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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

Agricultural and Industrial policy in India Ugc Net Economics

  Agricultural  and Industrial  policy in India Ugc Net Economics  National Agriculture Policy, 2000 The Government of India announced a National Agriculture Policy on July 28, 2000. This policy aims to attain: (i) growth rate in excess of 4% per annum in the agriculture sector, (ii) growth, that is based on conservation of soil, water and biodiversity, (iii) growth with equality, (iv) growth that is demand driven and caters, the small markets and maximises benefits from exports of agricultural products in the face of the challenges arising, from economic liberalisation and globalisation, The important characteristic features of this policy are as follows: (1) Privatisation of agriculture and price protection of farmers in the post QR (Qualitative Restriction) regime would be part of the government’s strategy to synergise agricultural growth. The main focus is on use of resources and technology, adequate availability, of credit to the farmers and protecting them from seasonal and price

Adam Smith theory of Economic development

   Adam Smith theory of Economic development    Economic Development? Economic Development is the creation of wealth from which community benefits are realized. It is more than a jobs program, it’s an investment in growing your economy and enhancing the prosperity and quality of life for all residents. Economic development means different things to different people. On a broad scale, anything a community does to foster and create a healthy economy can fall under the auspice of economic development. Today’s economic development professionals are trying harder than ever to define their field in terms that are more concrete and salient to policymakers, the public, and other professionals. There are probably as many definitions for economic development as there are people who practice it. Below is CALED’s definition as published in the Economic Development Handbook: From a public perspective, local economic development involves the allocation of limited resources – land, labor, capitol and

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