Economic systems An economic system is an orderly institutional arrangement evolved & adopted by human societies. It is a mechanism which a society/nation adopts to solve the economic problem. It is an institutional arrangement through which important decisions such as…
Blog Archives
INTRODUCTION TO ECONOMICS – XII
XI IN SHORT MAIN FEATURES OF ROBBINS DEFINATION: 1. Economics is a science of choice Economics tells us how a man makes use of his scarce means having alternative uses for the satisfaction of his unlimited ends on the basis…
Tagged with: economic problem, Robins defination, solution to economic problem
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – XI
PROBLEM AT VARIOUS LEVELS: I] The Crusoe economy : ( Robinson Crusoe was an isolated man living on an isolated island; or a yogi is in the Himalayas is an isolated individual) From what we have observed so far it…
Tagged with: economic problem, economic problem at different levels, Robinson Crusoe
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – X
CRITICISMS OF LIONEL ROBBIN’S DEFINATION: 1. It lacks human touch as it does not consider human welfare as an end in itself. It is a purely theoretical definition. 2. It has reduced economics to a theory of value & assigns…
Tagged with: criticisms, economic problem, means have alternative uses, Robins defination
Posted in General Economics
Posted in General Economics
INTRODUCTION TO ECONOMICS – IX
ECONOMIC PROBLEM: According to Prof Lionel Robbins, “economics is a science which studies human behaviour as a relationship between ends & scarce means having alternative uses.” This definition of economics is based on the following fundamental propositions: 1. Multiplicity of…
Tagged with: economic problem, means have alternative uses, Robins defination, scarce means, unlimited ends
Posted in General Economics
Posted in General Economics