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Theoretical Importance the Keynesian Revolution 1. Macro Approach. Keynes must be given the credit for starting the macro approach to the study of Economics. Before him Economics was studied and taught only from the micro approach, i.e., from the point of view of individual study, e.g., price of an individual commodity, equilibrium of an individual firm and industry, how an individual consumer gets maximum satisfaction, etc.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +1 votes | 0 comments
Relevance of Keynesian Theory to underdeveloped Economies We know that the basic cause of under-employment and unemployment in under-developed countries like India is to be found in the dearth of capital equipment which in turn is due to a low rate of investment and saving. As against this, unemployment due to a deficiency of effective demand is the main concern of Keynesian economics.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Evaluation of the Keynesian theory of employment It is not to be supposed that the Keynesian theory represents the last word in economic thinking. Keynes is not without his critics
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Keynesian vs. Classical Theories Keynesian theory undoubtedly marks a clear departure from the classical theory. The main differences between Keynesian and classical economists are as under:— 1. Underemployment Equilibrium. The most important difference is this: the classical economists said, according to Say's Law, that the economy was in a state of stable equilibrium at full employment and that it may for a short time depart from full employment but the equilibrium will be restored thr...
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Disguised Unemployment Most of the unemployment in under-developed countries is of a different nature from that in advanced and developed countries. A major part of the unemployment in developed countries is of cyclical nature which is due to deficiency of aggregate effective demand. But most of the unemployment in under-developed countries is not cyclical. Instead, it is a long-term problem.
Published by Niitesh Mundra 74 months ago in Economics & The Economy | +6 votes | 1 comments
Reasons for under employment The number of wage employment seekers depends upon the following: the size of the population of working age, the number who, having sufficient unearned incomes, choose to remain idle; the number who, being in command of the requisite means of production, are self-employed; and the prevailing wage-rate and other incentives provided. Normally, apart from the size of the population of working age, these factors are likely to be more or less stable over short periods...
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +3 votes | 0 comments
What is full employment To maintain the level of full employment is one of the chief objectives of the present-day economics. But what does full employment precisely mean? Employment would be full literally when every able-bodied adult worked the number of hours considered normal for a fully employed person at the current return to labor.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +2 votes | 0 comments
The role of Fiscal Policy in determining income and employment With increased State expenditure in all modern States, the importance of fiscal policy in controlling trade cycle has assumed great significance. Monetary management did not prove to be efficacious during depression, for it was realized that unless the prospects of business are improved, reduction in interest rates won't serve as a stimulant to economic activity.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Cyclical Unemployment (Keynesian Employment) Keynesian unemployment crops up because of business turbulence. It is also termed as cyclical unemployment. It is so called for the reason that business recessions happen at more or less standard gaps. As a result of business depression, industrial trade is at low flow and idleness enlarges.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +1 votes | 0 comments
The different types of unemployment Unemployment is a great bane of modern communities. We can distinguish the following main types of unemployment:— (a) Seasonal unemployment; (b) Frictional unemployment; (c) Cyclical or Keynesian unemployment; (d) Structural, Marxian or Long-term unemployment; and (e) Disguised unemployment.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +1 votes | 0 comments
Saving money is always a good personal financial direction to follow. Choose one or all of these proven economical places in your own community to save big.
Published by Roberta Baxter 74 months ago in Economics & The Economy | +18 votes | 9 comments
Criticism of the Ricardian Theory of rent The Ricardian theory of rent has been widely criticized as under:— (i) It has been pointed out that there are no "original and indestructible powers of the soil." Good lands, after being constantly cultivated, lose their fertility to a large extent and get exhausted. To this may be replied that if after exhaustion, good lands are manured equally with the bad, the former regain their productive power much more readily than the latter. It is also...
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Main Drawbacks of Ricardian Theory In the Ricardian theory, two facts stand out prominently: (a) That rent arises because some lands are better and others substandard; and (b) That rent is measured from the non-rent margin.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
The importance of the conception of rent The essence of the conception of rent is that it is a surplus earned by a particular factor of production over and above the minimum necessary payment to induce its retention in a particular service. This concept is closely connected with the free gifts of nature which in Economics have been simply referred to as 'land'. The term 'rent', which in ordinary speech means the hire of land, was used by economists as a term for the surplus earning which only...
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
Rent element in other factors of production The rent element is not peculiar to land. It can be traced in other factors of production, too, viz., labor, capital and enterprise. We can, therefore, trace the rent element in wages, interest and in profits.
Published by Gazu Lakhotia 74 months ago in Economics & The Economy | +0 votes | 0 comments
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