Summarised Notes

Free
Economy
Basics of Economics

Summary

Key Economists
1. Adam Smith - Lessaiz Faire “Let do”
2. Karl Marx - Socialism utopian
3. J. M. Keynes - Macroeconomics - General theory of wage & employment
4. Amartya Sen - Capability development approach.

Measurements of Growth and Development
1. GDP - Value of goods & services in on financial year.
2. GDP at Factor cost. Market Price,

GDP (FC) = GDP (MP) - (Taxes – Subsidies) at factor cost.

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