Indian Economy By Ramesh Singh For UPSC CSE – Chapter 1 | Part -1 (In English) – Free PDF Download

Contents

• More than a dismal science  
• Defining economics
• Micro and macro
• What is an economy

List of Prime Ministers of India

More than a dismal science

• Economics called a dismal science
• Highlighted as a depressing and poor science
• Called a failed science (sub prime crisis 2008)
• Invaluable role of economics in world

List of President of India

Defining economics

• A dialogue which studies economic activities of the human being
• All activities where money is involved is economic activity
• Economy is also how society uses its scarce resources
• All activities concerned with profit, loss livelihood, occupation, wage, employment , etc.…. Are economic activities.

National Symbols of India

Micro and macro

• After the great depression economics divided in to two : micro and macro economics
• Father of macro economics :john maynard keynas
• Micro : bottom up approach
• Macro : top down approach
• Micro deals with choice of consumers and their income
• Macro deals with dynamics of inflation and growth
• Both appear to be different but actually interdependent
• Econometrics is core area other than micro and macro

List of States and Capitals of India

Economics and economy

Economics

• Decision making
• Theoretical concept
• Studies behaviour

Economy

• Defined territory
• Practical application
• Economic affairs

What is an economy

• Economy is the economics in action

                             Sectors of economy

WW.Rostows perspective

• Economies grow through five linear stages through three major sectors like agriculture industry services
• Country’s like india Philippines Thailand Vietnam are exceptions

sectors in india

Economy Survey 2022 | Free PDF

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