ECONOMICS

Topic

Lecture No.- 01 By- Ashutosh Saxena Sir

1 Economic Theories

2 Classification of Economy

3 Metrics of Economic Growth

 ECONOMICS AS A DISCIPLINE
Economics is the social science that studies the production, distribution, and consumption
of goods and services. In a broader sense, it studies how individuals, businesses,
governments, and nations make choices on allocating resources to satisfy their wants
and needs.
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 The Wealth Definition of Economics
Adam Smith, who is regarded as the Father of Economics, published a book titled "An
Inquiry into the nature and causes of the Wealth of Nations" in 1776.
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 The Wealth Definition of Economics

• The central thesis of Smith's The Wealth of Nations is that our individual need to fulfill
self-interest results in societal benefit.
• He called the force behind this fulfillment the invisible hand.
• Self-interest and the division of labor in an economy result in mutual
interdependencies that promote stability and prosperity through the market
mechanism.
• Smith rejected government interference in market activities.
• He believed that a government's three functions should be to protect national borders,
enforce civil law, and engage in public works (e.g., education).
 The Wealth Definition of Economics

• स्मिथ की द वेल्थ ऑफ नेशंस की केंद्रीय थीससस यह है कक स्वाथथ को पूरा करने की हमारी व्यक्तिगत
आवश्यकता के पररणामस्वरूप सामासिक लाभ होता है।
• उन्होंने इस पूकति के पीछे की शक्ति को अदृश्य हाथ बताया।
• ककसी अथथव्यवस्था में स्वाथथ और श्रम कवभािन के पररणामस्वरूप पारस्पररक ननभथरता होती है िो बािार
तंत्र के माध्यम से स्थस्थरता और समृद्धि को बढावा देती है।
• स्मिथ ने बािार गकतकवक्तियों में सरकारी हस्तक्षेप को खाररि कर ददया।
• उनका मानना था कक सरकार के तीन कायथ राष्ट्रीय सीमाओ ं की रक्षा करना, नागररक कानून लागू करना
और सावथिननक कायों (िैस,े सशक्षा) में संलग्न होना चारहए।
 The Welfare Definition of Economics
In 1890, Alfred Marshall stated that "Economics is a study of mankind in the ordinary
business of life; it examines that part of individual and social action which is most closely
connected with the attainment and with the use of material requisites of wellbeing“
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 The Scarcity Definition of Economics
According to Lionel Robbins: "Economics is the science which studies human behaviour
as a relationship between ends and scarce means which have alternative uses.“
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 The Growth Definition of Economics
According to Prof. Paul A Samuelson: "Economics is the study of how people and society
choose with or without the use of money, to employ scarce productive resources which
have alternative uses, to produce various commodities over time and distribute them for
consumption now and in the future, among various people and groups of society.
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Microeconomics and Macroeconomics
Microeconomics and Macroeconomics
 Differences between Microeconomics
and Macroeconomics
Microeconomics Macroeconomics
• It studies the individual unit. • It studies the whole economy or large groups.
• Laws related to marginal analysis • Problems related to whole economy like
are included in its scope. employment, public finance, national income,
etc., are included in its scope.
• Microeconomics provides the • Macroeconomics provides the information
information relating to the relating to National Income, total output, total
individual prices, individual consumption and general price level.
consumption and production.
• Microeconomics analysis is simple. • Macroeconomics is complex due to the study
of large groups.
• Microeconomics, particularly focus • Macroeconomics particularly focus on
on price analysis. income analysis.
• Microeconomics studies individual • Macroeconomics studies the problems
problems and it is less important relating to the economy and its importance is
for comparative study. growing in comparative studies.