The Factor Price Equalization (FPE) Theorem
The Factor Price Equalization (FPE) theorem is an economic concept that suggests that under certain assumptions, the prices of factors
The Factor Price Equalization (FPE) theorem is an economic concept that suggests that under certain assumptions, the prices of factors
In economics, a social welfare function is a theoretical concept that aims to represent the overall well-being or welfare of
Adverse selection and moral hazard Adverse selection and moral hazard are two important concepts in economics, particularly in the field
Tobin’s Q theory, named after the Nobel laureate economist James Tobin, is a concept in economics that relates to the
The St. Petersburg Paradox is a classic problem in economics that challenges traditional theories of utility and decision-making. It is
Prabhat Patnaik December 14, 2020 In the context of the on-going country-wide kisan movement for repealing Modi’s three Agriculture Bills, while an
Prabhat Patnaik The two bills rammed through parliament last week were objectionable in every conceivable sense. The very fact of
ECONOMIC GROWTH AND DEVELOPMENT Economic Growth implies the change in per capita income, while economic development means economic growth plus change. Change
DETERMINATION OF OUTPUT AND EMPLOYMENT 1. Classicals: The terms ‘Classicals’ was coined by Karl Marx. According to them, the economy will always
CONCEPT OF DEMAND The concept of demand was given by Alfred Marshall in 1890s in his book “Principles of Economics”. According to