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C.P. Chandrasekhar Even while the effort to resolve the crisis resulting from non-performing assets in the banking sector was underway, India’s financial sector was overwhelmed by failures of large non-bank financial companies. In the discussion that followed the collapse of these NBFCs, the emphasis has been...

Article Shared by  In this article we will discuss about the elasticity of substitution in a firm. Let us suppose that the firm’s production function is Q = f(L, K)                                   [(8.122)] The convexity property of the isoquants (IQs) expresses the principle of diminishing marginal rate of technical substitution (MRTS)...

Article Shared by  The theory of ‘big push’ first put forward by P.N. Rosenstein-Rodan is actually a stringent variant of the theory of ‘balanced growth’. The crux of this theory is that the obstacles of development are formidable and pervasive. The development process by its very...

Article Shared by  According to Prof. Harvey Leibenstein the overpopulated and underdeveloped countries are characterized by the vicious circle of poverty. They have low per capita income. His ‘theory of critical minimum effort’ is an attempt to provide a solution to this economic problem. According to him, critical...

– 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...