– Inferior, Normal, Luxury A list of different types of economic goods. Income elasticity of demand and types of goods Income elasticity of demand (YED) measures the responsiveness of demand to a change in income. Normal good A normal good means an increase in income causes an increase in demand. It...
Article Shared by In this article, we discuss some basic models of economic growth which lay the foundation for any comprehensive study of the process of economic development. The aggregate production function lies at the heart of every model of economic growth. It is also an...
Article Shared by Kaldor’s Model of the Trade Cycle! Kaldor’s theory of the trade cycle is a comparatively simple and neat theory built directly on Keynes’ saving-investment analysis. Keynes theory of the determination of the level of income did not take into consideration the theory of the...
Article Shared by In this article we will discuss about compensation principle of Kaldor, Hicks and Scitovsky. Kaldor, Hicks and Scitovsky have given their tests for judging an increasing in welfare. Like Pareto, they isolate the problem of production from that of distribution. They deal with policy...
C. P. Chandrasekhar and Jayati Ghosh Anyone who has been following the upsurge of protests across the country in the wake of the CAA-NRC moves of the government would have been impressed and inspired by the role played by young women. They have been forthright and...
Article Shared by The Phillips curve given by A.W. Phillips shows that there exist an inverse relationship between the rate of unemployment and the rate of increase in nominal wages. A lower rate of unemployment is associated with higher wage rate or inflation, and vice versa....
Vladimir Popov and Jomo Kwame Sundaram China’s gross domestic product (GDP) grew by 14%. Since then, its growth rate has declined by more than half to 6.6% in 2018. The five-year moving average growth rate is at its lowest since reforms began in 1978, although annual...
Article shared by : Income Effect, Substitution Effect and Price Effect! In the above analysis of the consumer’s equilibrium it was assumed that the income of the consumer remains constant, given the prices of the goods X and Y. Given the tastes and preferences of the consumer and...
1. A market with few industry :(A) Oligopoly (B) Monopsony (C) Duopoly (D) CartelAns: A2. In case of deficit budget, when the deficits are covered through taxes, that budget is called : (A) surplus budget (B) balanced budget (C) unbalanced budget (D) none of these Ans: B3. The WTO was founded in (A) 1995 (B)...
C. P. Chandrasekhar Unless the Trump administration’s views on the WTO change dramatically, December 11 could mark the end of an era in global trade. On that date two more members (of the three in position out of a mandated seven) of the appellate board for...