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Economic policy efficiently:
The reason for poverty and misery in the developing countries is not essentially the lack of potentialities or resources, human or material, but the under-utilisation of these resources. Today, developing countries are not utilising more than 15 per cent of the potential capacity of human beings, owing to inadequate expertise and deficient systems of public administration. The people inhabiting the developing world expect their governments to pull them out of the morass of distressing underdevelopment. This would be possible, provided the efforts of the governments in the developing countries are comprehensive, and selective. Besides, timely action backed by a strong will and determination at all decision-making and operational levels alone can change the complexion of our socio-economic scene. However, personnel must realise that development must be indigenous and not based on foreign models. After over a quarter of a century's experience and experiments with development models based on Western systems, we find that this model stands as 'the God that failed'. Noble Laureate Ian Tinbergen has said: "The poor countries should reject the aim of initiating Western patterns of life. Development is not a linear process, and the aim of development is not to catch up, economically, socially, politically or culturally. Many aspects of Western life have become wasteful and senseless and do not contribute to people's happiness. For poor nations to attempt to imitate the rich may only mean that they trade one set of problems for another and in doing so discard or destroy much that is valuable in terms of their human resources and values." Thus, the personnel administration must take note of the fact that the final aim of development must be the constant increase in the well-being of the entire population on the basis of its full participation in the process of development and a fair distribution of benefits therefrom.
1.what is price mechanism? 2.how does price mechanism benefit an echonomy. 3.what are the characteristics of a centrally planned economy?
diffence b/n fixed and variable input
What are the causes of emergence of monopoly?
Industrial Policy: Government policies which are aimed at fostering the domestic development of particular desirable or productive industries, in order to enhance productivity, cre
Monopsony is single buyer of a commodity in the market. The MRP slopes downward in an imperfectly competitive (resource) market serving an not perfectly competitive product mar
#quUse a graphical illustration to describe briefly what the influence of each of the following would be on the market supply of labor:(a) an increase in immigration (b) more women
1. Describe why government regulation is required, citing the major reasons for government involvement in a market economy. 2. Justify the rationale for the intervention of gove
theory of profit
b) Sally’s firm produces granola bars with a fixed cost of 10 (this cost is already sunk). Her variable cost function is VC = q2 + 2q. Assuming the market for granola bars is comp
Factors of Production : The factors of production are the resources that are essential for production. They are usually separated into 4 dissimilar groups: Land - all natu
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