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schools of economics
Economics Institutions

Economic Institutions

Economics Institutions defined The term ‘economic institutions’ is usually used for socially sanctioned such concepts and struc­tures which men have developed in the process of satisfying their material needs. Economic institutions provide basic physical subsistence for society and meet needs for food, shelter, clothing and other necessities of life. These insti­tutions include production agriculture and...Read More
Schools of Economics

Classical and Neoclassical Schools of Economics

Economics is a social science directed at the satisfaction of needs and wants through the allocation of scarce resources which have alternative uses. Classical Economics The fundamental principle of the classical theory is that the economy is self‐regulating. Classical economists maintain that the economy is always capable of achieving the natural level of real GDP or output,...Read More