ADAM SMITH THEORY OF DEVELOPMENT

 https://youtu.be/fhI8czsm6Ck

INTRODUCTION TO ECONOMICS

 

(https://www.youtube.com/watch?v=zYx85ryF9us)

GROWTH DEFINITION by PAUL SAMUELSON

 

SCARCE DEFINITION by LIONNEL ROBBINS

 

WELFARE DEFNITION by ALFRED MARSHAL

• British
• Principles of political economy 
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WEALTH DEFNITION by ADAM SMITH

• ADAM SMITH 
• 18th century Economist
• scottish
• father of political economy
• father of economics
• BOOK: An inquiry into the nature and causes of wealth of nation(1776)

ordinary sense, wealth we mean money but in economic sense wealth is something possess value

eg; Goods or services

    Adam smith define economics is the study of wealth, where economics as the study about consumption production, exchange and distribution of wealth.

criticism

• social scientist like RUSKIN and CARLYLE observed economics as a dismal science or dark science where they observed it is all about money. they concluded economics taught men and women how to earn or make money. 
• they called SELFISH SCIENCE it emphasized means to get rich.

but it is not true where wealth doesn't refer money but it refer scarce goods which satisfy wants.

• over emphasis on wealth while neglecting all other major components like mankind.

KAUTILYA

 

'The joy of the king is in the joy of the people. Their welfare is the welfare of the king.The country is for the people. Do not do anything to divide them'

- KAUTILYA

‘ജനങ്ങളുടെ സന്തോഷത്തിലാണ് രാജാവിന്റെ സന്തോഷം. അവരുടെ ക്ഷേമമാണു രാജാവിന്റെ ക്ഷേമം.രാജ്യം ജനങ്ങൾക്കു വേണ്ടിയാണ്. അവരെ ഭിന്നിപ്പിക്കുന്നതൊന്നും രാജ്യം ചെയ്യരുത്

ECONOM aid

• RISK ESTIMATION AND EVALUATION
• INCOME ACCOUNTING 
• CONSUMER BEHAVIOR
• PRODUCER BEHAVIOR
• MARKET BEHAVIOR