The concept of ‘Development’ has fascinated many economists around the world, from Adam Smith, Marx and Keynes to Amartya Sen and Devraj Ray. The wealthy nations across the world and international organisations such as the United Nations and World Bank are all showing great interest in resolving the developmental challenges confronted by the underdeveloped and […]
How to Measure Economic Development of a Nation? (With Formulas)
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How to Measure Economic Development of a Country? (With Formula)
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Economists have developed various measures to assess the development of a nation or country like Gross National Income, Per Capita Income, Human Development Index, Physical Quality of Life Index and so on. One of the most important and a simple measure of economic development among them is per capita income. The concept of ‘Development’ has […]
How to Attain Equilibrium of an Industry? | Perfect Competition | Economics
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In this article we will discuss about how to attain equilibrium of an industry under perfect competition. There is a large number of firms and group of all the firms is called an industry where all the firms are producing a single commodity. The equilibrium of an industry is that situation where there is no […]