Economics and its Impact on Public Policy
In the 18th century, economics was called political economy. At that time, the main purpose of economics was to assist…
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June 23, 2020
Economics and its Impact on Public Policy
Principles of Physiocratic School of Economic Thought
Principles of Physiocratic School of Economic Thought
Physiocracy is an economic thought or economic theory developed by an organized group of French economists in the 18th century. This school of thought was led by Francois Quesnay (1694-1774). Francois Quesnay was a French economist and chief architect of the Physiocratic school of economic thought. He published the ‘Tablue Economics’ in 1758 and provided the foundations of the ideas on the Physiocratic school of economic thought.
June 14, 2020
Mercantilism and Policy Prescriptions
Mercantilism and Policy Prescriptions
Before the publication of Adam Smiths' influential work “An Enquiry into the Nature and Causes of the Wealth of Nations”…
June 12, 2020
Major Economic Systems
Major Economic Systems
Economics is the study of the economic behavior of individuals concerning scarcity and choices. Economic interaction takes among people when they exchange goods within the framework such as firms, government, or the economy. The broader institutional framework in which or within which economic interactions take place in a country is known as the economy.
June 10, 2020