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PARAMETERS FOR ASSESSING ECONOMIC REFORMS:
Let it be clearly understood that liberalisation, privatisation and globalisation are means with the help of which the growth process is sought to be accelerated.
They should not be considered as ends in themselves. The goals of economic development have been defined in the First and the Second five-year plan. They alone become the parameters for judging the impact of economic reforms. The major goals are:
i) A higher rate of growth of GDP - 7-8 per cent per annum;
ii) Enlargement of the employment potential leading to full employment;
iii) Reduction of the proportion of population below the poverty line;
iv) Promotion of equity or distributive justice so that a better deal is provided to the poor and less well off sections of the society;
v) Reduction of regional disparities between the rich and the poor states of India; and
vi) Improvement in human development in terms of health and education of the population.
It would be useful if a critique of economic reforms is based on the success of economic reforms in achieving these goals.
Factors determine the price elasticity of supply: The price elasticity of supply varies widely across different products. Some products have more leastic supply, while others
It is important to understand the important characteristics of monopolistic competition. The knowledge of these features will enable the students to know how this form of market st
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Ask question #Minimum 100 words accepteFill out this National Council on Economic Education worksheet: Technology and Monopolies (Links to an external site.) Now, pretend that you
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