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Pareto Efficiency

Briefly discuss the concept of Pareto efficiency. Pareto efficiency, or Pareto optimality, is an economic state where resources cannot be reallocated to make...

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Functions Of Commercial Banks

Q. Write down the functions of commercial banks. Ans. The main functions of commercial banks are: Receiving of Deposits: Advancing loans: Collection &...

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Real Price

“The Real Price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.”

Adam Smith

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Adam Smith

Adam Smith (1723-1790) Adam Smith was a philosopher and economist who is best known for his classic work “An Inquiry into the Nature and Causes of the Wealth...

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Inequality

“An imbalance between rich and poor is the oldest and most fatal ailment of all republics.”
Plutarch, Greek Historian.

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Self Interest

“It is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner, but from their regard to their own interest.”...

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Comparative Advantage

“The man who comes up with a means for doing or producing almost anything better, faster or more economically has his future and his fortune at his...

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Depth of Economics

“The more I studied economic science, the smaller appeared the knowledge which I had of it in proportion to the knowledge I needed; and now, at the end...