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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

UGC NET 100 days prepartion 4 MicroEconomics Demand analysis1

UGC NET 100 days prepartion MicroEconomics Demand analysis1  Demand analysis 1 Ugc net Economics 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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