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Limitations of statistics: Statistics with all its wide application in every sphere of human activity has its own limitations. Some of them are given below. 1. Statistics is not suitable to the study of qualitative phenomenon: Since statistics is basically a science and deals with a set of numerical data. It is applicable to the […]
Nature of Statistics: Different Statisticians and Economists differ in views about the nature of statistics, some call it a science and some say it is an art. Tipett on the other hand considers Statistics both as a science as well as an art. Scope of Statistics: Statistics is applied in every sphere of human activity […]
“Statistics is the grammar of science.” – Karl Pearson Etymology and Milestones of Statistics in Global Level: The term statistics originated in the West and was known by various names,such as ‘status’ in Latin, ‘statistik’ in German, ‘statisque’ in French. It is said that Gottfried Achenwall used the word ‘statistik’ in 1749 to describe the […]
NITI Aayog (National Institution for Transforming India) was formed on January 1, 2015 through a Union Cabinet resolution. NITI Aayog is a policy think-tank of the Government of India. It replaced the Planning Commission from 13th August, 2014. The Prime Minister is the Chairperson of NITI Aayog and Union Ministers will be Ex-officio members.The Vice- […]
Economic planning is a process under which attempts are made to achieve desired targets of economic development within a specified period of time. There are different types of planning which differ in ideology and the procedure in execution. 1. Democratic Vs Totalitarian: Democratic planning implies planning within democracy. People are associated at every step in […]
The economic planning is justified on the following grounds. 1. To accelerate and strengthen market mechanism: The market mechanism works imperfectly in underdeveloped countries because of the ignorance and unfamiliarity with it. A large part of the economy comprises the non-monetized sector. The product, factor, money and capital markets are not organized properly. Therefore the […]
Meaning: Planning is a technique, a means to an end being the realization of certainpre-determined and well-defined aims and objectives laid down by a central planning authority. The end may be to achieve economic, social, political or military objectives. Definitions: Economic Planning is “collective control or suppression of private activities of production and exchange”. -Robbins […]
There are circular relationships known as the ‘vicious circles of poverty’that tend to perpetuate the low level of development in Less Developed Countries(LDCs). Nurkse explains the idea in these words: “It implies a circular constellation of forces tending to act and react upon one another in such a way as to keep a poor country […]
Economic Factors: 1.Natural Resource: The principal factor affecting the development of an economy is the availability of natural resources. The existence of natural resources in abundance is essential for development. A country deficient in natural resources may not be in a position to develop rapidly. But a country like Japan lacking natural resources imports them […]
A good plan may fail due to faulty implementation. But a faulty plan cannot succeed through good implementation.“Plan your work for today and every day, then work your plan.” -Margaret Thatcher Meaning of Development and Underdevelopment: Introduction: The concept “development” refers tothe structural changes towards betterment. Until the World War II, interest was rarely shown […]
Organic farming is a system of agricultural production which relies on animal manure, organic waste, crop rotation,legumes and biological pest control. It avoids use of synthetic fertilizer, pesticides and livestock additives. Organic inputs have certain benefits, such as enriching soil for microbes. Organic production is a holistic system designed to optimize the productivity and fitness […]
Meaning: Sustainable development is concerned with the welfare of not only present generation but also future generation. It aims at not only satisfying the luxury wants of the upper class i.e. rich but also the basic necessities of the poor like food, sanitation, health care, education etc. The present generation should not exhaust the resources […]
Global warming is the current increase in temperature of the Earth’s surface (both land and water) as well as its atmosphere.Average temperatures around the world have risen by 0.75ºC (1.4ºF) over the last 100 years. About two thirds of this increase has occurred since 1975.Carbondioxide,methane,Chlorofluoro Carbon, nitrous oxides are the green house gases warming the […]
Definition: The land pollution is defined as, “the degradation of land because of the disposal of waste on the land”.Any substance (solid,liquid or gaseous) that is discharged,emitted or deposited in the environment in such a way that it alters the environment causes land pollution -Protection of the Environment Operations Act 1997. Types of Land Pollution: […]
Definition: Noise pollution is unwanted or excessive sound that can have deleterious effects on human health and environmental quality. Noise pollution is commonly generated by many factories. It also comes from highway, railway and airplane traffic and from outdoor construction activities. – Jerry A. Nathanson and Richard E. Berg, 2018 Types of Noise Pollution: i. […]
Definition: “The introduction (directly or indirectly) of substances or energy into the marine environment (including estuaries) results in deleterious effects to living resources, hazards to human health,hindrance to marine activities. – United Nations, 1971 Types of Water Pollution: i. Surface water pollution: Surface water includes natural water found on the earth’s surface, like rivers,lakes, lagoons […]
Meaning: Pollution is the introduction of contaminants into the natural environment that causes adverse change, in the form of killing of life, toxicity of environment,damage to ecosystem and aesthetics of our surrounding. Types of Pollution: 1. Air pollution 2. Water pollution 3. Noise pollution 4. Land pollution Air Pollution: Definition; “Air pollution is the presence […]
“Environmental problems are really social problems…They begin with the people as the cause and end with people as victims”. –Sir Edmund Hillary Introduction: Environmental economics (EE) is the study of interactions between human economic activity and the natural environment. EE is the subset of economics that is concerned with the efficient allocation of environmental resources. […]
As an instrument of macro-economic policy, fiscal policy has been very popular among modern governments. The growing importance of fiscal policy was due to the Great Depression and the development of ‘New Economics’ by Keynes. Meaning of Fiscal Policy: In common parlance fiscal policy means the budgetary manipulations affecting the macro economic variables –output, employment, […]
Local finance refers to the finance of local bodies in India. There is a large variety of local bodies in India. We have the following main four local bodies which are functioning today in our country: Types of Local Bodies 1. Village Panchayats 2. District Boards or ZilaParishads 3. Municipalities 4. Municipal Corporations 1. Village […]