- 01. 10 Most Famous Economists Who Shaped the World
- 02. Significant Inference from the Theories of the Top Indian Economists
- 03. The Must Read Books on Economics
- 04. Top 10 Economic Collapse Examples That Provide Crucial Lessons
- 05. Top 10 Famous Economics Theories
- 06. Is India Doing Well Economically?
- 07. Enroll in Economics classes on Superprof
If you're on the hunt for a way to engage in some economic discussion that isn't about the current state of affairs, then you'll want to know about these popular Indian economists. These thinkers have a lot to offer anyone interested in how India's economy works (or doesn't work).
Indian economics has been a driving force in the country's culture for centuries. From the early days of trade and commerce to the modern era of globalisation, Indian economic principles may have always been at the forefront of cultural change.
Today, India is one of the world's leading economies, and its impact on global culture is only growing. Here's a quick intro to some of the most popular Indian economists. Who knows, maybe one of them will inspire you to pursue your own economic research!
10 Most Famous Economists Who Shaped the World
Here's a list of the ten famous economists you must know about:
- Amartya Sen
- Ardeshir Darabshaw Shoff
- Bibek Debroy
- Abhijeet Banerjee
- Avinash Dixit
- Jagdish Bhagwati
- Indraprasad Gordhanbhai Patel
- J C Kumar Appa
- Kaushik Basu
- Manmohan Singh
Who is the First Economist in India?
Amartya Sen is the first economist in India who was awarded Bharat Ratna in 1999. Previous year, he won the Nobel Prize in Economic Sciences in 1998. He's known for his social choice theory while working as an economist and philosopher. Many university institutions and school students research Amartya Sen's newspaper write-ups; they have exemplary information.
Significant Inference from the Theories of the Top Indian Economists
There's no question that famous economists in India are among the world's best and brightest. But what do their theories tell us about the future of India's economy?
Well, for starters, most of them agree that India needs to focus on growing its domestic market. This is especially important given that exports currently account for a relatively small percentage of GDP. And second, they all agree that increasing agricultural productivity is key to sustainable economic growth in India.
Indian economists are known for their rigorous and insightful thinking about the economy. In this answer, we'll take a look at three of the most influential Indian economists and explore the key insights from their theories.
Let's consider award-winning economist Amartya Sen. He is best known for his work on human development, which has helped to redefine how we measure economic success. His theory of capabilities takes into account the many factors that contribute to human well-being, such as education, health, and political freedom. This broader perspective is essential for understanding how to achieve real economic progress.
What is the Role of Modern Economists?
Modern economists have a few different roles. Primarily, economists are responsible for forecasting and analysing economic trends. They also work with lawmakers to design policies that will help the economy grow and advise businesses on how to make the most efficient decisions when it comes to spending and investing money.
In addition, economists also teach people about the principles of economics and how they apply them in the real world. Modern economists have a role in developing economic theories and models to help policymakers understand the potential impacts of their decisions.
Overall, economists also play a role in providing analysis and forecasts of economic trends, which may help businesses make informed decisions about investment, hiring, and other strategic planning. In addition, economists may provide advice to governments on issues such as taxation and regulation.
Who is the Father of Economics?
The Father of Economics is Adam Smith. He's considered the founder of the classical school of economics and is a key figure in the Scottish Enlightenment. He wrote the book "The Wealth of Nations," which is considered to be one of the most important books ever written in the finance department.
The Must Read Books on Economics
Here are some books on economics you must not skip while building a financial reserve of knowledge.
Principles of Economics
Written by Alfred Marshall, the book covers the cost and demand along with their impact on the economy. Marshall's approach was very holistic, taking into account both micro and macroeconomic factors. He emphasised the importance of using economic theory to guide policy making, and his work helped lay the foundation for modern neoclassical finance.
Besides, the book discusses the changes required to build a better economy. Principles of Economics is a must-read for anyone interested in finance or public policy. It's packed with insights that are still highly relevant today.
The General Theory of Employment, Interest and Money
Published in 1936 by John Maynard Keynes during the Great Depression. He talks about the statistics of employment and how they are an aggregate of demand. The text also sheds light on the importance of government intervention for reducing wage gaps and improving employment.
March of the Indian Economy
In March of the Indian Economy, I. C. Dhingra offers an insightful look at the current state of India's economy and paints a promising picture for the future. Drawing from extensive research and data, he provides a detailed overview of all aspects of the economy - from agriculture to industry to services - and makes a strong case for why India is well-poised for continued growth in the years to come.
Highlighting both the challenges and opportunities that India faces, Dhingra's analysis is essential reading for anyone looking to understand the complex world of Indian economics. His clear and concise writing makes this an enjoyable read for even those with no prior background in the topic, and his conclusions provide much-needed hope for the Indian economy.
This book is great for those wishing to learn more about the Indian economy. Sankarganesh Karuppiah provides a comprehensive overview of the economic landscape in India and offers insightful commentary on the factors that have contributed to its current state.
Karuppiah's writing is clear and concise, and he provides a wealth of information on a wide range of topics. This book's an essential read for anyone interested in India's economy, and it may leave you with a greater understanding of this complex and fascinating topic.
Any university in New Delhi may recommend such books to students to learn more about finance, trade development and reserve bank. Many may find a statistical institute for development research and development studies for economic growth.
Top 10 Economic Collapse Examples That Provide Crucial Lessons
An economic collapse leads everyone to navigate better in future by offering lessons on what not to do. Learn about them to enhance your knowledge:
The economic crisis in Sri Lanka
The country has been struggling with high levels of debt for years. This means that the country can't afford to borrow more money, and it also means that it's very vulnerable to any kind of economic shock. The tourism industry, which is one of the main sources of revenue for Sri Lanka, is in decline.
OPEC oil price shock
The OPEC oil price shock was a sudden increase in the price of oil and, subsequently, a dramatic rise in gasoline prices that occurred in the early 1970s. This decision caused a fourfold increase in oil prices and resulted in gasoline prices doubling.
The Great Depression
The time when the stock market crashed, businesses failed, and millions of people lost their jobs. This collapse had a major impact on foreign bank reserves as per the studies and impacted business growth. The public was also suffering due to a lack of social growth and job prospects.
The Swedish Financial Crisis
The Swedish Financial Crisis hit the country in the early 1990s. It was caused by a number of factors, including bad investments, high inflation, and an overvalued currency. The crisis led to a number of bank failures and a recession that lasted for several years.
With the swift policy making, the Swedish bank had tremendous growth after the collapse. Moreover, their bank reserve was replenished in no time.
This crisis was caused by capital flight from Southeast Asia, which led to the collapse of several major banks and corporations.
The Russian Financial Crisis
It was caused by the devaluation of the Russian ruble, which led to a collapse in asset prices and a liquidity crisis.
The Global Financial Crisis
This was the 2008 recession when everyone suffered due to a crash in the stock market and fewer work opportunities.
The stock market saw a major crash and impacted the banks' interest rates due to the declining value of the Dollar.
The Mexican Peso Crisis
This crisis was caused by the sudden devaluation of the Mexican peso, which led to widespread bankruptcies and job losses.
These economic collapse crises impacted the whole world, including India, in some ways. The goal is to focus on non-renewable resources for the Indian economy to not rely on petrol. To overcome such an economic crisis, there must be a reliable policy at hand. As per the research, each social section gets impacted by economic collapse, requiring immediate management at the national as well as international department levels.
In case of crises, many international and national banks may rely on technology to get their reserve levels back. It's known that technology and political sciences may help in financial growth globally. The public will enjoy better goods and living status, adding to high statistical value in growth. This will improve foreign trade relations with departments and institutions.
These collapses are the centre of research of economic university and school economics to know about foreign as well as Indian statistical growth. Jawaharlal Nehru University in New Delhi is among the premier institutes for budding finance students. University of Calcutta Dept of Economics in Kolkata and Mumbai School of Economics & Public Policy are among the top Indian institutions.
Top 10 Famous Economics Theories
Here are the top economics theories as a part of your economic research. This information may come in handy for your school or university projects.
Marginalism: the theory that people make decisions on the margin, based on the additional benefits and costs of taking action.
Supply and demand: the theory that drives market forces, which states that when there's more demand for a product/service than there is available supply, prices will go up as suppliers compete to sell their product; and when there is more supply than demand, prices will go down as suppliers compete to unload their product.
Opportunity cost: the principle that holds that you can't have everything, and so in making any decision, you must consider what you're giving up by choosing one option over another.
Adam Smith's Invisible Hand: The theory that self-interest in the marketplace leads to the best result for society as a whole.
Keynesian Economics: The theory that government intervention can help stabilise an economy during times of recession or depression.
Monetarism: It explains that the supply of money should be regulated to control inflation and stabilise the economy.
The Law of Diminishing Returns: This tells that as you add more of a variable factor to a production process, the extra output generated by that factor will eventually decline.
The Economic Theory of Rationality: This theory holds that people always make decisions that are best for themselves, taking into account all available information and given their constraints.
The Quantity Theory of Money: This theory states that the quantity of money in an economy is the primary determinant of prices and economic activity.
The theory of comparative advantage: This theory states that countries should specialise in producing goods and services where they have a comparative advantage – that is, goods and services that they can produce at a reduced cost than their competitors.
Is India Doing Well Economically?
From a macroeconomic standpoint, India is doing quite well. The country's GDP is growing at a healthy clip, and it is projected to be the world's fastest-growing major economy in 2016. However, there are significant disparities within India in terms of wealth and living standards.
The annual year economic growth of India has been considerable. In 2022, it had a blistering start with a growth rate FY 2021-22 is at 8.7%. This is 1.5% higher than the GDP in FY 2019-20.
So overall, India is definitely seeing some economic growth, but there is still much work to be done in terms of poverty alleviation and ensuring that all Indians have access to basic necessities like clean water, food, and shelter.
Enroll in Economics classes on Superprof
Economic classes can be a great way to learn about the principles of economics and to develop knowledge of how the economy works. They may also be a great way to improve your financial literacy and learn strategies for managing your money.
Superprof has a range of economics classes available, from beginner classes for those just starting out to more advanced classes for those looking to deepen their knowledge. So whether you're just getting started with economics or you're looking for something more advanced, Superprof has the perfect class for you.
Instead of relying on your university or institute, you may take help from an economics professor on Superprof. They are available in major cities such as New Delhi, Kolkata, and Mumbai, as well as small places like Jadavpur, Varanasi and Chandigarh. You can enrich your business management and financial development under the guidance of experts.
Superprof offers online and in-person economics classes, so you can choose the option that best suits your needs. You'll be able to apply what you may learn in class to real-world scenarios and develop a better understanding of how the global economy works. Enroll in one of their economics classes today and start learning about this important field of study!
The platform that connects tutors and students