Introduction Economics is not merely the study of wealth or resource allocation — it is also about how these resources affect human welfare. The branch of economics that explicitly focuses on this aspect is known as Welfare Economics. It deals with the evaluation of economic policies and conditions in terms of their impact on the…
Introduction Inflation and economic growth are two of the most crucial macroeconomic variables that shape the performance of an economy. While economic growth indicates the rise in a country’s productive capacity and output over time, inflation refers to the persistent increase in the general price level of goods and services. The relationship between these two…
Introduction Banks are the backbone of the modern financial system and play a pivotal role in the economic development of a country. A bank is not merely a financial institution that accepts deposits and grants loans, but also an essential component of the economic structure that facilitates trade, investment, and development. It serves as a…
Introduction In the era of globalization and interconnected economies, the smooth functioning of global finance and trade depends on cooperation among international institutions. Various organizations work to ensure economic stability, promote transparency, and strengthen financial systems across nations.Among these, the Organization for Economic Co-operation and Development (OECD), Bank for International Settlements (BIS), Financial Stability Board…
Introduction The United Nations Conference on Trade and Development (UNCTAD) is a vital organ of the United Nations system established to promote the integration of developing countries into the world economy in a fair, balanced, and sustainable manner. Formed in 1964, UNCTAD has served as a permanent intergovernmental body focusing on issues of international trade,…
Introduction The end of the Second World War marked not only a turning point in political and military history but also in the evolution of the world’s economic system. The economic instability and depression that followed World War I had shown that uncoordinated monetary policies and trade rivalries could lead to global chaos. To avoid…
Introduction In the modern interconnected world, no nation can exist in isolation. The complexities of international relations—ranging from trade and security to health, environment, and human rights—necessitate cooperation among states. This cooperation is formalized through international organizations, which serve as platforms for dialogue, policy formulation, coordination, and dispute resolution among countries. International organizations have become…
Introduction In the study of production economics, the Law of Increasing Returns plays a vital role in explaining how the productivity of a firm changes when the scale of production is increased. This law is a fundamental part of the broader Laws of Returns to Scale, which describe the relationship between input and output in…
Introduction Economic development is a broad concept that goes beyond simple economic growth. While economic growth refers to the increase in a country’s output or income, economic development encompasses improvements in the quality of life, living standards, and overall well-being of people. It involves structural transformation, social progress, and the reduction of poverty and inequalities….
Introduction India, one of the fastest-growing economies in the world, has long aspired to become a global manufacturing hub. With its large workforce, growing domestic market, and favorable geographical location, the country has immense potential to strengthen its industrial base. To realize this potential, the Government of India launched the “Make in India” initiative on…