What is Stagflation, Define of Stagflation The word stagflation is the combination of two words Stag from stagnation and flation from inflation. In stagflation both the higher level of employment and inflation are attached. It is therefore, also called “Inflationary recession.” Keynesian define stagflation as it …
Keynesian Consumption Function The Keynesian consumption function, as elaborates by the post Keynesian economists likes James Tobin, Arthur Smithies is called the absolute theory of consumption. Consumption spending is the positive function of the absolute level of income that is, higher the level of current income, …
Even before the publication of Johan Maynard Keynes book, some economists were of the view that income and consumption were functionally related. However, it was Keynes who first stressed the importance of the positive functional relationship between aggregate income and aggregate consumption. The consumption function c …
Aristotle is the disciple of Plato and the tutor of Alexander the Great. Aristotle is well known scientist and philosopher. When Alexander became the king of Macedonia, Aristotle established his own school lyceum in Athens. Aristotle View of Education Points of Aristotle view of education are …
Who is Plato Plato is known to be authority on idealism and philosophical interpretation of material and metaphysical realm. He is Greek intellectual, the pupil of Socrates, and the tutor of Aristotle. The early Greek society The Greek society is socially, politically, and religiously corrupts. That’s …
Definition of Mixed Economy Mixed Economy is an economic system which combines in itself the features of capitalism and that of the Socialism. Meaning of Mixed Economy Unlike a pure capitalistic economy, Mixed Economy has an important public sector, i.e. a number of industries which are …
What is Communism Communism is an economic system where means of production are controlled and managed by a Central State Authority, and there is also a restriction on the ownership of personal property. In communism personal belongings, as clothing, watches, and shoes are allowed to be …
