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