Skip to main content

Land utilisation

  LAND UTILIZATION  Land is a scarce resource, whose supply is fixed for all practical purposes. At the same time, the demand for land for various competing purposes is continuously increasing with the increase in human population and economic growth.Land use pattern at any given time is determined by several factors including size of human and livestock population, the demand pattern, the technology in use, the cultural traditions, the location and capability of land, institutional factors like ownership pattern and rights scale regulation. Major Types of Land Utilization in India : As in all other countries, land in India is put to various uses. The utilization of land depends upon physical factors like topography, soil and climate as well as upon human factors such as the density of population, duration of occupation of the area,land tenure and technical levels of the people.There are spatial and temporal difference in land utilization due to the continued interplay of phys...
Post a Comment

DEFINITION OF ECONOMICS BY ADAM SMITH

INTRODUCTION
The set of definitions given by various economists fall into 3 categories 
1) as a science of wealth by ADAM SMITH
2) as a science concerning material welfare of man by MARSHALL
3) as a science dealing with the problem of allocation of scarce resources among competing ends by ROBIN
ADAM SMITH'S Definition Of Economics as a SCIENCE OF WEALTH.
Introduction 
The first view is associated with the name of Adam Smith and his disciples . They regarded Economics as a science which studied the process of production and consumption of wealth. The emphasis on wealth is contained in Adam Smith's book "An enquiry into the nature and causes of the wealth of nations".
The main points of definition are:
a) Economics is the study of wealth only. It deals with the consumption , production , distribution and exchange .
b) Only materials that constitute wealth are scarce and useful.Non -material goods like services , air and water (free goods )are not wealth.
c) Economics studies the causes of wealth changes which means economic development.
Here, to increase wealth , production of goods needs to be stepped up which depends on increasing demand that furthers depend on extent of domestic and foreign markets. Increased production involves divission of labour that requires specialised machines which in turn needs more investment .  According to Adam Smith , investment will be increased when there is free economy.
Criticism of the definition
Adam Smith's definition is criticised by social reformers and writers like Carlyle, Ruskin and Maurice .
a) Importance to wealth : This definition gave more importance to wealth than man. Wealth has been given primary place and man only has secondary place. Wealth is only means of satisfying human needs. Economics must emphasize study of man much more than wealth.
b) Restricted meaning of wealth :In this "wealth" means material goods such as tea ,biscuits,butter . Non -material services of dancer , soldier, doctor are not taken as wealth.
c)Concept of economic man : This definition is based on the assumption that every man works to satisfy his self interest and there is not much difference between personal and social interests . But , both Marshall and Pigou defines  Economics as a study of common man not a selfish man  .
d) No importance of human welfare : This gives no importance to welfare of human .It pays no attention to equitable distribution of wealth and its use for the wealth of society.
e) No study of means : This definition makes earning of wealth an end in itself .It does not tell us the way of earning wealth .
f) Defective logic : The definition of wealth is illogical and non acceptable . The definition of economics as a science of wealth is narrow, controversial and unscientific . Economics does not only study the earning of material wealth but also about all the activities of man which are concerned with scarcity of means.

Comments

Post a Comment

Popular posts from this blog

MAJOR ISSUES IN INDIAN ECONOMY

Major issue facing Indian economy Introduction - After independence, India made progess in political, economic, social fields but many problems like poverty, unemployment and inflation are yet to be solved. Meaning - Economy means a money framework in which all economic activities of a country are explained. Indian economy is a mix economy whereby both private and public sector plays its role. The root cause of the 3 problems namely poverty , unemployment and inflation is population explosion that is increasing at very fast speed. These three problems are major challenges for Indian economy. Poverty Poverty has attracted attention of economists, sociologists and educationists . It exists when one is not able to get the basic necessities of life - food ,clothes and shelter. It is condition of lower standard of living, inability of an individual to get minimum requirement of food , education and health. It further indicates 3 direction  a) Economic inequality b) Economic dependence ...
1 comment
Read more

Land utilisation

  LAND UTILIZATION  Land is a scarce resource, whose supply is fixed for all practical purposes. At the same time, the demand for land for various competing purposes is continuously increasing with the increase in human population and economic growth.Land use pattern at any given time is determined by several factors including size of human and livestock population, the demand pattern, the technology in use, the cultural traditions, the location and capability of land, institutional factors like ownership pattern and rights scale regulation. Major Types of Land Utilization in India : As in all other countries, land in India is put to various uses. The utilization of land depends upon physical factors like topography, soil and climate as well as upon human factors such as the density of population, duration of occupation of the area,land tenure and technical levels of the people.There are spatial and temporal difference in land utilization due to the continued interplay of phys...
Post a Comment
Read more

BASICS OF MACROECONOMICS

Basics of Macroeconomics   a) Capital goods : Capital goods are described as fixed assets of producers which are used in the process of production for several years. Plant, heavy equipment, machinery are examples. b) Investment : Investment is a process of capital formulation also known as the process of increase in stock of capital .             I =∆k Where I is investment and ∆k refere to the change in capital stock during the year. There are two types of investment  Fixed investment refers to increase in stock of fixed assets of producers during the period of an accounting year .Plant ,machinery are some of its examples.It is also called as fixed capital formation. Inventory investment are those stock which keeps varying . At a point of time,producers have stock of finished goods ,semi finished goods or raw material . These are called as inventory investment. Change in the stock of these are called as inventory investment of producers. c) D...
Post a Comment
Read more