Economics: Introduction
Apr 2021|🟡Review|6 min read|76 entries
Key Takeaway
This post briefly introduces the topic "Economics" for various upcoming PSC exams such as degree level preliminary exams, KAS, and other competitive exams.
Economics: Introduction(2)
| Item | Detail |
|---|---|
| Study of Wealth | Aphnology |
| Father of Economics | Adam Smith |
Study of Wealth
Aphnology
Father of Economics
Adam Smith
- Books -(14)
| Item | Detail |
|---|---|
| Wealth definition was propounded by | Adam Smith |
| Father of Welfare Economics | A. C. Pigou |
| The concept offunctional financewas first stated by | John Maynard Keynes |
| The Labor Theory of value was developed by | David Ricardo |
| Book | Principles of Political Economy And Taxation |
| Developer of Human Development Index | Mahbub ul Haq(Pakistan, 1990) |
| First Industrial Revolution was in | England |
| First country to introduce a carbon tax | New Zealand |
| First country to introduce VAT(Value Added Tax) | France |
| First country that introduced fat taxes | Denmark |
| The country in which the salt tax was imposed for the first time | China |
| The first central bank in the world | Central bank of Sweden |
| "Essay on Population" Is the famous work of | Thomas Malthus |
| "Communist Manifesto & Das Capital" the famous work of | Karl Marx |
Wealth definition was propounded by
Adam Smith
Father of Welfare Economics
A. C. Pigou
The concept offunctional financewas first stated by
John Maynard Keynes
The Labor Theory of value was developed by
David Ricardo
Book
Principles of Political Economy And Taxation
Developer of Human Development Index
Mahbub ul Haq(Pakistan, 1990)
First Industrial Revolution was in
England
First country to introduce a carbon tax
New Zealand
First country to introduce VAT(Value Added Tax)
France
First country that introduced fat taxes
Denmark
The country in which the salt tax was imposed for the first time
China
The first central bank in the world
Central bank of Sweden
"Essay on Population" Is the famous work of
Thomas Malthus
"Communist Manifesto & Das Capital" the famous work of
Karl Marx
- "The Organizer" is the work of – Saint Simon(2)
| Item | Detail |
|---|---|
| "Inflation is always and everywhere a monetary phenomenon" are the famous words of | Milton Friedman |
| "Economics is what Economist do" are the famous words of | Jacob Viner |
"Inflation is always and everywhere a monetary phenomenon" are the famous words of
Milton Friedman
"Economics is what Economist do" are the famous words of
Jacob Viner
Indian Economics(6)
| Item | Detail |
|---|---|
| Financial Capital of India | Mumbai |
| Financial Year / Fiscal Year in India | 1stApril to 31stMarch |
| India is considered as a | Developing economy |
| The backbone of the Indian economy | Agriculture |
| Father of Indian Economics | Chanakya, Dadabhai Naoroji(for the drain of wealth theory),Mahadev Govind Ranade*** |
| Father of Indian Budget | James Wilson |
Financial Capital of India
Mumbai
Financial Year / Fiscal Year in India
1stApril to 31stMarch
India is considered as a
Developing economy
The backbone of the Indian economy
Agriculture
Father of Indian Economics
Chanakya, Dadabhai Naoroji(for the drain of wealth theory),Mahadev Govind Ranade***
Father of Indian Budget
James Wilson
- Founder of the famous business magazine "The Economist."(40)
| Item | Detail |
|---|---|
| Father of Indian Statistics | Prof. Prasanta Chandra Mahalanobis |
| Publication started by PC Mahalanobis | Sankhya(1933) |
| Official publication of Indian Statistical Institute | Sankhya, the Indian Journal of Statistics |
| Mahalanobis Distance | a measure of comparison between two different data sets |
| National Statistics Day | June 29(Birthday of PC Mahalanobis; named by then PM Manmohan Singh in 2006) |
| Father of Indian Economic Planning | M. Vishweswaraiah |
| Book | Planned Economy in India |
| A group of rich and influential businessmen in Bombay drew up a plan for the economic development of India | Bombay Plan(January 1944; J. R. D. Tata, G. D. Birla, Dr. John Matthai, Sir Shri Ram, P. Thakurdas, Ardeshir Dalal,A. D. Shroff & Kasturbhai Lalbhai) |
| Leader | Ardeshir Dalal |
| Malayali industrialist involved in the Bombay Plan | Dr. John Matthai |
| Father of Indian Economic Reforms | P.V. Narasimha Rao |
| Father of Indian Five Year Plan | Pandit Jawaharlal Lal Nehru |
| First Prime Minister to present the budget | Pandit Jawaharlal Lal Nehru(1958)* |
| Father of National income accounting in India | V. K. R. V. Rao |
| First person to calculate the national income in India | Dadabhai Naoroji |
| Book | Poverty and un-British rule in India |
| First person to calculate the national income in independent India | PC Mahalanobis |
| First person to scientifically calculate the national income in India | V. K. R. V. Rao |
| The first National Income calculation on a scientific basis was done in India in the year | 1931-32 |
| The national income committee was appointed in 1949 under the chairmanship of | PC Mahalanobis |
| The body which compiles the national income of India | Central Statistics Office(CSO) |
| Formed on | May 2, 1951 |
| Headquarters | New Delhi |
| First country to introduce an official family planning programme | India |
| The term Gandhian economics coined by | J. C. Kumarappa |
| ThePlanning Commissionwas set up in | 1950(March 15) |
| Dissolved in | August 17, 2014 |
| Headquarters | Yojana Bhavan, New Delhi |
| Chairman of the Post-War Reconstruction Committee of Indian Trade Union | M.N. Roy* |
| The People’s Plan was authored by | M.N. Roy(1945) |
| Sarvodaya Plan(1950)was drafted by | Jaiprakash Narayan |
| The Wage Good Model was put forward by | P. R. Brahmananda & C. N. Vakil |
| The Gandhian plan was formulated by | ShrimanNarayan Agarwal(1944) |
| Committee constituted by Planning commission to estimate poverty in India | Y. K. Alagh Committee(1979) |
| The state-specific(urban & rural)poverty lines were recommendedby | Lakdawala Committee(1993) |
| The First Industrial Policy of Independent India was announced on | April 6, 1948 |
| Presented by | Dr. Shyama Prasad Mukherjee |
| Who appoints the Finance Commission | President of India |
| The final approval to the five-year plans of India was given by | National Development Council(NDC) |
| National Development Council was set up in the year | 1952 |
Father of Indian Statistics
Prof. Prasanta Chandra Mahalanobis
Publication started by PC Mahalanobis
Sankhya(1933)
Official publication of Indian Statistical Institute
Sankhya, the Indian Journal of Statistics
Mahalanobis Distance
a measure of comparison between two different data sets
National Statistics Day
June 29(Birthday of PC Mahalanobis; named by then PM Manmohan Singh in 2006)
Father of Indian Economic Planning
M. Vishweswaraiah
Book
Planned Economy in India
A group of rich and influential businessmen in Bombay drew up a plan for the economic development of India
Bombay Plan(January 1944; J. R. D. Tata, G. D. Birla, Dr. John Matthai, Sir Shri Ram, P. Thakurdas, Ardeshir Dalal,A. D. Shroff & Kasturbhai Lalbhai)
Leader
Ardeshir Dalal
Malayali industrialist involved in the Bombay Plan
Dr. John Matthai
Father of Indian Economic Reforms
P.V. Narasimha Rao
Father of Indian Five Year Plan
Pandit Jawaharlal Lal Nehru
First Prime Minister to present the budget*
Pandit Jawaharlal Lal Nehru(1958)
Father of National income accounting in India
V. K. R. V. Rao
First person to calculate the national income in India
Dadabhai Naoroji
Book
Poverty and un-British rule in India
First person to calculate the national income in independent India
PC Mahalanobis
First person to scientifically calculate the national income in India
V. K. R. V. Rao
The first National Income calculation on a scientific basis was done in India in the year
1931-32
The national income committee was appointed in 1949 under the chairmanship of
PC Mahalanobis
The body which compiles the national income of India
Central Statistics Office(CSO)
Formed on
May 2, 1951
Headquarters
New Delhi
First country to introduce an official family planning programme
India
The term Gandhian economics coined by
J. C. Kumarappa
ThePlanning Commissionwas set up in
1950(March 15)
Dissolved in
August 17, 2014
Headquarters
Yojana Bhavan, New Delhi
Chairman of the Post-War Reconstruction Committee of Indian Trade Union*
M.N. Roy
The People’s Plan was authored by
M.N. Roy(1945)
Sarvodaya Plan(1950)was drafted by
Jaiprakash Narayan
The Wage Good Model was put forward by
P. R. Brahmananda & C. N. Vakil
The Gandhian plan was formulated by
ShrimanNarayan Agarwal(1944)
Committee constituted by Planning commission to estimate poverty in India
Y. K. Alagh Committee(1979)
The state-specific(urban & rural)poverty lines were recommendedby
Lakdawala Committee(1993)
The First Industrial Policy of Independent India was announced on
April 6, 1948
Presented by
Dr. Shyama Prasad Mukherjee
Who appoints the Finance Commission
President of India
The final approval to the five-year plans of India was given by
National Development Council(NDC)
National Development Council was set up in the year
1952
* Time-sensitive data — verify for latest information
- Three basic sectors of the Economy –(6)
| Item | Detail |
|---|---|
| Primary sector | extraction of raw materials(Agriculture, Farming, Fishing, Forest & Mining) |
| Secondary sector | manufacturing sector(Energy & Cloth production, Construction) |
| Tertiary sector | service industry – offering services to consumers(Banking & Insurance, IT, Entertainment, Storage, Trade, Transportation, Tourism & Retail) |
| The largest share of India's national income comes from which sector | Service Sector |
| Economics is mainly divided into | Macro Economics & Micro Economics |
| The terms microeconomics and macroeconomics were coined by | Ragnar Frisch |
Primary sector
extraction of raw materials(Agriculture, Farming, Fishing, Forest & Mining)
Secondary sector
manufacturing sector(Energy & Cloth production, Construction)
Tertiary sector
service industry – offering services to consumers(Banking & Insurance, IT, Entertainment, Storage, Trade, Transportation, Tourism & Retail)
The largest share of India's national income comes from which sector
Service Sector
Economics is mainly divided into
Macro Economics & Micro Economics
The terms microeconomics and macroeconomics were coined by
Ragnar Frisch
Macro Economics(4)
| Item | Detail |
|---|---|
| Also known as | Aggregate economics |
| Founding Father of Macroeconomics | John Maynard Keynes |
| Based on | The General Theory of Employment, Interest and Money(by John Maynard Keynes, 1936) |
| Macroeconomics | the study of the factors affecting the economy ie, performance, structure, behavior, and decision-making, as a whole rather than the individual factors |
Also known as
Aggregate economics
Founding Father of Macroeconomics
John Maynard Keynes
Based on
The General Theory of Employment, Interest and Money(by John Maynard Keynes, 1936)
Macroeconomics
the study of the factors affecting the economy ie, performance, structure, behavior, and decision-making, as a whole rather than the individual factors
Micro Economics(2)
| Item | Detail |
|---|---|
| Also known as | Price Theory |
| Microeconomics | the study of the individual units such as individuals, households, etc within the economy |
Also known as
Price Theory
Microeconomics
the study of the individual units such as individuals, households, etc within the economy
For Further Reading
- Reserve Bank of India.
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