Among many economists that introduced important theories, John Maynard Keynes proposed many theories that contradicted previously accepted economic concepts. One of his theories that allowed different economies to understand unemployment better was the theory of income and employment. What is the Keynesian Theory of Income and Employment? This theory, also known as the Effective Demand Theory …
Throughout the history of economics, there have been numerous economists that introduced new theories and laws. While some of them were accepted and contributed to the modern economic system, others simply perished with time. Keyne’s psychological law of consumption is one that is still being used today. What is Keynes’s Psychological Law of Consumption? This …
It was not that long ago that differences between different nations because of their cultures and ideologies caused wars on a global level. Thankfully, the era of breaking out war just because of the mentioned differences is long gone, and humans are able to enjoy prosperity and advancement on a global level. In large part, …
If one wants to educate themselves, nothing tops good learning from a book. However, there are times when one wishes to learn in a dynamic way, and some people are just unable to study for long, especially for subjects like economics. For them, watching documentaries and movies is the best option, as it not only …
In the past, survival was the only aspect that humans were concentrated on, each step taken in the past was to ensure the survival of oneself and the descendants. This changed following the industrial revolution, as tools and machines were invented to carry out daunting tasks for us, our focus shifted from survival to quality …
The economic system works on a delicate balance of numerous aspects that must function optimally for a strong economy; however, time after time, it has been observed that decisions by leaders of a country imbalance the economy causing inflation and can even collapse of the economy. The Indian economy was also close to collapse in …
In the world of fast-growing economies, along with advancements in technology, it is easy to forget that developed nations were once heavily reliant on agriculture for economic growth. While other nations have dropped investing in agriculture significantly, India is still among the top nations to put a strong emphasis on its agriculture sector. Agriculture Sector …
Role of Agriculture Sector in Developing Indian Economy Read More »
If you were to ask someone what to do with a large amount of money a century ago, people would have quickly suggested investing it in the land. Although the idea has shifted from investing in land to investing in the market, the idea remains the same. Therefore, it does not come as a surprise …
There are various factors that contribute to the growth of an economy. From an individual’s purchasing decision to a firm’s production rate, each aspect determines how an economic system functions, and this has been the case for centuries. Although the economic systems have existed for a very long time, the world only started to see …
Role of Industry and Services in Developing Indian Economy Read More »
Competition in the market is a natural consequence when two or more businesses operate in a particular segment. Each business implements strategies, such as reducing prices of their products or giving additional products on each purchase to allure more customers, which helps a company expand. While profits gained by a single enterprise are great for …