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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.
The reason that an entrepreneur supposes the risk of starting a business is to earn profits. The fundamental assumption in the theory of production is that a rational owner of a b
Marketing Economies: These are derived from the bulk purchasing of inputs and bulk distribution of outputs. A large firm is able to buy its raw materials in larger quantities
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A surplus on the current account of balance of payments can be financed by? 1. Inflow capital on capital account 2. A surplus on the government budget deficit 3. lending abroad on
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What is the difference between economics and business? Economics is the study of how we, the people, engage ourselves in production, distribution and consumption of goods and
Q. State the Keynesian Theory of employment? Under employment Theory, Govt interference Aggregate Demand- Aggregate supply- Effective demand, Income and employment consumption
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If the price of that cup of teh-tarik has increased in such an amount,economists may not necessarily conclude that the country is going throungh inflation.why is that so?
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