20Oct 2018 by admin

Essay on “Economic Crisis” (730 Words)

Economic Problems
Ever since the economic crisis has hit the most developed and prosperous economies of the world, there have been experts trying to research and suggest all that went wrong. It is indeed comparable in magnitude with the Great Depression of the 1930s.The turmoil began in year 2007 when financial institutions of large scales were threatened to face a total collapse. Many banks saw bailouts by national governments and stock markets across the globe went into bad state. The two bears Stearns Hedge funds collapsing in the summer of 2007 were categorized as mortgage crisis. This started an era of credit crunch, private defaults and huge layoffs in organizations.Globalization spread the crisis across the world and media began to cover it extensively. Writers and economy experts sought several reasons responsible for…
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20Oct 2018 by admin

Essay on “If I were the President” (540 Words)

Inflation
Many of us have some aspirations and wishes for our country that we desire to fulfill and some changes to bring about, but we feel that we have little say in getting those things done. This is because of our limited power as citizens of the country.Each of us has our rights and responsibilities as citizens of the country which we ought to remember and abide by. But privileges and power to bring amendments to the policies and laws in the country are held with the higher authorities like the President.There are many problems that afflict the society today. Most of these require strict laws by the governance to bring about a considerable change. If I were the President of the country, I would have taken up the issues that…
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20Oct 2018 by admin

A Comparison between “Lok Sabha” and “Rajya Sabha”

Finance
The Lok Sabha is represented directly by elected representatives of the people. The Rajya Sabha, on the other hand, consists of 12 nominated and indirectly elected members.They are elected by elected representatives of respective states and similarly by Union Territories as such have been termed as the House of People and Council of State. This contrast between the two houses is also reflected in the domain of Parliamentary powers and functions.The contrast between the powers of two houses can be studied under following headings: Image Source: top10wala.in 1. Finance: ADVERTISEMENTS: A money Bill or a Financial Bill can only be introduced in the Lok Sabha. A Money Bill when passed by Lok Sabha is returned from Rajya Sabha with certain recommendations, may or may not be accepted by the Lok…
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20Oct 2018 by admin

7 Important Powers of the President of India

Budget
The Parliamentary form of government depends on principles and practices wherein the President is the formal executive and council of minister headed by the Prime Minister is the real executive.All the actions of government are undertaken in the name of President but only on the advice of ministers chosen by him.According to Article 53 of the Constitution “executive powers of the Union shall be vested in the hands of the President who shall exercise it either directly or through officers subordinate to him in accordance with the provisions of the Constitution.” Image Source: img.niticentral.com ADVERTISEMENTS: The powers of the President can be broadly categorized as: 1. Executive Power: All executive actions are taken in his name. He has power to appoint the Prime Minister, other ministers of the Government of…
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20Oct 2018 by admin

Complete Information on “Fundamental Rights” in India (History, Characteristics and Classification)

Trade
Important Facts on Fundamental Rights are given below: 1. What are Fundamental Rights? The Constitution of India is committed to a fundamental change in the social order so as to ensure more human life of people. Perhaps no part other than on Fundamental Rights and Directive Principles of State policy testifies to this commitment of Indian Constitution. Image Source: pageresource.com ADVERTISEMENTS: Fundamental rights are the rights that have been incorporated in the Constitution and are justifiable in court of law.They have been modeled on the basis of U.S. Constitution and are hailed as “Cornerstone of the Indian Constitution.” It is to be noted that though all fundamental rights are human rights but not the vice-versa. Most of these rights are worded negative and directed against the state. Some of the…
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20Oct 2018 by admin

Essay on the David Apter's Contribution to the Theory of Political Modernization

Trade
David Apter, one of the outstanding scholars, examines the concept from the third world point of view. He locates a dilemma before the developing countries in their quest to adopt a model for modernization and development.He is of the opinion that while the liberal the liberal Capitalist solution poses the problem of inequity, the Marxian Socialist solution requires coercion. He identifies following stages in the political modernization. (I) Stage of Contact and Control: It started in the advanced countries of Europe in the seventeenth, the eighteenth and the nineteenth centuries, particularly in the adventures of the British, French, German, Dutch, Portuguese and Italian colonialists. Image Source: transnationalarchitecturegroup.files.wordpress.com ADVERTISEMENTS: A few enterprising individuals with a particularly strong sense of mission, greed or real or desire for adventure led this trend. Wherein,…
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20Oct 2018 by admin

Short Notes on Balance of Payments

Finance
Balance of payments is a record of the flow of all financial transactions between the residents of one country and the other countries in statistical form and over a given period of time. Image Source: welchllp.com The BOP Must Balance: Yes, if it does not, it means something has not been properly counted or wrongly counted. ADVERTISEMENTS: Subaccounts of the BOP, such as the merchandise trade balance, may be imbalanced, but the entire BOP of an individual country is always balanced. BOP is based on Double Entry System of Book Keeping: Every transaction has a debit and credit. If asset increases or liability decreases then the two transactions are to be debited and vice versa. Suppose India imports some electronics goods from Japan to the tune of $100 million, the…
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19Oct 2018 by admin

3 Most Important Functions of “Money” as Classified by Kinley

Inflation
Kinley has classified the important functions of money as follows:1. Primary functions,2. Secondary functions and ADVERTISEMENTS: 3. Contingent functions.Primary functions are known as original functions. They are medium exchange and measure of value. Secondary functions include standard of deferred payments, store of value and transfer of value. Contingent functions cover distribution of income, measurement and maximisation of utility. Image Source: centuryproductsllc.com 1. Primary Functions: (A) Medium of Exchange: ADVERTISEMENTS: We have seen the difficulties of barter system of exchange. In the modern society with multiplicity of human wants double coincidence of wants is difficult to achieve. Under barter system, exchange takes place when wants of two persons coincide. It means, exchange of goods must be settled simultaneously.We can take an example to explain the working of double coincidence of wants.…
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19Oct 2018 by admin

8 Most Important Factors on which the Elasticity of Demand Depends

Budget
Elasticity of demand depends upon the number of factors. These are follows: (1) Nature of Commodity: A commodity may be a necessary, or a coif fort or a luxury. Necessaries, which satisfy the most urgent needs and are indispensable, have an inelastic demand, while comforts and luxuries, which do not satisfy urgent wants, have a elastic demand. ADVERTISEMENTS: Take for example, the case of salt. A change in price of salt will not have much effect on its quantity demanded. A change in the price of a necessary article cannot after its demand to a great extent. On the contrary, commodities which are items of luxury have a high elasticity of demand.For instance, if there is an increase in price of motor cars in a country like India there will…
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19Oct 2018 by admin

5 Main Criticisms against Wealth Definition of Adam Smith

Economics
This definition was criticised on several grounds as follows: Image Source: getdebtfreewealth.com (i) Restricted Meaning of Wealth: In Adam Smith’s wealth-oriented definition the meaning of wealth is restricted. Only material goods were considered as wealth. Non-material goods like services of doctors, lawyers and teachers were not considered as wealth. This restricted meaning of wealth has restricted the scope of study of Economics. (ii) Neglect Human Welfare: ADVERTISEMENTS: During the later part of the 19th century, the economists started realizing the humanistic character of economics. It was visualized that wealth is only a means to an end, the end being human welfare. Therefore, some economist severely condemned Adam Smith wealth definition which gives too much importance on wealth and completely ignored human welfare. (iii) The Concept of economic man: The concept…
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