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List of prominent scholars and the work in field of economics

List of prominent scholars and the work in field of economics  Adam Smith - "The Wealth of Nations" (1776) - Laid the foundation for classical economics. John Maynard Keynes - "The General Theory of Employment, Interest, and Money" (1936) - A key figure in the development of modern macroeconomics. Milton Friedman - "A Monetary History of the United States" (1963) - Championed monetarism and free-market principles. Amartya Sen - Work on welfare economics and development, notably "Development as Freedom" (1999). Paul Krugman - Contributions to international trade theory and economic geography. Won the Nobel Prize in 2008. Joseph Stiglitz - Work on information asymmetry, development economics, and global economic issues. Nobel Prize in 2001. Thomas Piketty - "Capital in the Twenty-First Century" (2013) - Analyzed wealth and income inequality over time. Gary Becker - Pioneer in the field of human capital theory and the economic anal

National Income Concept ugc net ,Upsc and other competitive exam

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Concepts of National Income UGC Net,UPSC and other competitive Exam There are various concepts of national income. These are explained below one by one: (1) Gross National Product (GNP). (2) Net National Product (NNP)/National Income. (3) Gross Domestic Product (GDP). (4) National Income at Factor Cost. (5) Personal Income. (6) Disposable Personal Income. (1) GROSS NATIONAL PRODUCT (GNP): National Income Concept National Income Concept GROSS NATIONAL PRODUCT AT MARKET PRICE: DEFINITION AND EXPLANATION OF GNP: The concept of gross national product (GNP) is comprehensive. It enables us to measure and analyze as to how much is the aggregate economic production of a country in a given period. The gross national product of a country (GNP) is defined as: "The total money value of all final goods and services produced by the residents of a country in one year period". In the words of W.C. Peterson: "Gross national Product may be defined as the current m

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