Economics@PayalSingh

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The Royal Swedish Academy of Sciences  has decided to award the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2019 to Abhijit Banerjee Massachusetts Institute of Technology, Cambridge, USA Esther Duflo Massachusetts Institute of Technology, Cambridge, USA Michael Kremer Harvard University, Cambridge, USA “for their experimental approach to alleviating global poverty”   Their research is helping us fight poverty Abhijit Banerjee , born 1961 in Mumbai, India. Ph.D. 1988 from Harvard University, Cambridge, USA. Ford Foundation International Professor of Economics at Massachusetts Institute of Technology, Cambridge, USA. Esther Duflo , born 1972 in Paris, France. Ph.D. 1999 from Massachusetts Institute of Technology, Cambridge, USA. Abdul Latif Jameel Professor of Poverty Alleviation and Development Economics at Massachusetts Institute of Technology, Cambridge, USA. Michael Kremer , born 1964. Ph.D. 1992 from Harvard University, Cambridge, USA. Ga...

Current Repo Rate 5.4% *REVISED * on 7.8.19 Current Reverse Repo rate 5.15 *REVISED * on 7.8.19

Development Path of India, Pakistan and China. (i) All the three countries started their development path at the same time. India and Pakistan got independence in 1947 and people’s Republic of China was established in 1949. (ii) All the three countries had started planning their development strategies in similar ways. India announced its First Five Year Plan in 1951, Pakistan announced in 1956 and China in 1953. (iii) India and Pakistan adopted similar strategies, such as creating a large public sector and raising public expenditure on social development. (iv) Both India and Pakistan had adopted ‘mixed economy’ model but China had adopted ‘Command Economy’ model of economic growth. (v) Till 1980 s , all the three countries had similar growth rates and per capita incomes. (vi) Economic Reforms were implemented in China in 1978, in Pakistan in 1988 and in India in 1991. Development Strategy: A.   China (i) After the establishment of People’s ...

Environment  is defined as the total planetary inheritance and the totality of all resources. It includes all the biotic and abiotic elements that influence each other. All living elements-the birds, animals and plants, forests, fisheries etc. are  biotic elements. Abiotic elements  of the environment includes non-living elements like air, water, land, rocks and sunlight etc. Functions of the Environment (i) Environment supplies resource (both renewable and nonrenewable resources) for production. (ii) Environment assimilates waste, (iii) Environment sustains life. (iv) Environment enhances quality of life. The environment is able to perform these functions without any interruption as long as demand on these functions are within its carrying capacity. Carrying capacity implies two things: (i) Resource extraction should remain below the rate of resource regeneration. (ii) Generation of wastes should remain within t...

Infrastructure  refers to all such services and facilities, which are needed to provide different kinds of services in an economy and which are essential in raising the place of economic growth of a country. It contributes to economic development of a country both by raising the productivity of factors of production and improving the quality of life of its people. It provides supporting services in the main areas of industrial and agricultural production, domestic and foreign trade and commerce. Types of Infrastructure 1. Economic Infrastructure a. Transport b. Power c. Communication d. Financial Institutions etc 2. Social Infrastructure a. Education b. Health c. Housing etc Difference between Social and Economic Infrastructure    Social Infrastructure It helps the economic system from outside(indirectly). Economic Infrastructure It helps the economic system from inside(directly). Social Infrastructure ...