms the economic power of the land lords in the rural areas comes down. But this depends upon how effective the land...
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Please Share the below Post Rate this post (i) Requisition of Land: In so many countries under land reforms the lands are taken over by the govt. But this method was adopted under socialist countries. But in case of Mixed...
Read MorePosted by Economics Concepts | Agriculture and Economic Development | 0 |
Please Share the below Post Rate this post Meaning and Definition: The land reforms or agrarian reforms means all those measures which are aimed at removing those obstacles which are responsible for keeping the agriculture...
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Please Share the below Post Rate this post The world history reveals that the agri. sector contributed towards capital formation, hence it became helpful for economic development. Now we establish a link between agri. sector and...
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Please Share the below Post Rate this post In this connection we shall study (1) Nurksey Model, (2) Dual Economy Models like Sociological Dualism, Technical Dualism, Lewis Model and Fei-Ranis Model. (1) Nurksey’s Model:...
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Please Share the below Post Rate this post In this connection we study (1) Classical Model, (2) Growth Stage Theories, and (3) Kuznets views. (1) Agriculture in Classical Growth Model: In the late 18th and early 19th century,...
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Please Share the below Post Rate this post Economic development is a process whereby the real national income of a country increases over a long period of time. If the increase in real national income is greater than the...
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Please Share the below Post Rate this post In agriculture specialization, farmers produce one crop instead of so many crops. In other words, the farmers, adopt specialized farming. By doing so they avail all those benefits which...
Read MorePosted by Economics Concepts | Agriculture and Economic Development | 0 |
Please Share the below Post Rate this post We know about the agrarian structures of Asia, Latin America and Africa. This give us an information that in these areas of the world the major share of agriculture consists of...
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Please Share the below Post Rate this post We know about the stages of agri. development. Most of the developing countries of Asia, Africa and Latin America are passing through stage I to stage II. They have to face a lot of...
Read MorePosted by Economics Concepts | Agriculture and Economic Development | 0 |
Please Share the below Post Rate this post Economics of Agricultural Development: Transformation from Peasant Subsistence Farming to Specialized Farming: In respect of agri. production and agri. development the economists...
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Please Share the below Post Rate this post We should know that agri. sector can play an important role in the economic development of any country. In other words, if agri. sector is promoted it will lead to promote the overall...
Read MorePosted by Economics Concepts | Agriculture and Economic Development | 0 |
Please Share the below Post Rate this post Role of Agriculture Sector in Economic Development of a Developing Country: The development of any poor and backward economy can be brought by promoting its agri. sector. It is evident...
Read MorePosted by Economics Concepts | Theories of Economic Growth | 0 |
Please Share the below Post Rate this post We know that Hicks, J.E. Meade, Mrs. Joan Robinson, Salow and Prof. Swan are Neo-Classical economists. They have presented their growth models individually as Meade model (1961), Solow...
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Please Share the below Post Rate this post Mrs. Joans Robinson Model of Economic Growth: Mrs. Robinson includes the issue of population growth in her model. She shows the effects of Population on the rate of Capital Accumulation...
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Please Share the below Post Rate this post Kaldor presented his first model of economic growth in 1957 and second model in 1962. But here we will present that model which he presented in 1962 along with collaboration of...
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Please Share the below Post Rate this post A.H. Hansen is also known as American Keynes. He has analyzed trade cycles, as well as he has suggested the measures regarding sustained economic growth. The basic notion behind...
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Please Share the below Post Rate this post The Schumpeter model of economic growth moves round the inventions and innovations. This model was explained by the following factors: (1) Process of Production, (2) Dynamic Analysis of...
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Please Share the below Post Rate this post J.E. Meade’s Model of Economic Growth: The model of economic growth which has been constructed by J.E. Meade describes those conditions which will be helpful for a sustainable...
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Please Share the below Post Rate this post The traces of Karl Marxian model of economic growth are available in his famous book “Das-Capital”. He rejects the salient features of classical model of economic growth....
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Please Share the below Post Rate this post Adam Smith and Ricardo both were the classical economists. They had much more similarities in their models of growth. But now a days, there is a customary to present a full fledge...
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Please Share the below Post Rate this post Definition and Explanation: The Ricardo’s model of economic growth encompasses the factors like production function, natural and human resources, capital accumulation and pattern...
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Please Share the below Post Rate this post Definition and Explanation: Adam Smith’s model of economic growth is more or less available in the different parts of Smith’s well reputed book “Wealth of...
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Please Share the below Post Rate this post Prof. Romer, in his Endogenous Growth Theory Model, includes the technical spillovers which are attached with industrialization. Therefore, this model not only represents endogenous...
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Please Share the below Post Rate this post Traditional or Old Growth Theory: According to traditional or old growth theory output growth results from one or more of three factors: (i) Increase in the quality and quantity of...
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Please Share the below Post Rate this post Approach to Privatization and Free Market: During I980’s when conservative govts. were in power in US, UK, Canada and Western Germany the neo-classical counter revolution theory...
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Please Share the below Post Rate this post The unlimited supplies of labor models as presented by Lewis and Ranis-Fei failed to pay attention over migration. They stressed upon saving, investment, growth rate and productive...
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Please Share the below Post Rate this post The two economists John Fei and Gustav Ranis presented their dual economy model. There was a flaw in Lewis model that it did not pay enough attention to the importance of agri. sector...
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Please Share the below Post Rate this post The Nobel Laureate, W. Arthur Lewis in the mid 1950s presented his model of unlimited supply of labor or of surplus labor economy. By surplus labor it means that part of manpower which...
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Please Share the below Post Rate this post Definition: Rural-Urban Migration Model is the model of dual economy which states that: “Economies have a backward agricultural sector and have an advanced industrial sector. The...
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Please Share the below Post Rate this post There are different theories which are of the view that the perty and underdevelopment of poor countries is attributed to their dualistic character. There are following three types of...
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Please Share the below Post 5/5 - (1 vote) Definition and Explanation: It is the international-structuralist model which highlighted the concept of dual societies. This means that there exist rich nations and poor nations at...
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Please Share the below Post Rate this post Definition and Explanation: There is an other approach regarding the study of international underdevelopment which came into being as a result of dissatisfaction against the...
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Please Share the below Post Rate this post (Social, Political, and Economic Stage Theory): Irma Adelman and Morris presented their theory of stages of economic growth in their book “Society, Politics and Economic...
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Please Share the below Post Rate this post Definition of COR: Any economy which wishes to grow it is in need of new investment, i.e., the net additions to capital stock. If for the output worth $1, the stock of capital worth $3...
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Please Share the below Post Rate this post Linear Stages Theory: The theorists of 1950s and early 1960s viewed the process of development as a series of successive stages of economic growth through which all the advanced nations...
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Please Share the below Post Rate this post Definition and Explanation: The Big Push Theory has been presented by Rosenstein Rodan. The idea behind this theory is this that a big push or a big and comprehensive investment package...
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Please Share the below Post Rate this post Definition and Explanation: Harvey Leibenstein is of the view that UDCs are characterized by vicious circle of poverty (VCP) which keeps them around a low income per capita equilibrium...
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Please Share the below Post Rate this post Definition and Explanation: Nelson has presented the theory of low level equilibrium trap for the UDCs. This theory is based upon ‘Malthus’ view that when per capita income...
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Please Share the below Post Rate this post (Nurkse’s Model of Economic Development): Definition and Explanation: According to Prof. Nurkse: “It is the vicious circle of poverty (VCP) which is responsible for...
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Please Share the below Post Rate this post Some economists are of the view that human welfare is the product of life expectancy and per capita real output. Accordingly, we should take into account not just the annual level of...
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Please Share the below Post Rate this post Governance is a three dimensional situation which is consisted of economic, political and civic governance. The economic governance is based upon all those factors which help to sustain...
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Please Share the below Post Rate this post Measurement of Economic Development with Good Governance and Humane Governance Index (HGI): Definition and Explanation: The economists have presented an approach to measure economic...
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Please Share the below Post Rate this post Measurement of Economic Development with Human Development Index (HDI): Definition and Explanation: The latest and most ambitious effort to analyze the comparative situation of...
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Please Share the below Post Rate this post The growth of income (GNP) method identifies that path which leads to increase the real incomes of the poor people. As a result, they will become more productive, the value of their...
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Please Share the below Post Rate this post Definition and Explanation: Morris D. Morris developed “Physical Quality of Life Index (PQLI)”. He included three indicators like life expectancy, infant mortality rate and...
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Please Share the below Post Rate this post (1) Economic Development with Socio-Economic Indicators Approach: To measure economic development with this approach a study was launched by United Nations Research Institute on Social...
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Please Share the below Post Rate this post Methods for Measuring Economic Development: There are following methods for measuring the economic development by traditional approach: (1) Increase in real GNP, (2) Increase in real...
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Please Share the below Post Rate this post According to Prof. Winston: “Economic Development shows the excess of consumption and production of a country as compared with increase in population. This increase in population...
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Please Share the below Post Rate this post Simply by, “Economic Development” we mean the continuous increase in real income of a country over a long period of time. Moreover, it is also furnished with technical and...
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Please Share the below Post Rate this post GINI-Concentration Ratio – Definition: An American statistician Conard Lorenz (1905) used a diagram to show the relationship between the population groups and their respective...
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Please Share the below Post Rate this post It is commonly said that the concept of economic development goes back to the emergence of “Industrial Revolution” in Europe in 18th century. Because due to such industrial...
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Please Share the below Post Rate this post Here we shall discuss those factors and problems or obstacles in the way of economic growth. They are as: (1) Vicious Circle of Poverty (VCP): Definition and Explanation: According to...
Read MorePosted by Economics Concepts | Features of Developing Countries | 0 |
Please Share the below Post Rate this post Following common characteristics of developing or third world countries are given below: (A) Low Level and Inadequate Living Standards: The developing countries are characterized with...
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Please Share the below Post Rate this post The structure of third world or developing countries will be evaluated by considering the (1) size of the county, (2) historical back-ground of the country, (3) resource endowments of...
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Please Share the below Post Rate this post Underdeveloped or Less Developed or Third World Countries: It was the Industrial Revolution which bifurcated the World into two distinctive parts. The Rich Countries and the Poor...
Read MorePosted by Economics Concepts | Introduction to Development Economics | 0 |
Please Share the below Post Rate this post It is commonly said that the economic development started after the year 1800. In this respect Angus Maddison who was an economic historical analyzed the world economy from the Year...
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Please Share the below Post Rate this post In the World’s Development Report, it was said that more than three-fourth of world’s population lives in poor and less developed countries but they get just 16% of...
Read MorePosted by Economics Concepts | Introduction to Development Economics | 0 |
Please Share the below Post Rate this post Development Economics is neither traditional neo-classical economics, nor it is political economy, it is just a body of economic principles and generalizations which can be employed to...
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Please Share the below Post Rate this post Reasons for Studying Development Economics: Here we shall concentrate upon what is the scope and reasons behind studying the development economics and what is to be studied in...
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Please Share the below Post Rate this post Relationship between Traditional Economics, Political Economy and Development Economics: The Traditional Economics deals basically with the efficient, least cost allocation of scarce...
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Please Share the below Post Rate this post The study of development economics is one of the newest, most dashing and most attractive branches of the broader disciplines of economics and political economy. It was the world...
Read MorePosted by Economics Concepts | Commercial Policy | 0 |
Please Share the below Post Rate this post In order to shelter home industries, foreign or international trade has following barriers: (i) Import and export prohibition. The government of a country by law may totally ban the...
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Please Share the below Post Rate this post Meaning and Definition: “A policy of encouraging domestic industries by the imposition of tariffs on foreign products and payment of bounties to home industries is known as...
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Please Share the below Post Rate this post Definition: “A policy of unrestricted international exchange of goods is known as the theory of free trade”. Explanation with Examples: Adam Smith like the Physiocratics of...
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Please Share the below Post Rate this post The main instruments or toots which are now a days used for achieving the objectives of a commercial policy or trade policy, are as follows: (1) Tariffs or Custom Duties (2) Bounties on...
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Please Share the below Post Rate this post The main objectives of the modern commercial policy or trade policy, are given below: First, to increase the quantity of trade with foreign nations. Second, to preserve, the essential...
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Please Share the below Post Rate this post Definition: In the words of Haberler: “By commercial policy or trade policy is meant all measures regulating the external economic relations of a country, that is measures taken...
Read MorePosted by Economics Concepts | Balance of Payments | 0 |
Please Share the below Post Rate this post We have stated earlier that a country must obtain equilibrium in her balance of payments with other countries in the long run. When the balance of payments are favorable, it can be...
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Please Share the below Post Rate this post Definition: “The equilibrium of balance of international payment is a statement that takes into account the debits and credits of a country on international account during a...
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Please Share the below Post Rate this post The total balance of international payments is customarily divided into three sections: (1) The balance of international payments on current account. (2) The balance of international...
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