Economic Thought (IEcoS (Economic Services) Economics Paper-2): Questions 1 - 3 of 3

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Question number: 1

» Economic Thought » Mercantilism Physiocrats

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Appeared in Year: 2017

Essay Question▾

Describe in Detail

How surplus and hence, wealth is generated as per Physiocrats? Explain in terms of Quesnay’s Tableau Economies.

Explanation

  • Physiocrats held agriculture supreme among all occupations, since it was the source of wealth.

    • It is in agriculture that nature works along with man. In this, agriculture has been given a dominant place because it plays an important role in economic development of the country.

    • Agriculture is the only sector, which yields surplus produce

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Question number: 2

» Economic Thought » Keynesian and Monetarist Schools of Thought

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Appeared in Year: 2016

Essay Question▾

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What are the basic characteristics of monetarist school of thought?

Explanation

The monetarist school is generally associated with American economist Milton Friedman. This school maintains that the money supply is the key determinant on the demand side of short run economic activity.

  • Monetarist economists believe that the role of government is to control inflation by controlling the money supply.

  • Monetarists believe t

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Question number: 3

» Economic Thought » Mercantilism Physiocrats

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Appeared in Year: 2010

Essay Question▾

Describe in Detail

State briefly the key propositions of Monetarist school of macroeconomics.

Explanation

Monetary variables which includes the growth rate of the stock of money strongly influence the determination of the behavior of nominal and real GNP in the short-run.

  • Rapid growth of money supply in excess of the long-run growth of real output cannot only be offset by continuous adjustments in income velocity or short-run adjustments in outpu

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