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y interpret “economic growth” to mean a sustained increase in per capita output (income) accompanied by reduction in existing inequalities and economic betterment of the masses.
As per Classical Economists, Capital accumulation is the core of economic development of a country. It is the main factor that helps economic growth of a country. Capital Accumulation (M.L. Seth 2003) is the outcome of savings. The profits earned by businessmen constitute the major source of savings of a community. Larger the profits, larger the savings of the community. The classical economists assumed that whatever was saved was invested. Larger the profits, larger the savings. Larger the savings, larger the investment. Larger the investment, higher the rate of growth of the economy. The rate of growth of the economy, thus, ultimately depended upon the level of profits. It is on account of this realization that classical economists looked upon profits as the pace-setters of economic growth.
The development of technology is another important determinant of Economic Growth. It accelerates the process of growth in the economy. Classical economists were aware of the role of technology as a stimulant of economic growth. Classical thinkers like Adam Smith and David Ricardo also realized the importance of technological improvement. According to Karl Marx, the adoption of improved technology causes the displacement of labor, increasing unemployment, decline in consumption, fall in effective demand, reduction in profits and ultimately slows down the process of economic growth. Despite the adverse effect of improved technology, capitalists, according to Marx, continue to opt for it because:
George Rosen defined the Capital-Output Ratio as “the relationship of investment in a given economy or industry for a given time period to the output of the economy or industry for a similar time period.” The Capital-Output Ratio, thus, determines the rate at which the output grows as a result of a
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This paper deals with understanding the nature of perfectly competitive markets. Perfect competition means pure competition in a perfect market. A full market competition is an idealized form. In perfectly competitive markets, short-run profits are possible. However after the entry and exit of firms, a situation of long-run equilibrium results in zero profits.
Many scenes in the film have become iconic and have been parodied or duplicated in later films. They clearly have a real resonance even today, unlike many other films of the 1960s. The scene where the main character Benjamin jumps in the swimming pool is a vital mise-en-scene.
For a company like Larson Inc., which operates in both America and Germany, the economies that are undergoing the aftermath of global meltdown, it needs to have a strategy that improves the survival and ultimately result in improvement of the bottom line for the industry.
as expressed by the Latin Maxim actus reus , "actus non facit reum nisi mens sit rea" which when translated into English would mean that the person can only be considered guilty if his mind is also guilty (Brent Fisse, "Howards Criminal Law" (1990) 12-13). Under Section 8
Hebert Alexander Simon was a multi faceted personality from America. He was a political scientist, sociologist, psychologist and an economist. The contribution of Herbert Simon was the theory of decision
m racism, crime, gender disparity, life, poverty, war, politics, abuse, economics and many other countless social problems have been addressed through the art of poetry and spoken word. As a powerful tool of change, poetry amongst the black Americans became prominent in the 18th
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