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Jomo Kwame Sundaram and Claire Lim Many medicines and medical tests are unaffordable to most of humanity owing to the ability of typically transnational pharmaceutical giants to abuse their monopoly powers, enforced by intellectual property laws, to set prices to maximize profits over the long-term. Most basic...

Read this article to learn about the basic Kaldor’s model in neo-classical theory of economic growth. Introduction: It has been seen that the original Harrod-Domar model (hereafter, mentioned as H-D Model) is rigid, light, one sector and specific with respect to three parameters. A constant proportion of income...

Explanation to the Samuelson’s Model of Business Cycle: Samuelson in his seminal paper convincingly showed that it is the interaction between the multiplier and accelerator that gives rise to cyclical fluctuations in economic activity. The multiplier alone cannot adequately explain the cyclical and cumulative nature of the...

By Avinash Dixit and Barry Nalebuff Game theory is the science of strategy. It attempts to determine mathematically and logically the actions that “players” should take to secure the best outcomes for themselves in a wide array of “games.” The games it studies range from chess...

In this article we will discuss about Ricardian theory of comparative cost. Also learn about its assumptions and criticisms. Before the publication of Adam Smith’s Wealth of Nations (1776) the prevalent theory of foreign trade was mercantilism. This doctrine suggested that a country should do all...

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...

C. P. Chandrasekhar Given the obsession to limit the dressed up fiscal deficit figure and unable to think of better responses to the growth slowdown than tax cuts, it is more than likely that better economic management and ways to address the intensifying stagflation would not...

Article Shared by  The following points highlight the top four types of Hypothesis in Consumption. The types of Hypothesis are: 1. The Post-Keynesian Developments 2. The Relative Income Hypothesis 3. The Life-Cycle Hypothesis 4. The Permanent Income Hypothesis. Hypothesis Type # 1. The Post-Keynesian Developments: Data collected and...

C. P. Chandrasekhar and Jayati Ghosh It’s that time of year again, when people start talking about what the Union Budget may bring in the shape of fiscal policy changes and what it will show about public finances in the previous year. But increasingly, such discussion...