Role or Factor Prices

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Role or Factor Prices Price theory covers hoth product-pricing a factor ncmg So far we have studied product-pricing and now we turn to Iactor Pricing. The factor prices playa key role in the free- enterprise economy. Briefly i’II It is through factor prices that employment level of the arious period cuvc resources arc determined. That IS. how much 01″a factor […]

MIXED ECONOMY IN THECONTEXT OF INDIAN ECONOMY

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MIXED ECONOMY IN THE CONTEXT OF INDIAN ECONOMY The Industrial Policy Resolutions passed in 1948 and 1956 gave a concrete shape to the concept of mixed economy. According to the Industrial Policy Resolution of 1948, industries in India were broadly divided into four categories: (i) ExclUsive government monopoly  (ii) Government-controlled sphere; (iii) Industries subject to State regulation and control  and (iv) the rest […]

Critical Evaluation of Mixed Economy

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Critical Evaluation of Mixed Economy Let us assess briefly the working of the mixed economy system. Although, a we have aid above, all capitalistic economies have become more or less mixed economics. yet we do not propo c to make a  survey of the working of the system close where. We confine ourselves to the assessment of the working of […]

CASE FOR SOCIALISM

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CASE FOR SOCIALISM The evils of capitalism have given birth to socialism. Socialism has started as a reaction to industrial revolution that took place in the Western European countries. The industrial revolution of the Western European countries made some people very rich in the midst of poverty elsewhere. It resulted in the exploitation of labour, women and children by the capitalists. Above […]

MARXIAN SOCIALISM

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MARXIAN SOCIALISM Karl Marx. who wrote 111 11167 his famous book  boo’ Das Kapital, the Bible of social.. is considered to be the father of scientific socialism. He traced to put the theory of socialism on a scientific basis.  His theory led him to the inclusion that capitalism was doomed to decay. (i) Materialistic composition of history karl max seeks to explain every male of ground. […]

I.M.:F AN IMPROVEMENT ON GOLD STANDARD

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I.M.:F AN IMPROVEMENT ON GOLD STANDARD There is n I doubt ‘hat the I.M.F a vast improvement on the gold standard. To maintain a gold standard was a very costly affair and it was also unnecessary. What matters is that a currency system retained the confidence of the people and should Provide stability of its internal and external value. There should […]

DemandComposition Inflation

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Demand Composition Inflation TIle last of the structural theories of inflation is what is known as ‘demand-composition theory’ recently propounded by Professor Charles L. Schultze.  According to Schultze, neither cost-push nor demandpulltheories can offer an adequate explanation of inflation. He points out IIIat prices and wages arc comparatively insensitive to decrease in demand, but they respond rather quickly to increase […]

ESSENTIALS OF A SOUND CURRENCY SYSTEM

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ESSENTIALS OF A SOUND CURRENCY SYSTEM Money supply does not mean only the supply of money in the form of coins and currency. In modern economic activities any financial paper which represents money or near money also a part of moodily supply. Thus in modern day business sense money supply includes coins, currency, demand deposits and time deposits with bank and other […]

Free of Quota, China Textiles Flood the U.S.

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Free of Quota, China Textiles Flood the U.S. SHANGHAI, March 9-In the first month after the end of all quotas on textiles and apparel around the.world imports to the United States from China jumped about 75 percent, according to trade figures released by the Chinese government The statistics bear some of the first evidence that China’s booming textile […]

THE WINNERS AND LOSERS FROM TRADE

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THE WINNERS AND LOSERS FROM TRADE To analyze the welfare effects of free trade, the Isolandian economists begin with the assumption that Isoland is a small economy compared to the rest of the world so that its actions have little effect on world markets. The small-economy assumption has a specific implication for analyzing the steel market If Isoland […]