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Basic Concepts – Introduction
BASIC CONCEPTS Basic concepts need to be understood in order to avoid misunderstanding. Every science uses certain terms which are commonly used in ordinary language. When they are used in scientific discussion, they are assigned specific and scientific meaning. In…
MECHANISMS TO SOLVE ECONOMIC PROBLEMS – IV (1)
IV. Centrally directed economic systems 1 Introduction: Central direction as a mechanism to solve the economic problem was resorted to by the olden kings even in India. The political organisation was headed by the king i.e.a hereditary institution under the…
NEW ECONOMIC POLICY – I
INTRODUCTION. Since the adoption of IPR 1948 significant developments took place in India. It marked the dawn of a mixed economy in India. 26th November 1949 – The constitution of India adopted with its “directive principles” of state policy by…
INTRODUCTION TO ECONOMICS – II
SOME IMPORTANT DEFINITIONS OF ECONOMICS: Economics has been defined in different ways by different economists.Some of the differences may reflect evolving views of the subject or different views among economists. I] The classical definition- The philosopher Adam Smith, the father…