Unformatted text preview: there is a limit within which this can be possible. In its initial stage, economics as a subject was introduced in the atmosphere of ’ laissez-faire ’ which was mainly dominated by free enterprise and individualism. But in the 20th century after the two world wars (1914-18 and 1939-44) and the period of the Great Depression (1929-33), the significance of individualism was considerably reduced. It has partly been substituted by large-scale public and governmental activity. Today all over the world, public authorities have been allocating 30 to 35 percent of the national income ( Gross Domestic Product- G.D.P.) and national resources towards public expenditure alone. Since a great deal of public expenditure should follow the basic criterion of economic efficiency, this has led to an ever increasing interest in the analysis of the economic policy ....
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- Fall '10
- Economics, normative science, frequently debated issue