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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 76 months ago in Economics & The Economy | +7 votes | 7 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 76 months ago in Economics & The Economy | +1 votes | 0 comments
Main Features of a Planned Economy If we have a look at the planned economies, say, Russian, Chinese or even Indian economy, we shall discover some characteristics. The formulation of the plan and its implementation call for a certain type of economic and administra­tive organization and a certain type of endeavor and set-up. It is only natural, therefore, that the planned economies reveal some common features.
Published by Gazu Lakhotia 76 months ago in Economics & The Economy | +0 votes | 0 comments
Physical planning vs. financial planning Planning by Inducement Planning by inducement implies planning by controlling the market system. It engages no force but merely influence. Planning by inducement in addition shuns inflated administration. In planning by inducement, the schemer either sponsors manufacture or organizes price if it is planned to augment the use of a product. The first steps on the supply face and the chain on the demand region. Cheaper charge is an inducement for th...
Published by Gazu Lakhotia 76 months ago in Economics & The Economy | +1 votes | 0 comments
Essentials of Economic Planning Meaning of planning There is a lack of harmony amongst economists and biased thinkers as to the meaning of planning. Planning, in brief, may well be describes as visualizing, commencing, standardizing and controlling monetary action by the State as per the set main concerns with a outlook to attaining well distinct aims within a set time
Published by Gazu Lakhotia 76 months ago in Economics & The Economy | +0 votes | 0 comments
Meaning and Forms of Planning No accurate and generally adequate explanation can be presented. One of the most popular definitions is the one given by Dickinson, the making of key economic pronouncements—how much and what is to be created, how, where and when it is to be manufactured, to whom it is to be distributed—by the cognizant resolution of a determinate power on the base of a complete examination of the financial structure as a whole.
Published by Gazu Lakhotia 76 months ago in Economics & The Economy | +1 votes | 1 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 76 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 76 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 76 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 76 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 76 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 76 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 76 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 76 months ago in Economics & The Economy | +1 votes | 0 comments
Key features of capitalism, There is any arguments against capitalism, but there are also many reasons to embrace it. 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 ...
Published by Gazu Lakhotia 76 months ago in Economics & The Economy | +1 votes | 0 comments
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