Adam Smith is termed as the father of modern economics. He was the man behind all the basic laws of Modern Economics. He laid the foundation of classic economics followed by the most sophisticated and realistic theories of economics and its effects on the World’s politics. Definition of Economics by Adam Smith Adam Smith proposed […]
Define the Economics by Lionel Robbins?
Lionel Robbins turned the tables by proposing a whole new perspective of economic. He was strongly against Marshall’s definition of human welfare and termed it as “impossible” in modern economic situations. Robbins was a highly esteemed faculty of the London School of Economics. What is Economics Robbins proposed the most famous definition of Economics that […]
What Is The Scope of Economics? Describe It’s Different Approaches.
The scope of Economics has widened in the last century and is still being explored and modernized based on a mix of classical, neo-classical, and modern theories of accounts and social sciences. The nature of economics has taken an overturn since the inception of Marshall’s, Smith, and Robbin’s theories. Economics is not pure science, yet […]
What Is Modern Theory of Rent? Definition & Explanation
The modern theory of rent is the concept of lending a piece of land for the sake of production of anything like goods and services or for residential purposes. The payments are made in return for the allotment of land, it is the surplus payment made by the borrower in return of rented property. The […]
What is Gross Value Added? Definition and Importance of GVA
The gross added value, or GVA, is known as a macro-magnitude in terms of terms within the economy. A macro-magnitude is a quantified measure of facts and data of the economy within a certain region or country. Study crucial aspects within the economy such as unemployment or the rate of growth, in this sense as […]
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