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Q. Describe Classical Economics?
Classical Economics:Tradition of economics which began with Adam Smith and continued with other theorists including Thomas Malthus, David Ricardo, Jean-Baptiste Say and others. Classical economists wrote in the early years of capitalism and they uniformly celebrated productive, innovative actions of new class of industrial capitalists. They focused on political development and dynamic economic of capitalism, analysed economics in class terms and advocated the labour theory of value.
Liberalisation of the Economy: Removal of Industrial Licensing: All industrial licensing was abolished but for a shortlist of 18 industries related to security and strategic
Market-Friendly Reforms: One main shortcoming of present development cooperation is that recipients of development cooperation is that recipients of development finance are d
Q. Food purchases are relatively price inelastic since food is a necessity. If food is so required for life, how will we explain the heavy advertising of food items at the
Problem 1: i) Is Protectionism always beneficial? Discuss. ii) To what extent can a country actually rely on the principle of Comparative advantage before engaging in in
What is the theory of second best? Prove the theorem with the help of diagram.
merits and demerits of monopsony
Question 1: The socio economic development of Mauritius has been marked by growth cycles, representing different approaches adopted by Government to meet the internal as well
what is modern theory
"Consider a market with n firms occupied in Bertrand competition. These firms have in common dissimilar marginal costs but any number of them may also have equivalent marginal cost
The Budget Line The line BB gives the persons budget constraint. It is described by the linear equation c + wl = w; which can be rewritten as c = w - wl: The budget li
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