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Hicks' Revised Theory of Demand Hicks's first theory of demand was presented in his book Value and Capital. He revised his theory and published his book. A Revision of Demand Theory in 1956. Samuelson's revealed preference (R.P.) theory, the growing importance of econometrics and other allied developments led to this revision. In his revision of the demand theory. Hicks emphasized the econometric approach to the theory of demand.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +2 votes | 0 comments
Demand Theorem with Revealed Preference Hypothesis It may be noted that there is strong ordering so far as indifference curves themselves are concerned, because each indifference curve represents different level of satisfaction. As between indifference curves, one can at once say which one would prefer the most. But there is a weak ordering so far as the combinations of goods on the same indifference curve are concerned because they represent the same level of satisfaction. Since they ar...
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +1 votes | 0 comments
Demerits of the Revealed Preference Theory Whereas the R.P. theory has several merits as compared with the earlier theories, it is not free from defects: (1) It is based on strong ordering and as such does not admit of indifference. But since observed choice implies a number of possible alternatives, indifference cannot be ruled out altogether. The consumer is sometimes confronted with alternatives which are equally desirable and he is hesitant to choose between them.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Consumer's Equilibrium with Revealed Preference Theory Critical Evaluation Merits In the previous article we have already pointed out some merits of the revealed preference (RP) theory. It is an improvement on the Marshallian utility analysis and Hicks-Allen indifference curve technique in the following ways:— (1) Behavioristic. In the first place, it is behaviouristic and draws the demand theorem from the actually observed behavior of a consumer. On the other ...
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Revealed Preference theory of Demand This theory is associated with the name of Prof. Samuelson. It is also called the behaviorist ordinal-utility theory. Instead of the unrealistic assumption that the consumers operate with a complete and consistent scale of preferences set out in the form of indifference curves most economists now prefer to analyze situations in which their hypothesis can be tested.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +1 votes | 0 comments
Monetary Policy is the government’s process of controlling the supply of money in the country. This process is typically administered by the country’s monetary policy makers like the Treasury in Britain and the Federal Reserve in America. Alongside fiscal policy, monetary policy is one of the two most powerful tools at the government’s disposal in achieving set economic goals like inflation and GDP growth. These goals are often set by the government and it is up to the monet...
Published by Terrence Tan 74 months ago in Economics & The Economy | +0 votes | 1 comments
The Law of Supply and Demand generally affects the rising prices of certain commodities in the market. The increase in price is related to inflation and the economy as a whole. Price increase plays an impact to companies and even individuals. Prices should be controlled at a certain level through a balance in supply and demand known as equilibrium.
Published by Jeanette Dolotina 74 months ago in Economics & The Economy | +0 votes | 1 comments
This article distinguishes between the income elasticity of demand and the cross elasticity of demand. Income elasticity of demand is calculated by dividing the % Change in Quantity Demanded by the % Change in Income, while cross elasticity of demand is found by dividing the % Change in Quantity Demanded of Good A by the % Change in Price of Good B.
Published by Braden Galea 74 months ago in Economics & The Economy | +4 votes | 2 comments
Published by Niitesh Mundra 235 months ago in Economics & The Economy | +0 votes | 0 comments
Capital-output Ratio Criterion for investment in development planning An investment criterion that has often been advocated by various econo­mists is that of capital output ratio. That is, in choosing among investment projects and in determining priorities, capital-output ratios of different invest­ment projects be compared. Those investment projects (for their technical forms) should be selected that minimize the capital-output ratio. If capital-output ratio of investment A (3:1) is le...
Published by Niitesh Mundra 75 months ago in Economics & The Economy | +0 votes | 0 comments
Arguments against Foreign Aid For an under-developed country, desirous of treading the road to development, foreign aid is essential, nay indispensable. But when one is opposed to it, it is on the ground of improduce. Foreign aid such countries must irk and accept but they must remain within limits of prudence. Prudence is required to be exercised on the quantum of foreign aid, the terms on which it is taken and the period for which it is taken or is continued. Foreign aid may be opposed if t...
Published by Gazu Lakhotia 75 months ago in Economics & The Economy | +0 votes | 0 comments
Foreign aids assists in the path of economic development in the following ways (1) Filling the Foreign Exchange Gap. The under-developed countries, awakening to the urgent need of rapid economic development, urgently require to import from the already developed countries, machinery and other capital equipment, technical know-how and some essential raw materials to support a programme of large-scale industrialization. Even for agricultural development they may have to import fertiliz...
Published by Gazu Lakhotia 75 months ago in Economics & The Economy | +0 votes | 0 comments
Need For foreign Aid in economic development Few developing countries have been able to carry on their development programmes without foreign aid. The reason is obvious. They have entered the race for economic development late and they are impatient to catch up with the advanced countries at the earliest. But the domestic resources are meager in relation to their requirements or their ambitions. There is no doubt that they do make an effort to mobilize their own resources in the form of addit...
Published by Gazu Lakhotia 75 months ago in Economics & The Economy | +0 votes | 0 comments
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