UGC NET Economics

अर्थशास्त्र की किस परिभाषा के लिए उसे घृणित विज्ञान कहकर आलोचना की गई है।

Lead bank concept--
In the year 1969,an advisory committee was set up by National credit council lead by Prof. D R Gadgil. RBI accepted the advice of the committee and in 1969 proposed lead bank scheme.
Acc to this scheme, commercial banks had freedom to operate in some specific districts.This scheme has helped in expansion of banks.

New Mahatma series currency notes in India:
Rs.10- Sun Temple konark Odisha 13th century Narsimhadev 1
Rs.50- Humpi chariot from Vittala Temple,Karnataka
Rs.100- Lavender color.Rani ki vav on Sarasvati River,patan.Rani Udaymati for king Bhima 1 of chalukya/Solanki dynasty in 11th century. UNESCO heritage site.
Rs.200- Sanchi Stupa MP.
Rs500- Red Fort Delhi by shahjahan.
Rs.2000- Mangal Yan / mars orbitter mission 2013.

Reserve Bank of India has started using GDP in place of GVA for measuring growth from April 2018. Discuss policy implications.

Physiocracy--Refers to rule of nature.Took it's birth in France about middle of 18th century.It is also known as agricultural system.It emphasize d the Government of human society by laws of nature in contrast to man made laws.
Marked the rise of first school of economic thought.French economist Francois Quesnay as a leader and Rural philosophy as a common doctrine.
Factors responsible for rise of physiocracy---
1.Mercantilist policies-During 16,17th century France was under the dominance of mercantilism.farmers were in poor condition.Agriculture was wretched.Echoes of agricultural revolution in England were reaching to people of France.This created distate for mercantilism.
2.Extravagant court life-In France,king was centre about which everything in state revolved.He led an extravagant and luxurious life.This led to deterioration of country's economic condition.
3.Wars- Long and costly wars with Holland during the same period added fuel to 🔥.
4.Heavy Taxes- Taxes were regressive in nature i .e.taxes directly fell on poor cultivators.
Main Ideas---
1.Philosophy-It is the duty of every individual to obey laws of nature.
2.favoured the system of laissez fairs.
3.Anticipated modern economis in three fields general equilibrium ,national income , econometrics.
4. Concept of Value did not play any significant role in physiocratic system
5.By wealth they meant real wealth not money.
6.Regarded land as unique source of wealth.
7.Circular flow of income and output was picturized through tableau method.

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Mercantilism----Emphasized foreign trade as a measure of accumulation of capital.It is also termed as Bullionism or Cameralism.It was decline of Feudalism and rise of commercial capitalism.
Characteristics of feaudalism--1.emphasis on local economic self sufficiency.2.local development of agriculture.3.Absense of exchange economy.4.Exploitation of agricultural workers by feudal lords.
Mercantism is regarded as total reconstruction of society and it's organisation as well as of state and it's institution by substituting for the local and provincial economic policy that of the state and nation.
Mercantilists advocated on principle of balance of trade i.e creation of surplus of exports over imports.For this various measure were adopted by them like 1. Restrictions of import of manufacred goods.2 encouragement on export of manufactured goods and raw materials.
Full employment of human and natural resources was regarded as pre condition for economic growth.
Advocated low wage policy.Mercantists had lust for money because they believed money strengthened the productive capacity of the country.Merchants profit originates from trading Process.

Concept of PQLI

Economic Growth Nd Development

Economics word has been derived from greek word Oikonomia which means household management.