Putting the Global in International Political Economy
The term also implies a clear distinction between the national and the international—between what goes on inside states and what goes on outside states. With just a little reflection, though,…
What is the role of Finance Commission in Fiscal Federalism?
The finance commission is constituted to define financial relations between the centre and states. It is established by the president of India under the provision of article 280 of the Indian constitution for five…
The economic environment
The economic environment may take a variety of forms. The principal form relevant to our discussion is some sort of market. The market itself could be represented in a number…
The Rule of microeconomic principles
Why principles in microeconomics? Principles take you further than pure economic theory; principles show you the reasons underlying good practice in applied economics; principles help you tie together issues in…
Monopoly and pricing
A monopoly is a firm with market power, i.e. it observes impact of own quantity change on the market price. Hence we say that monopoly is a price maker. Observe…
Perfect competition
Company at the perfectly competitive market Here we start with the analysis of a firm’s behavior at the perfectly competitive market. Firm is taking a market price p as given…
Producer theory
In this chapter we analyze producer’s behavior. This is important to understand (i) demand for input factors (like capital or labor), (ii) firm’s cost functions, as well as (iii) technological…
Consumer theory
In this chapter we will analyze consumer choices. This is important to understand both (i) the demand for goods and services that consumers consume as well as (ii) supply of…
Introduction to economic methods
A traditional definition of economics, advocated by Lionel Robbins, says that Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative…
Interactive mind maps in economics
These materials, authored by Maurice Starkey, are available under a Creative Commons Attribution-ShareAlike licence. First published online by The Economics Network, April 2012. Version 1.8a published September 2017. Electronic mind…
