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Get true answers from experts in Economics & The Economy.
Special Case for Planning in Underdeveloped Countries Economic planning has a specially strong case for the under-developed economies. In their case it is not merely necessary to maintain the country's economy in sound health and to ensure a rational and optimum use of the community's resources but also to speed up economic development.
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +0 votes | 0 comments
Objectives of planning Planning has been considered a panacea for all economic ills. It is, therefore, advocated for the achievement of a variety of objectives. It may be adopted for increasing national income or raising living standards or to fill up gaps in economic structure or to achieve self-sufficiency in food and raw materials or for bringing about rapid and adequate industrialization or to correct serious imbalances or lopsidedness in economic development or to reduce inequalities ...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +0 votes | 0 comments
What is economic Planning? The economically advanced countries may not feel enamored of the idea of planning but for the underdeveloped economies it is a stark necessity as economic development is now regarded as imperative. As Galbraith says, "There is much that market can usefully encourage and accomplish. But the market cannot reach forward and take great strides when these are called for. As it cannot put a man into space, so it cannot bring quickly into existence a steel industry wh...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
How does inflation affect purchasing power? As inflation rate increases, purchasing power decreases. The value of money reduces with inflation. However, even if the government has already confirmed the inflation rate for the year, the purchasing power of an individual will definitely depend upon his personal inflation rate. His purchasing power is entirely dependent on his lifestyle and spending habits.
Published by Jeanette Dolotina 68 months ago in Economics & The Economy | +7 votes | 7 comments
Critical evaluation of Mixed economy We may notice two opposite views on the working of mixed economy: one represented by the business community or 'big business' properly speaking and the other by the political leaders in the Government. These views are usually given expression to in the annual conferences of the Chambers of Commerce which are addressed usually by the Prime Minister and other high government spokesmen. There is usually a wordy warfare between the two.
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
Main Features of Mixed Economy Having understood the meaning of mixed economy, we are now in a position to bring out the main features or characteristics of such an economy. It will also be clear from these characteristics how a mixed economy functions. The following are the main characteristics of a mixed economy: (i) Co-existence of the Public and Private Sectors. The chief characteristic of a mixed economy is that in this economy both public as well as the private sector work mutually. ...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
What is Mixed economy? Mixed economy means that it is managed mutually by private enterprise and public enterprise. That is, private enterprise is not allowed to work liberally through price-mechanism. On the other hand, the government intervenes to control and regulate private enterprise in more than a few ways. It has been realized that a free functioning of private enterprise results in several types of evils.
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +0 votes | 0 comments
Merits and demerits of Mixed Economy Till recently, the world knew only two main economic systems, viz., capitalism and socialism. But, in recent years, a new system lying midway between the two has been taking shape. It is called 'Mixed Economy' or the "Middle-of-the-Road" economic system. It is neither wholly capitalistic nor wholly socialistic; on the other hand, it is a mixture of 'he two. Under it, the economy has both the public and the private sectors existing and functioning side...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +0 votes | 0 comments
Why Mixed Economy in India? Mixed economic is not just clean capitalism nor pure socialism but a combination of the two. In this system, we find the character of both capitalism as well as socialism. After the dawn of Independence, the Government of India could not as­sume a direct responsibility for pulling its economy from the rut of long-drawn stagnation. The vicious circle of low productivity, low incomes and low savings could not be broken by the private sector alone. The overwhelming...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +0 votes | 0 comments
Important economic features of socialism Case for Socialism for Under-developed Countries An Under-developed country like India is characterized, among other things, by inefficiency in production in both agriculture and industry, the absence of social overheads like power, transport, technical skills, economic stagnation, and serious inequalities of income, wealth and economic power, and low rate of capital formation. Capitalism is obviously incapable of lining such an economy fr...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +0 votes | 0 comments
Salient Features of Socialism While different forms of socialism may differ from each other in some details, there are certain essential features which are common to them all. These are discussed briefly below: — 1. Social Ownership of Means of Production. This is the most fundamental feature of socialism. Under socialism, farms, factories, mines, railways, banks, are owned by the society rather than by private individuals or companies. There is thus no private property in respect of t...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
Criticism of capitalism But capitalism is now being assailed from all directions: 1. Wastes of Competition. Competition, which is the cardinal feature of a capitalist economy, is a sheer waste. Massive expenses are sustained on commercial ads and salesmanship merely to crush a opponent. Capital in use by those who are overpowered in the competition go to waste. Cut-throat competition does not confer any corresponding social benefit.
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
Key features of capitalism A study of capitalism reveals the following outstanding features: — 1. Private Property and Inheritance. The most important feature of capitalism is the existence of private property and the system of inheritance. 2. Private Ownership and Management of Means of Production. Allied with this feature is another, viz., that instruments of production are owned by private individuals and they are managed by the owners exclusively for their own benefit....
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
Meaning of Capitalism By capitalism we mean that economic system under which all farms, factories and other means of manufacture are the possessions of personal firms and individuals. They are open to utilize them with a outlook to building profit or not to utilize them if it works well with them. Instruments of production, in other words, are owned and managed by their owners exclusively in their own interest. The yearning for revenue is the only reflection with the goods owners when they de...
Published by Gazu Lakhotia 68 months ago in Economics & The Economy | +1 votes | 0 comments
David Cameron and the coalition will not stop these incredible huge bonuses for bankers and financiers after many times promising. Labour leader Ed Miliband finally puts the full pressure on the government. The taxpayer was demanding to stop it ever since David Cameron came to power. Ed Miliband is now demanding a Judicial Inquiry which will make the whole situation transparent. He then can act on the information.
Published by Maria Hardy 68 months ago in Economics & The Economy | +0 votes | 2 comments
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