A Guide to Welfare Economics

Unveiling the Invisible Hand: A Guide to Welfare EconBlog Postsomics The world around us is driven by a complex interplay of choices, actions, and outcomes. We buy goods, sell services, and interact in a vast marketplace that shapes our lives. But behind this seemingly chaotic dance lies a powerful principle – the pursuit of well-being, …

Keynes’s Consumption Function

Understanding Keynes's Consumption Function: A Guide to Spending Habits John Maynard Keynes, a renowned economist, revolutionized our understanding of macroeconomics with his groundbreaking work, "The General Theory of Employment, Interest, and Money". One of his key contributions was the development of the consumption function, a fundamental concept in explaining consumer behavior and its impact on …

Understanding Keynes’s Liquidity Trap

Trapped in the Mud: Understanding Keynes's Liquidity Trap The global economy is a complex beast, and sometimes it behaves in ways that defy intuition. One of the most intriguing anomalies is the liquidity trap, a concept developed by the renowned economist John Maynard Keynes. The liquidity trap describes a situation where monetary policy becomes ineffective. …

Before the Bread and Circuses: Economic Systems in the Pre-Christian World

Before the Bread and Circuses: Economic Systems in the Pre-Christian World The world before Christ, a sprawling tapestry of cultures and civilizations, was not just a historical epoch but also a fascinating laboratory of economic systems. While we often associate ancient economies with agrarian societies and barter, the reality was far more nuanced and diverse. …

Trends in Primary Sector in India

Primary Sector India's Primary Sector: A Glimpse into the Changing Landscape The primary sector, encompassing agriculture, forestry, fishing, and mining, forms the backbone of India's economy. While its share in the overall GDP has shrunk over the years, it continues to play a crucial role in providing livelihoods to a significant portion of the population. …

India’s Economic Journey: A Look at the Numbers

India, the world's largest democracy, is also home to a burgeoning economy, one that's brimming with potential and facing significant challenges. Let's delve into the numbers to understand the state of the Indian economy: Growth and Development: GDP: In FY23, India's GDP reached $3.47 trillion, making it the fifth largest economy in the world. GDP …

Supply Creates Its Own Demand: J.B. Say’s Law

Supply Creates Its Own Demand: Unpacking Say's Law For centuries, economists have grappled with the relationship between supply and demand. One particularly influential concept, known as Say's Law, proposes a straightforward idea: supply creates its own demand. This seemingly simple statement has been the subject of debate and controversy, with far-reaching implications for economic theory …

Banks Credit Creation

The Magic of Money: How Banks Create Credit (And Why It Matters) Have you ever wondered where money comes from? You might assume it all originates with governments, printing bills and coins. But that's only part of the story. Banks play a crucial role in creating money, through a process called credit creation. This might …

Basic Economic Development Indicators for Human Development

Measuring Progress: Basic Economic Development Indicators for Human Development Economic development is more than just GDP growth. It's about creating a society where people can thrive, lead fulfilling lives, and contribute to their full potential. To truly understand development, we need to look beyond economic indicators like GDP and delve into a deeper understanding of …

The Legacy of John Maynard Keynes: A Guide to His Enduring Impact on Economics

The Legacy of John Maynard Keynes: A Guide to His Enduring Impact on Economics John Maynard Keynes, a British economist who lived from 1883 to 1946, is often referred to as the father of modern macroeconomics. His ideas revolutionized the way we think about the economy, and his influence continues to resonate today. This post …