Economic Thought Overview

The father of modern economics, Adam Smith believed in limited government intervention and individual freedom in economic activities.

Karl Marx's theory that workers are exploited by capitalists who take a larger share of the profits.

Gandhi's economic philosophy emphasizing moral values, rural development, and wealth held in trust for the public.

The study of how societies manage their resources to meet unlimited wants.

Economics is the study of wealth creation and distribution, but also the study of how societies function and interact.

Satisfying societies' unlimited needs requires prioritizing needs and maximizing benefits for the most individuals.

The method of production involves the use of available resources and technology, like using manual labor or machinery.

The fundamental questions in economics are what to produce, how to produce, and for whom to produce.

Prioritizing vegetable cultivation for its societal benefits, ensuring a healthy and affordable food source.

Planning agricultural activities involves key decisions like types of vegetables, quantity, cultivation methods, and beneficiaries.

The economic thought of Adam Smith supports a free market system with limited government intervention.

Describes the economic theory that emphasizes the role of workers in production and criticizes the capitalist system.

The idea that human wants are unlimited, driving the need for continual production.

The fundamental problems facing an economy involve limited resources and unlimited wants, leading to choices about what to produce and how to meet needs.

Chanakya, known as Kautilya, emphasized effective policies for national progress and preventing revenue loss, impacting Indian economics.

Dadabhai Naoroji's theory that British rule drained India's resources through various forms of exploitation.

Ramesh Chandra Dutt highlighted the decline of India due to western civilization and British exploitation, further solidifying Indian economic thought.

Amartya Sen emphasizes the importance of tackling poverty and inequality, fostering rural and agricultural development, and supporting small-scale industries.

Gandhiji's vision of economic development prioritized agriculture and small-scale industries while promoting equality.

Alfred Marshall emphasized the importance of laborers to society's welfare and acknowledged the limitations of resources versus unlimited wants.

Lionel Robbins emphasized the need to prioritize wants in the face of limited resources.

Paul A. Samuelson highlighted the importance of efficient economic planning and resource utilization for national financial stability.

The process of transforming inputs (raw materials, labor, capital) into outputs (goods and services) to satisfy societal needs.

Income distribution involves how profits, wages, interest, and rent are allocated among various stakeholders in the economy.

The combination of tools, techniques, and knowledge used to transform inputs into outputs.

Capitalists hold wealth in trust for the public, with society determining production and wages having a maximum limit.