We often hear that the economy of such a country is bad or that country’s economy is very good etc
The word economics is a synonym of the English word economics. origin from Greek okionomia, word meaning family management.
Economics was originally a part of social science in the past but today economics is considered as a separate science. Currently, its scope of work is wide and extensive.
The economy is expanding so much that it has an influence from politics to the child in the mother’s lap.
We hear various words like economic recession, price inflation, currency inflation, GDP, etc.
This is due to economic reasons.
From time to time, due to economic reasons, agitation or the government , ministers of many countries resign and the news can be heard.
In addition, if the production, marketing, pricing, transportation, all these things are not done properly, the product crisis occurs in the market.
If the production is high, the problem of getting the right price is created.
Therefore, it is said that what will happen in the future, whether it will happen or not, everything can be said on the current economic situation. Education, health, agriculture, factories, consumption, everything depends on the economy. The economic system determines how much or what amount of goods will be produced, who will have what amount of goods.
We will talk about various aspects of the economy. We will talk about various aspects of economics and all the details.
If I say easily, what is economics?
The welfare of individuals and the state is called economics through the production, marketing, distribution, and balanced use of limited resources by private or state resources.
of various economists and philosophers Definition of economics
Adam Smith is known as the father of modern economics
He wrote the book An Inquiry into the Nature and Causes of the Wealthof Nations in 1776 and gave an idea about the basic issues of economics.
Born: Kirkcaldy, United Kingdom
Died: July 17, 1790, Panmure House, Edinburgh, United Kingdom
Academic Advisor: Francis Hutcheson
Place of Burial: Canongate Kirkyard
Awards: Fellow of the Royal Society, Fellow of the Royal Society of Edinburgh Notable books written by him –
The Wealth of Nations, the theory of moral sentiments, the invisible hand, lectures on jurisprudence etc.
Adam smith economics definition —- ” economics is an inquiry into the nature and causes of wealth of nations “
Karl Heinrich Marx was a German Jewish philosopher, economist, historian, social scientist, political theorist, socialist revolutionary.
Marx is one of the most influential figures in all of human history.Born: May 5, 1818, Trier, Germany
Died: March 14, 1883, London, United Kingdom Spouse: Jenny vonWestphalia (marr. 1843–1881)Organizations founded: Communist League, Communist Correspondence Committee, German Workers’ Society
Notable books written by him – Das kapital , manifest der kommunistischen partei , capital , etc .
Much of Marxian economics is drawn from Karl Marx’s seminal work “Das Kapital,” his magnum opus first published in 1867. In the book, Marx described his theory of the capitalist system, its dynamism, and its tendencies toward self-destruction.
Much of Das Capital spells out Marx’s concept of the “surplus value” of labor and its consequences for capitalism. According to Marx, it was not the pressure of labor pools that drove wages to the subsistence level but rather the existence of a large army of unemployed, which he blamed on capitalists. He maintained that within the capitalist system, labor was a mere commodity that could gain only subsistence wages.
Definition of economics according to Milton Friedman Born July 31, 1912 Brooklyn, New York City, U.S. Died November 16, 2006 (aged 94)
Key Takeaways. Milton Friedman was an American economist who advocated free-market capitalism. He is the founder of monetarism, an active monetary policy in which the government controls the amount of money in circulation. Friedman helped develop income tax withholding during World War II.
Milton Friedman, his famous books —— Capitalism and Freedom , free to choose , price theory ,monetary history of united states , the demand for a many , etc .
Definition of economics according to Milton Friedman