Economics
ECONOMICS
conimists- 16th and 17th centuries. hysiocrats (farmers) ercantalists (traders)
Father of Economics/ Father of the classical school of economic thought- Adam Smith (In 1776, he wrote 'An enquiry into the nature and causes of the Wealth of Nations')
According to Smith, self interest was an invisible hand which would work for the common benefit of the community.
The Great Depression of 1929 was a phase in which supply exceeded demand. John Maynard Keynes (a British economist) helped overcome the great depression. He created jobs by asking people to dig up trenches (and fill them up). This resulted in an increase in income - increase in demand- production and supply increase
Keynes also suggested 'Pump Priming' which meant investment in infrastructure. This , he said would rovide jobs e long term abour intensive elpful se capital of one's country. nobody else would be investing
In 1936, Keynes introduced his 'General Theory of employment interest and money'
NOBEL PRIZE : agnar Frisch (coined the term 'macro' and 'micro' economics) AND Jon Tinberger
970- Paul Samuelson
987- Amartya Sen
Chief Economic Advisor- Raghuram Rajan
Father of Micro Economics- Alfred Marshall
MICRO AND MACRO ECONOMICS
MICRO ECONOMICS MACRO ECONOMICS
Father Alfred Marshall John Maynard Keynes
Theory Price Theory Income Theory
Method Slicing Method (Worm's eye view) Lumping Method (Bird's eye view)
Deals with Demand and supply Production and Income
Definition Individual economic behaviour of a person/individual/ firm/industry Aggregate of economic behaviour of a nation
Deals with Partial Equilibrium General Equilibrium
Based on Several assumptions (ceteris parabus- all things remaining constant ) Not based on any assumptions
Syllabus from Notes (On demand): emand- definition eatures of demand haracteristics of demand aw of demand tatement of law chedule of the law emand curve ssumptions of the law xceptions of the law lasticity of
conimists- 16th and 17th centuries. hysiocrats (farmers) ercantalists (traders)
Father of Economics/ Father of the classical school of economic thought- Adam Smith (In 1776, he wrote 'An enquiry into the nature and causes of the Wealth of Nations')
According to Smith, self interest was an invisible hand which would work for the common benefit of the community.
The Great Depression of 1929 was a phase in which supply exceeded demand. John Maynard Keynes (a British economist) helped overcome the great depression. He created jobs by asking people to dig up trenches (and fill them up). This resulted in an increase in income - increase in demand- production and supply increase
Keynes also suggested 'Pump Priming' which meant investment in infrastructure. This , he said would rovide jobs e long term abour intensive elpful se capital of one's country. nobody else would be investing
In 1936, Keynes introduced his 'General Theory of employment interest and money'
NOBEL PRIZE : agnar Frisch (coined the term 'macro' and 'micro' economics) AND Jon Tinberger
970- Paul Samuelson
987- Amartya Sen
Chief Economic Advisor- Raghuram Rajan
Father of Micro Economics- Alfred Marshall
MICRO AND MACRO ECONOMICS
MICRO ECONOMICS MACRO ECONOMICS
Father Alfred Marshall John Maynard Keynes
Theory Price Theory Income Theory
Method Slicing Method (Worm's eye view) Lumping Method (Bird's eye view)
Deals with Demand and supply Production and Income
Definition Individual economic behaviour of a person/individual/ firm/industry Aggregate of economic behaviour of a nation
Deals with Partial Equilibrium General Equilibrium
Based on Several assumptions (ceteris parabus- all things remaining constant ) Not based on any assumptions
Syllabus from Notes (On demand): emand- definition eatures of demand haracteristics of demand aw of demand tatement of law chedule of the law emand curve ssumptions of the law xceptions of the law lasticity of