Economics which is concerned with welfare propositions is called ? a. Socialist economics b. Capitalist econonics c. Positive economics d. Normative economics?
6 answers
|
what is economic Related: what are Positive and Normative Economics? - Economics
3 answers
|
Who controls economic activities under centrally planned economics?
2 answers
|
diffrent between economic and micro economice Related: Meaning of Micro Economics?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer?
1 answers
|
Needed a Document for Explain the role of managerial economist in business economic? Related: Role & Social Responsibilities - Introduction to Business Economics, Business Economics & Finance
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate" how much governments should intervene to reduce inequality, say" but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.According to the information given in the passage:I. Scientists and economists are similar.II. Scientists and economists are not similar.III. Scientists are more accurate than economists.IV. Scientists are less disputative that economists.a)I, II & IIIb)II, III & IVc)I, III & IVd)All of the aboveCorrect answer is option 'B'. Can you explain this answer?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate" how much governments should intervene to reduce inequality, say" but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.Economics is closer to:a)Scienceb)Politicsc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer?
1 answers
|
define economic Related: Scanner Chapter -1 & 2- Introduction (Macro Economics)?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate" how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.The tone and attitude of the author of the passage cansaid to be:a)Unforgiving criticismb)Implied criticismc)Trenchant criticismd)Both (A) and (C)Correct answer is option 'B'. Can you explain this answer?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.A suitable title for the passage is:a)All sizzle and no steakb)A chilles heelc)All in your headd)All at seaCorrect answer is option 'D'. Can you explain this answer?
1 answers
|
what is the type of Indian economy Related: Types of Economies: Economics?
1 answers
|
India ke pahle Pradhanmantri Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
can u provide books notes in Hindi? Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
please provide this material in Hindi Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
sir economy ka basic kahan se padhen Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
Directions: Read the following passage and answer the question.Homo economicus bases his choices on a consideration of his own personal “utility function.” Economic man is also amoral, ignoring all social values unless adhering to them gives him utility. Some believe such assumptions about humans are not only empirically inaccurate but also unethical.Economists criticize the role of Homo economicus as the principal actor in understanding macroeconomics and economic forecasting. They stress uncertainty and bounded rationality in the making of economic decisions, rather than relying on the rational man who is fully informed of all circumstances impinging on his decisions. They argue that perfect knowledge never exists, which means that all economic activity implies risk.Empirical studies by Amos Tversky questioned the assumption that investors are rational. In 1995, Tversky demonstrated the tendency of investors to make risk-averse choices in gains, and risk-seeking choices in losses. The investors appeared as very risk-averse for small losses but indifferent for a small chance of a very large loss. This violates economic rationality as usually understood. Further research on this subject, showing other deviations from conventionally defined economic rationality, is being done in the growing field of experimental or behavioral economics.Other critics of the Homo economicus model of humanity, such as Bruno Frey, point to the excessive emphasis on extrinsic motivation (rewards and punishments from the social environment) as opposed to intrinsic motivation, For example, it is difficult if not impossible to understand how Homo economicus would be a hero in war or would get inherent pleasure from craftsmanship. Frey and others argue that too much emphasis on rewards and punishments can “crowd out” (discourage) intrinsic motivation: paying a boy for doing household tasks may push him from doing those tasks “to help the family” to doing them simply for the reward.Yet others, especially sociologists, argue that the model ignores an extremely important question, i.e., the origins of tastes and the parameters of the utility function. The exogeneity of tastes (preferences) in the Homo economicus model is the major distinction from Homo sociologicus, in which tastes are taken as partially or even totally determined by the societal environment.Q.According to the second paragraph, which of the following is the reason why some economists criticize the Homo economicus model?a)Homo economicus understands neither macroeco nomics nor economic forecasting because he does not have perfect information.b)The economic decision making of Homo economicus can never be fully rational because he can never possess complete information.c)The Homo economicus model incorrectly assumes that man is rational, which are sults in a flawed understanding of macroeconomics and forecasting.d)Homo economicus though being rational cannot act rationally because of the certain conditions arising out of a lack of access to information.Correct answer is option 'B'. Can you explain this answer?
1 answers
|
what are the types of mixed economy Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
what is coercive subsidization , regulations and monopolistic monetary system Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
Needed a Document for Indian modern? Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
per capital consumptiomnm Related: Economic Growth & Development - Economics, UPSC, IAS
1 answers
|
Read the following passage and answer on the basis of the same : The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Assertion (A): "The minimum wage should be raised by 20%". Given statement is an example of a normative economics statement.Reason (R): Normative economics is subjective and value based.a)Both Assertion (A) and Reason (R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer?
1 answers
|
Who divided the economic into micro and macro economics?
1 answers
|
Read the following passage and answer on the basis of the same :The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Q. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth.a)Trueb)FalseCorrect answer is option 'A'. Can you explain this answer?
1 answers
|
Read the following passage and answer on the basis of the same : The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Q. What do you mean by Positive Economics?a)traditional economicsb)branch economicsc)only (a)d)both (a) and (b)Correct answer is option 'B'. Can you explain this answer?
1 answers
|
![]() |
International Economics- In Depth Basics and Analysis
6 Docs
|
![]() |
Economics Class 11
195 Docs | 201 Videos | 64 Tests
|
![]() |
Economics Class 12
218 Docs | 197 Videos | 77 Tests
|
![]() |
Statistics for Economics - Class XI
42 Docs | 51 Videos
|
![]() |
Economics for CBSE Class 12 Board Examinations
72 Docs
|
![]() |
Macro Economics
61 Docs | 61 Videos
|
![]() |
Business Economics for CA Foundation
111 Docs | 61 Videos | 67 Tests
|
![]() |
Economics for CA CPT
78 Docs | 66 Videos | 59 Tests
|
![]() |
Business Economics & Finance
80 Docs | 72 Videos
|
![]() |
Crash Course of Micro Economics -Class 12
45 Docs | 14 Tests
|
![]() |
Crash Course of Macro Economics -Class 12
34 Docs | 4 Tests
|
![]() |
Economics for Class 9
54 Docs | 3 Videos | 20 Tests
|
![]() |
Economics for SSC CGL Exam (Hindi)
27 Videos
|
![]() |
Financial Management & Economics Finance: CA Intermediate
31 Docs
|
![]() |
Economics for Class 10
37 Docs | 15 Videos | 35 Tests
|
![]() |
Microeconomics- Interaction between individual buyer-seller
12 Docs
|
![]() |
Macroeconomics- Learning and Analysis
12 Docs
|
![]() |
Indian Economy - In Depth Analysis
9 Docs
|
![]() |
History for UPSC CSE
548 Docs | 156 Videos | 345 Tests
|
![]() |
Geography for UPSC CSE
466 Docs | 161 Videos | 207 Tests
|
![]() |
Indian Economy for UPSC CSE
295 Docs | 129 Videos | 141 Tests
|
![]() |
Current Affairs & Hindu Analysis: Daily, Weekly & Monthly
1679 Docs | 673 Tests
|
![]() |
UPSC Previous Year Question Papers and Video Analysis
296 Docs | 115 Videos | 21 Tests
|
![]() |
Social Studies (SST) Class 9
345 Docs | 74 Videos | 116 Tests
|
![]() |
Social Studies (SST) Class 10
254 Docs | 83 Videos | 156 Tests
|
![]() |
Famous Books for UPSC Exam (Summary & Tests)
983 Docs | 547 Videos | 394 Tests
|
![]() |
Old & New NCERTs for IAS Preparation (Must Read)
276 Docs
|
![]() |
भारतीय अर्थव्यवस्था (Indian Economy) for UPSC CSE in Hindi
208 Docs | 96 Videos | 109 Tests
|
![]() |
Indian Economy
48 Docs | 47 Videos
|
![]() |
Mock Tests & Past Year Papers for CA Foundation
27 Docs | 19 Tests
|
![]() |
NCERT Textbooks in Hindi (Class 6 to Class 12)
974 Docs | 359 Tests
|
![]() |
Subject-Wise Mind Maps for Class 10
41 Docs
|
![]() |
Olympiad Preparation for Class 10
39 Tests
|
![]() |
NCERT Textbooks (Class 6 to Class 12)
1316 Docs | 585 Tests
|
![]() |
UPSC Level Questions (NCERT Based)
84 Tests
|
![]() |
Indian Economy (Prelims) by Shahid Ali
62 Docs | 36 Videos | 68 Tests
|
![]() |
UPSC Topic Wise Previous Year Questions
98 Docs | 91 Tests
|
![]() |
NCERT Textbooks & Solutions for Class 10
237 Docs
|
![]() |
Chapter Notes for Class 10
100 Docs
|
![]() |
Business Environment
53 Docs | 53 Videos
|
![]() |
Chapter Notes For Class 9
215 Docs
|
![]() |
Online MCQ Tests for Class 10
456 Tests
|
![]() |
Short & Long Answer Questions for Class 10
105 Docs
|
![]() |
International Business
27 Docs | 38 Videos
|
![]() |
Online MCQ Tests for Class 9
453 Tests
|
![]() |
Short & Long Answer Questions for Class 9
221 Docs
|
![]() |
NCERT Textbooks & Solutions for Class 9
143 Docs
|
![]() |
Subject-Wise Mind Maps for Class 9
46 Docs
|
![]() |
General Studies Video Lectures by Pioneer Academy
128 Videos
|
![]() |
NABARD Manager - Mock Tests & Previous Year Papers
1 Docs | 83 Tests
|
|
DU BA ECONOMICS HONS. INDIAN ECONOMIC DEVELOPMENT,7054 SEM4 2014 PAPER
4782 views
|
|
DU BA ECONOMICS HONS. COMPARATIVE ECONOMIC DEVELOPMENT,7060 SEM6 2014 PAPER
1120 views
|
|
DU BA ECONOMICS HONS. Economic History of India,7032 SEM 2013 PAPER
1071 views
|
|
Globalization - Economics
739 views
|
![]() |
Introduction to Economics - Economics
651 views
|
|
DU BA ECONOMICS HONS. COMPARATIVE ECONOMIC DEVELOPMENT,7078 SEM6 2014 PAPER
646 views
|
|
DU BA ECONOMICS HONS. MATHEMATICAL METHODS FOR ECONOMICS2,SEM2 2012 PAPER
570 views
|
|
DU BA ECONOMICS HONS. INDIA'S ECONOMIC DEVELOPMENT SINCE 1947,6327 SEM2 2012 PAPER
401 views
|
|
DU BA ECONOMICS HONS. ECONOMIS-B SEM2 2012 PAPER
312 views
|
|
DU BA ECONOMICS HONS. INDIA'S ECONOMIC DEVELOPMENT SINCE 1947,7072 SEM2 2014 PAPER
311 views
|
![]() |
Economic growth through investment - Economics
301 views
|
|
DU BA ECONOMICS HONS/III COMPARITIVE ECONOMIC DEVELOPMENT 1850-1950,6333 2012 PAPER
293 views
|
![]() |
Economic profit vs accounting profit - Economics
241 views
|
![]() |
Positive and Normative Economics - Economics
233 views
|
![]() |
Economics of a cupcake factory - Economics
214 views
|
![]() |
Types of Economies: Summary notes of Economics for UPSC GS
62093 views
|
![]() |
Types of Economies: Economics
9356 views
|
![]() |
Economic Reforms: Economics
6636 views
|
![]() |
Economic Growth & Development: Economics
5106 views
|
|
ECONOMICS
2588 views
|
|
Economic Geography - Class Notes, Commerce, Economics
1848 views
|
![]() |
Economic Growth and Development - Economics, UPSC IAS Exam Preparation
1281 views
|
|
Economic & Non-Economic Activities- Introduction to Business Economics, Business Economics & Finance
966 views
|
|
Types of Economies - What is Economy?, Class 12 , Economics
900 views
|
|
Causes of Economic Problem - Presentation, Economics, Class 11
769 views
|
|
16. Types of Economies - Economics, General Awareness
711 views
|
![]() |
Economic Survey Lecture 1: Overview - Economics, UPSC Mains Exam
669 views
|
![]() |
Economic Survey : An Overview of all Chapters - Economics, UPSC Mains Exam
663 views
|
![]() |
Economic survey: Agriculture Reforms & Budget 2015 Announcements - Economics, UPSC Mains Exam
647 views
|
![]() |
Gist of Economic Survey's - UPSC IAS/IPS Prelim, Mains & Interviews, Economics
630 views
|
|
Economics PDF
593 views
|
![]() |
Economic & Non-Economic Activities - Introduction to Business Economics
549 views
|
|
Ch 2 - Thinking like an Economist - Notes : Principle of Economics (MicroEconomics)
548 views
|
|
Economic Reforms - Economics, UPSC IAS Exam Preparation
496 views
|
|
DU B.COM PASS ECONOMICS SYSTEM AND MICRO-ECONOMIC THEORY SEM1 2011 PAPER
471 views
|
|
Micro economics
460 views
|
|
Micro & Macro Economics - Introduction to Business Economics, Business Economics & Finance
401 views
|
![]() |
Regional Economic Integration - International Economics Institution, Business Environment
328 views
|
|
Special Economic Zones - Economics, UPSC, IAS.
315 views
|
|
Micro economics
314 views
|
|
Economics paper2
288 views
|
|
Economics & Business Economics - Introduction to Business Economics, Business Economics & Finance
268 views
|
![]() |
Economic Activities and Non Economic Activities | ICSE Class 9 | Class 11 | Types of Human Activities | Economics
234 views
|
|
Special Economic Zones - Economics, UPSC IAS Exam Preparation
183 views
|
|
Information of critique of FFT - Notes, History of Modern Economic Thought, Economics
183 views
|
![]() |
Accounting, Economic & Normal Profit - Economics Concepts, Business Economics & Finance
151 views
|
![]() |
Economies of Scale - Production Analysis, Business Economics & Finance
138 views
|
|
Economies of Scale - Production Analysis, Business Economics & Finance
97 views
|
|
Accounting, Economic & Normal Profit - Economics Concepts, Business Economics & Finance
74 views
|
![]() |
Business Economics
43 views
|
![]() |
Economic Systems and Macroeconomics: Crash Course Economics #3
40 views
|
![]() |
Economics Development
35 views
|
![]() |
Behavioral Economics: Crash Course Economics #27
33 views
|
![]() |
Economic Schools of Thought: Crash Course Economics #14
20 views
|
![]() |
Trilemma Economics
8 views
|
![]() |
Economic Systems and Macroeconomics: Crash Course Economics
4 views
|
![]() |
#1 Economics II Introduction to Economics || What is Economic Problem?
3 views
|
![]() |
Economics vs Economy: Types of Economies (अर्थव्यवस्था के प्रकार)
1 views
|
![]() |
Cost | Economics |
1 views
|
![]() |
Ramesh Singh Summary: Micro & Macro Economies & Different Economic Systems
5826 views
|
|
Test: Economics
20 Questions | 40 min
Attempt
|
|
Test: Economics - Economics And Social Development - 2
30 Questions | 30 min
Attempt
|
|
Test: Economics - Economics And Social Development - 1
30 Questions | 30 min
Attempt
|
|
Test: Economics - 1
25 Questions | 30 min
Attempt
|
|
Test: Economics - 2
25 Questions | 30 min
Attempt
|
|
Test: Indian Economics - 2
25 Questions | 30 min
Attempt
|
|
Test: Business Economics - 2
25 Questions | 30 min
Attempt
|
|
Test: Indian Economics - 1
25 Questions | 30 min
Attempt
|
|
Test: Business Economics - 1
25 Questions | 30 min
Attempt
|
|
Test: Business Economics - 3
25 Questions | 30 min
Attempt
|
|
Test: Business Economics - 5
50 Questions | 60 min
Attempt
|
|
Test: Business Economics - 4
50 Questions | 30 min
Attempt
|
|
Economics: CUET Mock Test - 3
40 Questions | 45 min
Attempt
|
|
Economics: CUET Mock Test - 5
40 Questions | 45 min
Attempt
|
|
Economics: CUET Mock Test - 6
40 Questions | 45 min
Attempt
|
|
Test: Introduction To Economics - 4
25 Questions | 30 min
Attempt
|
|
Business Economics Mock Test - 5
100 Questions | 100 min
Attempt
|
|
Ramesh Singh Test: Economics - 2
25 Questions | 30 min
Attempt
|
|
Economics: CUET Mock Test - 1
40 Questions | 45 min
Attempt
|
|
Test: Introduction To Economics - 5
25 Questions | 30 min
Attempt
|
|
Previous Year Questions: Economics- 4
30 Questions | 35 min
Attempt
|
|
Previous Year Questions: Economics- 2
30 Questions | 35 min
Attempt
|
|
Economics: CUET Mock Test - 10
40 Questions | 45 min
Attempt
|
|
Test: Introduction To Economics - 2
20 Questions | 20 min
Attempt
|
|
Test: Introduction To Economics - 3
25 Questions | 30 min
Attempt
|
|
Business Economics Mock Test - 1
100 Questions | 100 min
Attempt
|
|
Previous Year Questions: Economics- 1
30 Questions | 35 min
Attempt
|
|
Economics: CUET Mock Test - 4
40 Questions | 45 min
Attempt
|
|
Previous Year Questions: Economics- 3
30 Questions | 35 min
Attempt
|
|
Business Economics Mock Test - 3
100 Questions | 100 min
Attempt
|
|
Economics: CUET Mock Test - 7
40 Questions | 45 min
Attempt
|
|
Economics: CUET Mock Test - 2
40 Questions | 45 min
Attempt
|
|
Economics: CUET Mock Test - 8
40 Questions | 45 min
Attempt
|
|
Economics: CUET Mock Test - 9
40 Questions | 45 min
Attempt
|
|
Test: Introduction To Economics - 1
10 Questions | 10 min
Attempt
|
|
Business Economics Mock Test - 4
100 Questions | 100 min
Attempt
|
|
Business Economics Mock Test - 2
100 Questions | 100 min
Attempt
|
|
Previous Year Questions: Economics- 5
30 Questions | 35 min
Attempt
|
|
Ramesh Singh Test: Economics - 1
25 Questions | 30 min
Attempt
|
|
Test: Introduction To Macro Economics - 1
10 Questions | 20 min
Attempt
|
|
Test: Introduction To Macro Economics - 2
15 Questions | 10 min
Attempt
|
|
Test: Introduction To Macro Economics - 3
10 Questions | 20 min
Attempt
|
|
Functions & Scope of Government in Economics
20 Questions | 20 min
Attempt
|
|
Ramesh Singh Test: Introduction to Economics
10 Questions | 12 min
Attempt
|
|
Economics Past Year Paper - III Dec 2015
75 Questions | 150 min
Attempt
|
|
Ramesh Singh Test : Introduction To Economics - 1
10 Questions | 20 min
Attempt
|
|
Test: Economic Botany
90 Questions | 90 min
Attempt
|
|
Socio-economic Aspects - Population
20 Questions | 20 min
Attempt
|
|
Test: Political Socio-Economic Life
20 Questions | 25 min
Attempt
|
|
Ramesh Singh Test: Economic Planning
10 Questions | 12 min
Attempt
|
|
Economics | Sample Papers for Class 11 Commerce
5 Docs
|
|
Economics | General Studies Video Lectures by Pioneer Academy
18 Videos
|
|
Economics | Crash Course: Class 9
3 Videos
|
|
Economics | CUET Mock Test Series
10 Tests
|
|
Economics | UPSC Level Questions (NCERT Based)
8 Tests
|
|
Economics | Chapter Notes For Class 9
8 Docs
|
|
Economics | Social Studies (SST) Class 9
8 Docs
|
|
Economics | Subject-Wise Mind Maps for Class 9
3 Docs
|
|
Economics | NCERT Textbooks & Solutions for Class 9
8 Docs
|
|
Economics | Sample Papers for Class 12 Commerce
21 Docs | 1 Tests
|
|
Economics | CUET Mock Test: Commerce Subjects
10 Tests
|
|
Economics | Social Studies (SST) Class 9
8 Docs
|
|
Economics | Social Studies (SST) Class 9
8 Docs
|
|
Economics | Short & Long Answer Questions for Class 9
8 Docs
|
|
Economics Concepts | Business Economics & Finance
6 Docs | 7 Videos
|
|
Business Economics | Mock Tests & Past Year Papers for CA Foundation
4 Docs | 7 Tests
|
|
Class 11 Economics | भारतीय अर्थव्यवस्था (Indian Economy) for UPSC CSE in Hindi
10 Docs | 12 Tests
|
|
Class 9 Economics | NCERT Textbooks (Class 6 to Class 12)
8 Docs | 8 Tests
|
|
Class 9 Economics | NCERT Textbooks in Hindi (Class 6 to Class 12)
8 Docs | 3 Tests
|
|
Class 11 Economics | NCERT Textbooks in Hindi (Class 6 to Class 12)
20 Docs | 8 Tests
|
|
Economics Class 11 | Crash Course for Humanities
30 Videos
|
|
Class 11 Economics | NCERT Textbooks (Class 6 to Class 12)
20 Docs | 18 Tests
|
|
Introduction to Economics | Indian Economy for UPSC CSE
1 Docs | 4 Videos | 1 Tests
|
|
NCERT Summary: Economics | NCERT Summaries for UPSC
19 Docs
|
|
Economics Paper- 2 | UPSC Previous Year Question Papers and Video Analysis
8 Docs
|
|
Class 10 Economics | भारतीय अर्थव्यवस्था (Indian Economy) for UPSC CSE in Hindi
5 Docs | 5 Tests
|
|
NCERT Summary: Economics | Famous Books for UPSC Exam (Summary & Tests)
19 Docs
|
|
Business Economics Test | Business Economics for CA Foundation
5 Tests
|
|
Economics Class 12 | Crash Course for Humanities
27 Videos
|
|
Class 10 Economics | NCERT Textbooks (Class 6 to Class 12)
10 Docs | 10 Tests
|
![]() |
Win Economics
Student of EduRev
|
![]() |
Economics Uca
Student of EduRev
|
![]() |
Mantras Of Economics
Student of EduRev
|
![]() |
Wcr Economics
Student of EduRev
|
![]() |
Economics Class
Student of EduRev
|
![]() |
M.k Economics
Student of EduRev
|
![]() |
Economics Classroom
Student of EduRev
|
![]() |
Learn Economics With Ani
Student of EduRev
|
![]() |
Economics Classes
Student of EduRev
|
![]() |
Mamta Economics
Student of EduRev
|
![]() |
Class 12th Economics
Student of EduRev
|
![]() |
Ashima Sharma Economics
Student of EduRev
|
![]() |
Economics
Student of EduRev
|
![]() |
Learning Economics
Student of EduRev
|
![]() |
Economics Classxii
Student of EduRev
|
![]() |
Vinit Economics
Student of EduRev
|
![]() |
Economics on
Student of EduRev
|
![]() |
Simplified Economics
Student of EduRev
|
![]() |
Rakhi Economics
Student of EduRev
|
![]() |
Economics Classes
Student of EduRev
|
![]() |
Mathematics & Economics
Student of EduRev
|
![]() |
Indian Economics
Student of EduRev
|
![]() |
Economics On
Student of EduRev
|
![]() |
Santhosh Economics
Student of EduRev
|
![]() |
Economics Department
Student of EduRev
|
![]() |
Economics Optional
Student of EduRev
|
![]() |
Economics Mania
Student of EduRev
|
![]() |
Agricultural Economics
Student of EduRev
|
![]() |
Kunal Economics
Student of EduRev
|
![]() |
Economics Easy
Student of EduRev
|
![]() |
Economics Tv
Student of EduRev
|
![]() |
Ma Economics
Student of EduRev
|
![]() |
Ramesh Economics
Student of EduRev
|
![]() |
Economics Lover
Student of EduRev
|
![]() |
Atri Economics
Student of EduRev
|
![]() |
M.a Economics
Student of EduRev
|
![]() |
Economics Squad
Student of EduRev
|
![]() |
Mahara Economics
Student of EduRev
|
![]() |
Economics Onlineclasses
Student of EduRev
|
![]() |
Aamir Economics
Student of EduRev
|
![]() |
Micro Economics
Student of EduRev
|
![]() |
Economics Classes
Student of EduRev
|
![]() |
Economics Nmsm
Student of EduRev
|
![]() |
Rk Economics
Student of EduRev
|
![]() |
C.annapurna Economics
Student of EduRev
|
![]() |
Vr Economics
Student of EduRev
|
![]() |
Raghavendra's Economics
Student of EduRev
|
![]() |
Students' Economics
Student of EduRev
|
![]() |
Economics By
Student of EduRev
|
![]() |
Economics Stars.
Student of EduRev
|
Economics which is concerned with welfare propositions is called ? a. Socialist economics b. Capitalist econonics c. Positive economics d. Normative economics?
6 answers
|
what is economic Related: what are Positive and Normative Economics? - Economics
3 answers
|
Who controls economic activities under centrally planned economics?
2 answers
|
diffrent between economic and micro economice Related: Meaning of Micro Economics?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.It can be inferred from the passage that:a)There is limited impact of ethics and politics on economic thoughtb)There is sudden impact of ethics and politics on economic thoughtc)There is discernable impact of ethics and politics on economic thoughtd)There is negligible impact of ethics and politics on economic thoughtCorrect answer is option 'C'. Can you explain this answer?
1 answers
|
Needed a Document for Explain the role of managerial economist in business economic? Related: Role & Social Responsibilities - Introduction to Business Economics, Business Economics & Finance
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate" how much governments should intervene to reduce inequality, say" but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.According to the information given in the passage:I. Scientists and economists are similar.II. Scientists and economists are not similar.III. Scientists are more accurate than economists.IV. Scientists are less disputative that economists.a)I, II & IIIb)II, III & IVc)I, III & IVd)All of the aboveCorrect answer is option 'B'. Can you explain this answer?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate" how much governments should intervene to reduce inequality, say" but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.Economics is closer to:a)Scienceb)Politicsc)Both (A) and (B)d)Neither (A) nor (B)Correct answer is option 'B'. Can you explain this answer?
1 answers
|
define economic Related: Scanner Chapter -1 & 2- Introduction (Macro Economics)?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate" how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.The tone and attitude of the author of the passage cansaid to be:a)Unforgiving criticismb)Implied criticismc)Trenchant criticismd)Both (A) and (C)Correct answer is option 'B'. Can you explain this answer?
1 answers
|
DIRECTIONSfor the question:Read the passage and answer the question based on it.DISMAL may not be the most desirable of modifiers, but economists love it when people call their discipline a science. They consider themselves the most rigorous of social scientists. Yet whereas their peers in the natural sciences can edit genes and spot new planets, economists cannot reliably predict, let alone prevent, recessions or other economic events. Indeed, some claim that economics is based not so much on empirical observation and rational analysis as on ideology.In October Russell Roberts, a research fellow at Stanford Universitys Hoover Institution, tweeted that if told an economists view on one issue, he could confidently predict his or her position on any number of other questions. Prominent bloggers on economics have since furiously defended the profession, citing cases when economists changed their minds in response to new facts, rather than hewing stubbornly to dogma. Adam Ozimek, an economist at Moodys Analytics, pointed to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis from 2009 to 2015, who flipped from hawkishness to dovishness when reality failed to affirm his warnings of a looming surge in inflation. Tyler Cowen, an economist at George Mason, published a list of issues on which his opinion has shifted (he is no longer sure that income from capital is best left untaxed). Paul Krugman, an economist and New York Times columnist, chimed in. He changed his view on the minimum wage after research found that increases up to a certain point reduced employment only marginally (this newspaper had a similar change of heart).Economists, to be fair, are constrained in ways that many scientists are not. They cannot brew up endless recessions in test tubes to work out what causes what, for instance. Yet the same restriction applies to many hard sciences, too: geologists did not need to recreate the Earth in the lab to get a handle on plate tectonics. The essence of science is agreeing on a shared approach for generating widely accepted knowledge. Science, wrote Paul Romer, an economist, in a paper published last year, leads to broad consensus. Politics does not.Nor, it seems, does economics. In a paper on macroeconomics published in 2006, Gregory Mankiw of Harvard University declared: A new consensus has emerged about the best way to understand economic fluctuations. But after the financial crisis prompted a wrenching recession, disagreement about the causes and cures raged. Schlock economics was how Robert Lucas, a Nobel-prize-winning economist, described Barack Obamas plan for a big stimulus to revive the American economy. Mr Krugman, another Nobel-winner, reckoned Mr Lucas and his sort were responsible for a dark age of macroeconomics.As Mr Roberts suggested, economists tend to fall into rival camps defined by distinct beliefs. Anthony Randazzo of the Reason Foundation, a libertarian think-tank, and Jonathan Haidt of New York University recently asked a group of academic economists both moral questions (is it fairer to divide resources equally, or according to effort?) and questions about economics. They found a high correlation between the economists views on ethics and on economics. The correlation was not limited to matters of debate"how much governments should intervene to reduce inequality, say"but also encompassed more empirical questions, such as how fiscal austerity affects economies on the ropes. Another study found that, in supposedly empirical research, right-leaning economists discerned more economically damaging effects from increases in taxes than left-leaning ones.That is worrying. Yet is it unusual, compared with other fields? Gunnar Myrdal, yet another Nobel-winning economist, once argued that scientists of all sorts rely on preconceptions. "Questions must be asked before answers can be given," he quipped. A survey conducted in 2003 among practitioners of six social sciences found that economics was no more political than the other fields, just more finely balanced ideologically: left-leaning economists outnumbered right-leaning ones by three to one, compared with a ratio of 30:1 in anthropology.Q.A suitable title for the passage is:a)All sizzle and no steakb)A chilles heelc)All in your headd)All at seaCorrect answer is option 'D'. Can you explain this answer?
1 answers
|
what is the type of Indian economy Related: Types of Economies: Economics?
1 answers
|
India ke pahle Pradhanmantri Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
can u provide books notes in Hindi? Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
please provide this material in Hindi Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
sir economy ka basic kahan se padhen Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
Directions: Read the following passage and answer the question.Homo economicus bases his choices on a consideration of his own personal “utility function.” Economic man is also amoral, ignoring all social values unless adhering to them gives him utility. Some believe such assumptions about humans are not only empirically inaccurate but also unethical.Economists criticize the role of Homo economicus as the principal actor in understanding macroeconomics and economic forecasting. They stress uncertainty and bounded rationality in the making of economic decisions, rather than relying on the rational man who is fully informed of all circumstances impinging on his decisions. They argue that perfect knowledge never exists, which means that all economic activity implies risk.Empirical studies by Amos Tversky questioned the assumption that investors are rational. In 1995, Tversky demonstrated the tendency of investors to make risk-averse choices in gains, and risk-seeking choices in losses. The investors appeared as very risk-averse for small losses but indifferent for a small chance of a very large loss. This violates economic rationality as usually understood. Further research on this subject, showing other deviations from conventionally defined economic rationality, is being done in the growing field of experimental or behavioral economics.Other critics of the Homo economicus model of humanity, such as Bruno Frey, point to the excessive emphasis on extrinsic motivation (rewards and punishments from the social environment) as opposed to intrinsic motivation, For example, it is difficult if not impossible to understand how Homo economicus would be a hero in war or would get inherent pleasure from craftsmanship. Frey and others argue that too much emphasis on rewards and punishments can “crowd out” (discourage) intrinsic motivation: paying a boy for doing household tasks may push him from doing those tasks “to help the family” to doing them simply for the reward.Yet others, especially sociologists, argue that the model ignores an extremely important question, i.e., the origins of tastes and the parameters of the utility function. The exogeneity of tastes (preferences) in the Homo economicus model is the major distinction from Homo sociologicus, in which tastes are taken as partially or even totally determined by the societal environment.Q.According to the second paragraph, which of the following is the reason why some economists criticize the Homo economicus model?a)Homo economicus understands neither macroeco nomics nor economic forecasting because he does not have perfect information.b)The economic decision making of Homo economicus can never be fully rational because he can never possess complete information.c)The Homo economicus model incorrectly assumes that man is rational, which are sults in a flawed understanding of macroeconomics and forecasting.d)Homo economicus though being rational cannot act rationally because of the certain conditions arising out of a lack of access to information.Correct answer is option 'B'. Can you explain this answer?
1 answers
|
what are the types of mixed economy Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
what is coercive subsidization , regulations and monopolistic monetary system Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
Needed a Document for Indian modern? Related: Types of Economies - Economics, UPSC, IAS?
1 answers
|
per capital consumptiomnm Related: Economic Growth & Development - Economics, UPSC, IAS
1 answers
|
Read the following passage and answer on the basis of the same : The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Assertion (A): "The minimum wage should be raised by 20%". Given statement is an example of a normative economics statement.Reason (R): Normative economics is subjective and value based.a)Both Assertion (A) and Reason (R) are true.b)Both Assertion (A) and Reason (R) are false.Correct answer is option 'A'. Can you explain this answer?
1 answers
|
Who divided the economic into micro and macro economics?
1 answers
|
Read the following passage and answer on the basis of the same :The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Q. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth.a)Trueb)FalseCorrect answer is option 'A'. Can you explain this answer?
1 answers
|
Read the following passage and answer on the basis of the same : The subject-matter of economics is divided into two major branches—Microeconomics and Macroeconomics. Microeconomics studies the economic behaviour of individual economic units and individual economic variables, whereas macroeconomics deals with the functioning of the economy as a whole. Macroeconomics dealswith the broad economic aggregates or bigger issues, such as full employment, unemployment, full capacity, under capacity production, inflation or deflation, etc. Macroeconomics is concerned with the theory of national income, employment, aggregate consumption, savings and investment, general price level, economic growth, etc. Whereas, microeconomics is concerned with the theory of product pricing, factor pricing and consumer behaviour, etc.Positive economics is the branch of economics that concerns the description and explanation of economic phenomena. It focuses on facts and cause and effect behavioural relationships and includes the development and testing of economic theories. Positive economics is objective and facts based. Whereas normative economics is a part of economics that expresses value or normative judgments about economic fairness or what the outcome of the economy or goals of public policy ought to be. Normative economics is subjective and value based.For example, the statement, “government-provided healthcare increases public expenditures” is a positive economic statement and the statement, “government should provide basic healthcare to all citizens” is a normative economic statement.Q. What do you mean by Positive Economics?a)traditional economicsb)branch economicsc)only (a)d)both (a) and (b)Correct answer is option 'B'. Can you explain this answer?
1 answers
|