XI IN SHORT MAIN FEATURES OF ROBBINS DEFINATION: 1. Economics is a science of choice Economics tells us how a man makes use of his scarce means having alternative uses for the satisfaction of his unlimited ends on the basis…
Monthly Archives: January 2013
INTRODUCTION TO ECONOMICS – XII
Tagged with: economic problem, Robins defination, solution to economic problem
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – XI
PROBLEM AT VARIOUS LEVELS: I] The Crusoe economy : ( Robinson Crusoe was an isolated man living on an isolated island; or a yogi is in the Himalayas is an isolated individual) From what we have observed so far it…
Tagged with: economic problem, economic problem at different levels, Robinson Crusoe
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – X
CRITICISMS OF LIONEL ROBBIN’S DEFINATION: 1. It lacks human touch as it does not consider human welfare as an end in itself. It is a purely theoretical definition. 2. It has reduced economics to a theory of value & assigns…
Tagged with: criticisms, economic problem, means have alternative uses, Robins defination
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – IX
ECONOMIC PROBLEM: According to Prof Lionel Robbins, “economics is a science which studies human behaviour as a relationship between ends & scarce means having alternative uses.” This definition of economics is based on the following fundamental propositions: 1. Multiplicity of…
Tagged with: economic problem, means have alternative uses, Robins defination, scarce means, unlimited ends
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – VIII
FEATURES OF ECONOMIC LAWS Economic laws possess the following important features or characteristics. 1]. Economic laws are not exact Economic laws are less exact and less definite than laws of natural sciences like physics chemistry etc. as they deal with…
Tagged with: characteristics of economic laws, economic laws, features of economic laws
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – VII
TYPES OF LAWS-THEIR LIMITATIONS & VALIDITY: A law in context of any science is a statement of causal relationship between two sets of phenomenon or two sets of variables. According Dr Alfred Marshall “a law is a general proposition or…
INTRODUCTION TO ECONOMICS – VI
Economics is a social science. Now the question arises whether it is a positive science or a normative science. ECONOMICS-POSITIVE & NORMATIVE Economists make a distinction between positive and normative which has been well explained by David Hume in 1739,…
Tagged with: economics-normative science, economics-positive science, normative science, positive science
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – V
ECONOMICS-PURE & APPLIED SCIENCE: Some economists, instead of considering economics as a science & an art, prefer to classify it as pure & applied economics. The latter distinction i.e. pure & applied is better, more scientific, more dignified & conducive…
Libralisation – IV
Measures undertaken for liberalization 1] Delicensing policy The industrial licensing policy was removed/abolished for all industries except six strategic industries ie hazardous chemicals, cigarette, alcohol, defence products, drugs and pharmaceuticals and industrial explosives. As a result the other industries were…
Libralisation – III
Economic liberalisation in India Indian economic policy after independence was influenced by the colonial experience (which was seen by Indian leaders as exploitative in nature Policy tended towards protectionism, with a strong emphasis on import substitution, industrialization under state monitoring,…