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ECONOMICS (IDEA OF NATIONAL INCOME (GDP (VALUE OF ALL FINAL GOODS N…
ECONOMICS
IDEA OF NATIONAL INCOME
GDP
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DIFFERENT USES OF GDP CONCEPT
1) PER ANNUM % CHANGE = GROWTH RATE OF AN ECONOMY
2)A QUANTITATIVE CONCEPT, INDICATES INTERNAL STRENGTH OF ECONOMY
3)USED BY IMF/WB FOR COMPARATIVE ANALYSIS OF MEMBER NATIONS
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NDP
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USES:
1)TO UNDERSTAND HISTORICAL SITUATION OF THE LOSS DUE TO DEPRECIATION
2) TO SHOW ACHIEVEMENTS OF ECONOMY IN AREA OF R&D WHICH HAVE TRIED CUTTING THE LEVELS OF DEPRECIATION.
IN THE ARENA OF NETWORK DISTRIBUTION, 3 MODELS :arrow_right:
CAPITALIST ECONOMY
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ALSO CALLED PRIVATE ENTERPRISE SYSTEM, FREE ENTERPRISE SYSTEM, MARKET ECONOMY
STATE ECONOMY
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USSR : SOCIALIST ECONOMY
COLLECTIVE OWNERSHIP OF THE MEANS OF PRODUCTION, ASCRIBED A LARGE ROLE TO THE STATE IN RUNNING ECONOMY
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ALSO CALLED CENTRALISED ECONOMY, NON-MARKET ECONOMY, CENTRALLY PLANNED ECONOMY
MIXED ECONOMY
JM KEYNES IN "THE GENERAL THEORY OF EMPLOYMENT, INTEREST, AND MONEY" WROTE THAT INVISIBLE HANDS BRING EQUILLIBRIUM BUT BY STRANGULATING THE POOR.
SO SUGGESTED 'STRONG GOVT INTERVENTION' IN THE ECONOMY BY PROVIDING BASIC PUBLIC GOODS & SERVICES LIKE HEALTH, EDU ETC
OSCAR LANGE SUGGESTED INCLUSION OF GOOD THINGS OF CAPITALIST IN STATE ECONOMY. ADOPT "MARKET SOCIALISM"
IN USSR, IT LED TO DISINTEGRATION
IN CHINA, SMOOTH METAMORPHOSIS
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SECTORS OF ECONOMY
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TERTIARY
DIFFERENT SERVICES ARE PRODUCED SUCH AS EDUCATION, BANKING ETC
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PRIMARY
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SUCH AS AGRICULTURE, FORESTRY, FUELS ETC
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CAPITALIST/ CLASSICAL LIBERALISM
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MIXED ECONOMY/ MODERN LIBERALISM
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NEO-LIBERALISM (Washington Consensus)
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DEVELOPMENT STATE/ SOCIAL DEMOCRACY