IAS (Admin.) Mains Economics Advanced Macro Economics-Approaches to Employment Income and Interest Rate Determination Study Material (Page 1 of 7)

Choose Programs:

📹 Video Course 2024 (46 Lectures [18 hrs : 27 mins]): Offline Support

Rs. 110.00 -OR-

1 Month Validity (Multiple Devices)

Preview All LecturesDetails

🎓 Study Material (214 Notes): 2024-2025 Syllabus

Rs. 350.00 -OR-

3 Year Validity (Multiple Devices)

Topic-wise Notes & SampleDetails

🎯 628 Questions (& PYQs) with Full Explanations (2024-2025 Exam)

Rs. 1050.00 -OR-

3 Year Validity (Multiple Devices)

CoverageDetailsSample Explanation

Help me Choose & Register (Watch Video) Already Subscribed?

Mercantilism

Edit

Introduction

  • Mercantilism is considered as an economic nationalism for the purpose of building a wealthy and powerful state.
  • Adam Smith coined the term “mercantile system” in order to describe the system of political economy that sought to enrich the country by restraining the imports and encouraging the exports.
  • This system dominated western European economic thought and policies from 16th to the late 18th centuries.
  • The goal of these policies was to achieve a favourable balance of t…

… (1470 more words, 11 figures) …

Subscribe (by clicking here) to view full notes and track progress.

Mercantilism Physiocrat

Edit

Particular Economic Theories

Value

  • Value was inherent in commodities and depend upon human needs. Value was regarded as a market phenomenon which depends upon exchange.
  • The mercantilist distinguished between two types of value which includes the intrinsic value and extrinsic value.
  • The intrinsic value is the power of the commodity in order to satisfy the human wants and the extrinsic value means only the cost of production.
  • William Petty mentioned that value depends upon expenses of production and According to him the market value was the extrinsic value of com…

… (713 more words, 9 figures) …

Subscribe (by clicking here) to view full notes and track progress.