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Net Economics #Classical Economists and their work# Economic theory

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

Macroeconomic threats to Indian economy

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Macroeconomic threats to Indian economy     Indian economy is going through a turbulent period with key indicators hinting at a prolonged slowdown. The coronavirus pandemic has weakened all sectors of the Indian economy since April and a recovery seems unlikely this year. From contraction in growth to rising inflation and unemployment, challenges are aplenty. The sharply surging coronavirus cases make the case for recovery worse. India’s GDP growth is expected to remain in negative zone for the entire year and projections for June quarter signal how adversely Covid-19 has disrupted the livelihood, particularly of the poor. recent SBI Ecowrap report said the national GDP may contract by 16.5 per cent in the first quarter of the current fiscal. The report also mentioned that India’s economic recovery could take much longer than expected. The annual GDP is forecast to sink over 5.1 per cent. This will mark the weakest GDP growth rate in over four decades.  five major challenges that Ma

UGC NET 100 days prepartion 4 MicroEconomics Demand analysis1

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UGC NET 100 days prepartion MicroEconomics Demand analysis1  Demand analysis 1 Ugc net Economics  https://ntanet.nic.in Web results UGC Net In our previous blog we had discussed about Syllabus .books.exam pattern we know discuss about unit 1 Microeconomics Demand analysis Demand is desire to buy a commodity in normal course of life but in economics there are three elements attached to it Desire Back up money power Willing to spend money Demand has three components without it has no meaning in economics Qty Time Money Alfred Marshall and Salmesoun defination  Other thing being equal or constant demand is directly related to price .If price of commodity rise demand fall and if price decreses its demand increse. Both has given similar defination Assumtion Taste and fashion no change Price of related goods no change Income of consumer not changed Continous demand No expectation for future price rise Exception Giffen paradox Pr

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