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BUREAUCRACY:
M de Gournay, an economist of France, first coined the word Bureaucracy in the eighteenth century to refer to "a fourth or fifth form of Government" in which "officers, clerks, secretaries, inspectors and attendants are not appointed to benefit the public interest. Indeed the public interest appears to have been established so that offices might exist". Harolds J. Laski defines the term bureaucracy as a system of Government, the control of which is so completely in the hands of officials that their power jeopardises the liberties of ordinary citizens. The characteristics of such a regime are a passion for routine in administration, the sacrifice of flexibility to rule, delay in the making of decisions and a refusal to embark upon experiment. In extreme cases, the members of a bureaucracy may become a hereditary caste manipulating Government to their own advantage. Max Weber, the German social scientist thinks that bureaucracy is among those social structures which are the most difficult to eliminate. Bureaucracy is an ideal type as it is based on impersonal and rational basis. Weber classifies the authority as traditional, i.e. "resting on an established belief in the sanctity of immemorial traditions and the legitimacy of the status of those exercising authority under them", charistmatic i.e. "resting on the devotion to the specific and exceptional sanctity, heroism or exemplary character of an individual person, and of the normative patterns or order revealed or ordained by him", and legal, i.e., "resting on the premises of legality of patterns of normative rules and the right of those elevated to authority under such rules to issues commands". Legal authority is superior and more logical than charismatic.
Securitization: A process in that financial relationships (like loans) are converted into financial securities or assets (like bonds) that can be bought and re-sold in securities m
Q. Can you explain Cost benefit analysis? A term used to explain analysis, which seeks to quantify in money terms as many of the costs and benefits of a policy or project as po
determinants of demand and determinants of supply
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Fiscal Policy Fiscal policy refers to the management of government spending and tax policies to influence total desired spending so as to achieve the desired level of economic
is the industry of electric power on the large economies scale
law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?
Effects of inflation: On Income Earners:Those on fixed incomes or assets (fixed in nominal terms) lose. However, those on incomes, which are directly related to the price leve
friedman and savage hypothesis
Question 1: (a) Using examples, explain how the theory of Purchasing Power Parity conforms to the Law of One Price. (b) According to you, how best does the Theory of Purchasing
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