economist

One of my friend asked this question to me on whatsapp very innocently and i thought what better then to explain it here  so that other people also can benefit.  if we see this graph we can see clearly  that rupee is falling consistency against dollar . But this is not due to indian economy doing badly but is a global phenomenon due to inflation in usa , the central bank is tightening its grip and raising interest rates . This rise in interest rate is expected to continue so much that iMF's economic outlook has predicted year 2023 as year of recession . M Mm D Mmm9 Mmmmmzll Mmmmmmmmmmmmmmmmmmmmmmmmlmmmmmmmlmmmmmmmmmmlmlmmm   I8,a  As usa federal reserve is raising interest people are pulling their money  called for9 eign portfolio investment from developing and poor countries to a safer bond market in usa , this raises demand for dollar.  we also have a deficit in current account with rest of the world due to which we demand dollar , also t...

 This is probably one of the shorter blogs as i want you to just memorize the three central problems of economics written below. 1. what to produce ?  2. How  to produce ?  3. For  whom to produce?  my next blog will be on economic system where you will see how different systems like capitalism, socialism , marxism tries to deal with these central problem and drawback and merits of each systems. BY Lalan Choudhary BPSC 66th Rank 72. 

For a long time , it was felt that their was no need to have seperate branches of economics and what happens at individual level will always works at agregate level , for countries etc. But the great economic depression of 1929 changed all of that and micro economic solutions were inadequate for solving the pressing issues of unemployment , low wages and falling of big banks . now its a clear notion that economics has two branches. Micro economics - it focues on how individual consumers, firms etc makes decision and it also explain why and how different goods are valued differently. for example my this blog is valued at 0 rupee since its free  and also how individuals make financial decison relating to saving and investment and how market works at micro level. Macro economics : macroeconomics tries to explain the situation facing the whole nation. it is concerned with foreign trade, fiscal policy, monetary policy, unemployment rates, the level of inflation and interest rates etc. i...

  What and why of economics ? The boring and correct  way to define Economics is that " Economics is a science which deals with the production , distribution and consumption of goods and services.  but the more easy way to explain to a beginner is the scarce definition .   According to Robbins , " Economics is a science which studies human behavior as a relationship between ends and scarce means which have alternative uses. " So according to me economics is  a science which came into existence for maximum utilization of minimum resource. the definition of economics is incomplete without the wealth definition of Adam smith (father of economics) he defined economics as " Economics is a science which inquired into the nature and causes of wealth of nations". My favorite definition and most philosophical definition is given by Alfred marshal , who said " Economics is the study of man in the ordinary business of life ".