ENGLISH NEO CLASSICAL:
In the early 1890s Europe, the United States and Japan,
launched into a wave of sustained economic growth heavily
driven by technological innovations.
Marxism is a doctrine that claims to review and
reconstruct the whole of economic theory.
Among its several principles, the more essential
a)Theory of surplus value: an economic static theory
based on a particular conc
2. Marginalist Revolution the
3. The Neo classical theoretical
The early 1870s was a period of
deep structural change.
Growth at different rates in different
Working of the Economic System
Major contribution of Leon Walras: theory of
general economic equilibrium.
Actual operation of the forces of supply and
demand in one market depended on the prices
established in several mar
PERIOD OF HIGH
1. J M KEYNES
3. MARKET FORMS
Period between World Wars 1 & 2 was
marked by crisis.
Seemed to be truths in Marxists arguments
about dangers of imperialism (of capitalism).
Many political and economic event
DEVELOPMENTS IN THE
THEORIES OF JUSTICE
TWO FUNDAMENTAL THEOREMS OF
A normative component of the
neoclassical theoretical system.
Welfare economics developed as
semi autonomous branch due to