Fiscal Policy Fiscal policy pertains to public revenue (tax and non-tax sources of revenue) and Public Expenditure (Revenue Expenditure and Capital Expenditure). How and from which sources public revenue would be mobilized is one concern of the fiscal policy. The second concern how public expenditure would be allocated to different heads.
A production–possibility frontier (PPF) or production possibility curve (PPC) is a curve which shows various combinations of the amounts of two goods which can be produced with the given resources and technology, where the given resources are fully and efficiently utilized per unit time. A PPF illustrates several economic concepts, such as allocative efficiency, economies of
Green Revolution The term "Green Revolution" was first used in a March 8, 1968, speech by the administrator of the U.S. Agency for International Development (USAID), William S. Gaud, who noted the spread of the new technologies. After the recommendation of a study team of the Ford Foundation, a technological package programme called the “Green
Janata Plan Janata Plan was adopted in 1977 by the Janata Party after J.P movement and defeat of Congress party in the General Elections. The Janata Party was an amalgam of Indian political parties opposed to the State of Emergency that was imposed between 1975 and 1977 by the Government of
National Planning Committee Rudimentary economic planning, deriving from the sovereign authority of the state, was first initiated in India in 1938 by Congress President and Indian National Army supreme leader Netaji Subhash Chandra Bose, who had been persuaded by Meghnad Saha to set up a National Planning Committee. M. Visvesvaraya had
Multilateral institutions refer to global institutions relating to finance, trade and investment. In the post second world war period the international trade payments and exchange rate system was in doubt and shambles on one hand on the other hand the devastation of infrastructure caused by the two wars needed post
Shekhar Sengar Demand Led Growth and Export Led Growth International trade is considered as a special case of inter-regional trade. When different nations trade goods and services among them, it is called international trade. Today there is a common understanding among economists and policy makers that trade enhances income, output and employment.
The primary goals of both fiscal policy and monetary policy are “growth” and “price stability.” Although growth in modern economies is understood to be the main concern of the fiscal policy, price stability is considered as the main concern of the monetary policy. Nevertheless, growth is not totally detached from
Definition of Economics According to Adam Smith “Economics” is the science of wealth. However, this definition was a little too materialistic as wealth can be a means to an end; it cannot be an end in itself. The welfare definition of economics was attempted by Alfred Marshall, a pioneer neoclassical economist, to redefine his field
What is GDP? Growth of a country is measured by national income and its variants. GDP is one of the most important indicators among all national income measures. GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of