Introduction: Big push theory highlights the need for tremendous efforts for taking the underdeveloped economics out of stagnation and breaking the vicious circle of poverty. The big push theory was propounded by Professor Paul N…
Introduction: The concepts of balanced and unbalanced growth are economic policies that guide how resources and investments should be distributed within an economy to stimulate development. They differ primarily in various aspects. Aspect Balanced Growth…
Introduction: Many development barriers are both of cause and consequence of poverty such circular relationship perpetual the low level of development including capital deficiency and market imperfection as characteristics of poor countries. The circle emphasizes…
Introduction: Economic development refers to a process of expansion which leads to higher level of per capita real income. Economic development is the precondition of growth in fact economic development is a process whereby an…
Introduction: Economic growth and economic development are both terms used in economics to describe progress in a nation’s economy, but they have different meanings and implications. The difference between economic growth and economic development are:…
Introduction: Social security measures for industrial labor are policies and programs designed to protect workers in the industrial sector from economic insecurity and safeguard their well-being. These measures aim to provide financial and healthcare support…
Introduction: “A trade union is a continuous association of wage earners for the purpose of maintaining or improving the condition of the working life.” The trade union movement refers to the collective efforts of workers…
Introduction: Industrial disputes in economics refers to conflicts or disagreements between employers and employees within an industry. These disputes revolve around terms of employment, working conditions, wages, job security, and other labor-related issues. Industrial disputes…
Introduction: Multinational company / corporations are huge industrial organization which extends their industrial and marketing operation over a number of countries. They are known as transnational corporations, international corporations and global corporations. It may be…
Q.1a. Critically explain the welfare definition of Economics. ANS- Welfare definition is also called as Neo-Classical definition of economics. Alfred Marshall gave this definition in his book called Principles of Economics which was published in…
