Insitute of Economics and Management studies

 Net Economics #Classical Economists and their work# Economic theory Pls follow , like and share Classical economics, also known as classical political economy, is a school of economic thought that emerged in the late 18th and early 19th centuries. It laid the foundation for modern economics and was dominant until the late 19th century. Classical economists focused on understanding the mechanisms of economic growth, production, and distribution of goods and services in market economies significant contributions and the years in which they were active: Adam Smith (1723-1790): Major Work: "The Wealth of Nations" (1776) Contributions: Smith is often referred to as the father of economics. In "The Wealth of Nations," he introduced the concept of the invisible hand, arguing that individuals pursuing their own self-interest in a free market economy unintentionally promote the general welfare. He also discussed the division of labor, productivity, and the role of markets i

List of prominent scholars and the work in field of economics  Adam Smith - "The Wealth of Nations" (1776) - Laid the foundation for classical economics. John Maynard Keynes - "The General Theory of Employment, Interest, and Money" (1936) - A key figure in the development of modern macroeconomics. Milton Friedman - "A Monetary History of the United States" (1963) - Championed monetarism and free-market principles. Amartya Sen - Work on welfare economics and development, notably "Development as Freedom" (1999). Paul Krugman - Contributions to international trade theory and economic geography. Won the Nobel Prize in 2008. Joseph Stiglitz - Work on information asymmetry, development economics, and global economic issues. Nobel Prize in 2001. Thomas Piketty - "Capital in the Twenty-First Century" (2013) - Analyzed wealth and income inequality over time. Gary Becker - Pioneer in the field of human capital theory and the economic anal

Econometrics Regression Analysis Part 1   Regression analysis is a statistical method used to model and analyze the relationship between a dependent variable and one or more independent variables. In the context of econometrics, this technique is widely employed to understand and quantify the relationships between economic variables. Here's a more detailed breakdown: Dependent Variable (Y): This is the variable that you want to predict or explain. In econometrics, it often represents an economic outcome or phenomenon, such as GDP, inflation, or unemployment rate. Independent Variable(s) (X): These are the variables that you believe influence or explain changes in the dependent variable. They are also referred to as predictor variables. In economics, independent variables can include factors like interest rates, government spending, or consumer income. Linear Regression Model: The simplest form of regression assumes a linear relationship between the dependent and independent vari

Mercantile theory    Mercantilism was an economic theory prevalent from the 16th to the 18th centuries, emphasizing the importance of a nation's wealth in terms of accumulating precious metals, especially gold and silver. Here are key aspects of the mercantile theory: Bullionism : Mercantilists believed that a nation's wealth was determined by the amount of precious metals it possessed. The goal was to export more goods than import, ensuring a surplus that could be settled in gold or silver. Balance of Trade : Mercantilists emphasized maintaining a positive balance of trade, where a nation exports more goods than it imports. This would lead to a flow of gold and silver into the country, increasing its wealth. Colonialism and Imperialism : Mercantilism often justified colonial expansion as a means to secure valuable resources and markets. Colonies were viewed as sources of raw materials and as captive markets for the mother country's finished goods. Protectionism : Mercantil

  Net Economics  Important Interpretation in one place MICRO Economics  Microeconomics is the branch of economics that deals with the behavior of individual economic units such as consumers, firms, and resource owners. Here are some important definitions in microeconomics: Supply and Demand: The fundamental concept in microeconomics where the price and quantity of goods in the market are determined by the balance between what producers are willing to supply and what consumers are willing to buy. Elasticity: A measure of how sensitive the quantity demanded or supplied of a good is to changes in price, income, or other factors. Utility: The satisfaction or pleasure derived from consuming goods and services. It is a fundamental concept in understanding consumer behavior. Costs of Production: The expenses incurred by firms in the process of producing goods and services, including fixed and variable costs. Perfect Competition: A market structure in which there are many small firms, identica