Economic Problem

admin » Aug 23rd, 2009
Economic Problem
The Problem of Economics: Milton Friedman, like Robbins, is of the strong view that economic problem arises when people try to satisfy their endless wants with limited resources which have alternative uses. These three basic facts of economic life which give rise to problem of economics are now discussed in brief. Human... 
Continue Comments Off

Nature of Algebra

admin » Aug 22nd, 2009
Nature of Algebra
Algebra had its beginnings in the evolution of the meaning of number. Slowly there emerged symbols called “numerals,” such as 1, 2, and 3, which are used to stand for certain numbers. Then relationships of numbers to one another were observed, and it was discovered that, by giving enough information about the relation... 
Continue Comments Off
Economics as a Science of Material Welfare
Alfred Marshall’s Definition of Economics (The Neo-classical view) The neo-classical school led by Dr. Alfred Marshall gave economics a respectable place among social sciences. Marshall was the first economist who lifted economics from the bad repute it had fallen. Dr. Alfred Marshall (1842 – 1924) in his book,... 
Continue Comments Off
Economics as a Science of Wealth
Adam Smith and his distinguished followers called classical economists defined economics as a science of wealth. Adam Smith (1723 – 1790) in his famous book “An Enquiry into the Nature and Causes of the Wealth of Nations” described economics as a body of knowledge which relates to wealth. According to him... 
Continue Comments Off
Get Adobe Flash playerPlugin by wpburn.com wordpress themes
Copyright © 2010 Information Village. All rights reserved.