An Intro to Advance Economics

-Advance Micro Economics:

An Intro to Advance Economics

                                   

 Economics is the most important issue of today which no country can ignore. The subject of economics is divided into three different periods which are as follows.

1. Classical Age/ Era of ECONOMICS.

2. Neo-Classical Age/ Era of ECONOMICS.

3. Modern Age/ Era of ECONOMICS.

 Classic Era  of Economics:

The classical period is also considered to be the age of Adam Smith. In 1776, Adam Smith wrote a book "An Inquiry into the Nature and Causes of the Wealth of Nations" which is also considered to be the first regular book on economics. Adam Smith is known as the father economics.

He defines economics in these words.

"Economics is the science of wealth"

 Neo-Classical Era of Economics

 The neo-classical era is known the Marshall Age. In 1881, Marshall wrote a book entitled "Principles of Economics" which redefined many aspects of economics and removed many shortcomings.

He defines economics as:

"Economics is the study of human activities in the ordinary course of business. It studies how man attains his income and how he utilizes it. In this way, it studies wealth, on one hand, and on the other hand, it is a part of the study of man, which is more important."

 Modern Era of Economics

 The modern era is known as the age of Robbins. Robbins introduced a new definition of economics and declared that the definitions of economics so far are not complete or satisfying. Robbins wrote a book "The Nature and Importance of Economics" in 1932.

 Robbins defines economics in these words.

"Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses"

What is Economics about ???????

There are some issues, we discuss them under the subject of Economics. The Basic problems of the days are:

·        The available sources are very limited and on the other hand, we’ve unlimited desires and wants. 

                                  How can we manage them?

·        The available sources can be used in different ways.

                                  What and which way to select?

·        The sources can be utilized fully.

                                  But how?

·        Poverty, unemployment and many other problems are seriously disturbing the society and thew whole of the world as well.

                                  How to meet these problems?

·        There are hundreds of other problems like these ones.

                                 Who will answer and solve them? 

The answer is only ECONOMICS.

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