Partial EQUILIBRIUM ANALYSIS

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Partial EQUILIBRIUM ANALYSIS Partial equilibrium analysis is the analysis of an equilibrium position for a sector of the economy or for one or several partial groups of the economic units corresponding to a particular set (If data. This analysis essentially entails a process . whereby. it excludes certain variable and relationship from the totality and studies only a few selected variables at […]

VALUE OF ECONOMIC ANALYSI

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VALUE OF ECONOMIC ANALYSI The economists are called upon to play two  distinct roles: (a) as educationists and (b) as professional economists. As teachers, they are concerned with explaining past economic experience and to instruct in the tools and techniques of economic analysis. The professional economists arc involved with discovery and prediction. They are interested in developing and applying techniques that will […]

Inductive Method

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Inductive Method The Historical School represents a reaction. against the dogmatic attitude of the followers of deductive method. The reaction was specially marked in Germany and was represented by economists like Rochester, Hildebrand and Frederick List. The Historical School had also its supporters in England, e.g., Cliff Leslie. These economists advocated a method which has come to be known as Historical, inductive or […]

Limitations

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Limitations This deductive method has the merit of being simple, effective and certain, only if the underlying assumptions arc valid, This is a very big. IF indeed. More often than not, the assumptions turn out to be untrue of only partially . The application of deductive method is thus misleading.  This method makes Economics dog  for it refuses to admit that […]

Merits of Deductive Method

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Merits of Deductive Method (i) The deductive method is useful in analyzing the complex economic phenomenon where cause and effect arc inextricably mixed up. The deductive method takes a few s imply general principles and applies them to draw conclusions in such complicated cases. But for this implicit method it would have been perhaps impossible to establish any general relationship between two […]

METHODS OF ECONOMICS

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METHODS OF ECONOMICS The early English collectivists, known as the Classical School. tried to build lip the science of Economics . The method that they used is called the Deductive Analytically. Abstract or  prior method. Among these economists may he mentioned Senior, Mill Cairns and Ricardo. the last one being its chief exponent. The advocates of this method start with a few indisputable […]

Conclusion

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Conclusion Whether the assumptions of economic are true or not, it is necessary to bear them in mind so that we arc all the time aware or the limitations of the conclusion at which we may . This is specially necessary when couscous policies have to be form lat d for the  of certain. The cc economic and assume the capital […]

BASIC ASSUMPTIONS IN ECONOMICS

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BASIC ASSUMPTIONS IN  ECONOMICS It is seen above that economic laws arc governed by the phrase other things being equal. This means that , while reasoning out economic phenomena, we take certain things for granted, These arc the various assumptions that underlie economic reasoning. There arc three broad  Assumption i, The first group  of individuals  consumers, proud etc. For instance, we […]

LAWS OF ECONOMICS

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LAWS OF ECONOMICS Like every other science. Economic too. has drawn its own set  generalizations. which ale called the laws of Economics. These laws ale supposed to govern and explain all economic activity. In the words of Marshall,  laws lay he defined thus: Laws rue statements of formalities which govern human behavior concerning the utilization or limited resources for the achievement of […]

Call Economics Solve Practical problems

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Call Economics Solve Practical problems The  economists gelled ally hold the view that it is the function of Economics to solve  Local problems. The economic these primes may be very important and the economist’s opinion is of great value. But 110 problem can be solved n economic grounds alone,  political and moral. We do not quite agree with this view. […]