Equilibrium the Short-Run

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Equilibrium the Short-Run Short-run has been defined as a period of time sufficient to allow the firm to adjust its output by increasing or decreasing the amount of variable factors uf production, but during which fixed factors of production cannot be altered. Thus, in the short-run; the size and kind of plant can nul be changed, nor can new firms enter […]

Main Features of Mixed Economy

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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) Cu-cxix tenure of the Public and Private […]

MIXED ECONOMY

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MIXED ECONOMY  We have discussed in the preceding chapters the two economic system. capitalism and socialism. But there is also a third one,  the mixed economy. It is neither pure capitalism nor pure socialism but a mixture of the two. In the system we find the characteristics both of capitalism and socialism. As Samuelson observes, “Within the advanced […]

Criticism Answered

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Criticism Answered This looks a formidable array of arguments against socialism, but it is not so formidable as it may seem. The strength of socialism lies in the proved evils of capitalism. The world is periodically plunged into depression causing much dislocation. unemployment  and suffering. Capitalism has not been able to ensure ensure stable economic conditions, National resources have been exploited […]

DEMERITS OF SOCIALISM

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DEMERITS OF SOCIALISM The critics of socialism claim to have picked numerous holes in the socialist fabric. Apart from some silly objections, which have been exploded since long-e.g., socialism would ban religion, abolish marriage and family life, and the dangling of Malthusian bogey to frighten the simple and ignorant minds-earnest efforts have been made to understand socialism . and point out some […]

SOME OTHER FORMS OF SOCIALISM

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SOME OTHER FORMS OF SOCIALISM Collectivism or State Socialism Socialism it will produce many petty tyrants. That is why the syndicalists want to build up social, political and economic structure on the foundation of trade unions. They have no faith that they can achieve their aims through constitutional means. They know that political authorities are very powerful. Hence, they (i.e., the […]

Criticism of Marxian Theory

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Criticism of Marxian Theory Marx has proved to be a poor prophet of future  events. Some of the predictions of Marx have proved to be true while others have proved wrong. His prediction regarding the increasing hold of monopoly has been proved to be true by later events. But his other prediction regarding continuous misery for the working class […]

WORKING AND EVALUATION OF THE FUND

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WORKING AND EVALUATION OF THE FUND It is clear that final can play a vital role and  achieving intcrnauonal cconunuc vtability and in pro moting healthy international monetary relations. However. the I.M.F. failed to achieve its objectives in the early years of its operations. (i) For many years. the Fund was not able to achieve its fundamental objective of pulling down trade […]