Journey of Thoughts in Economics

।। 🙏 नमस्ते 🙏 ।।

Economics is the science that concerns itself with economies, i.e. society मे goods and services को कैसे produce और consume किया जाता है l It has influenced world 🌍 finance at many important junctions throughout history and is a vital part of our everyday life

After discovering America (1492), Asia और America के साथ-साथ European countries business और trade को बढ़ाते चले गए. Trade के लिए European countries ने बहुत सारी countries को acquire कर लिया. For European countries, ‘Wealth means trade’ जिससे mercantilism का birth हुआ l In 1776, Scottish thinker Adam Smith who is widely credited for creating the field of economics with his famous book ‘The Wealth of Nations’. इस Book मे mechanisms of capitalist production, free markets, and value के बारे में detail me analysis दीया है l Adam Smith ने अपने book में ‘Lasseiz Faire’ (Free Economy) policy को support किया है l Smith showed that individuals acting in their own self-interest could as if guided by an “Invisible hand”, create social and economic stability and prosperity of all.

During 1862-1863, Karl Marx scripted ‘Das Kapital’ where he focuses his theory “Theory of Surplus Value” जहां Karl Marx ne society me owner aur worker class मे होने वाले dispute ko highlight kiya hai. According to him instead of creating a clear owner and worker class, investing created a mixed class where owners and workers hold the interests of both classes, in balance. Karl Marx की theory owner 🧑🏻‍💼 – workers 🧑🏼‍🔧, capitalists 👨🏻‍💼 – workmen 👷🏻‍♂️, etc. के problems solve करने में useful होती है l

18th century tak sare world ne economies ke 2 types को realize किया i.e. Capitalism and Communism. In Capitalism , capitalist अपने capital se business shuru karta hai और workers ko employment देता hai in return of wages, but this brings demerit जहां capitalist aur workmen me class struggle शुरू होता है jo capitalism ko end kar sakta hai. Communism states ownership of wealth is with the people of the nation. यहां har koi aapne country ke wealth me contribute karta hai aur apne skill ya need ke हिसाब से paise kamata hai.

At Cambridge University 🏢, the student of Alfred Marshal and A. C. Pigou John Maynard Keynes (1883-1946) made a revolution. Marshal अपने theory me government ko powerful player मानते हैं where government apne monetary aur fiscal policies like government spending, lower taxes and lower interest rates me change करके recession, inflation जैसी situation ko easily handle कर सकती है l

In 1936, John Maynard Keynes wrote 🖌 a book named “The General Theory of Employment, Interest & Money”. World war 2 ☢️ के बाद world war 3 ☣️ ko avoid karne ke लिए कुछ ideas suggest kiye where he suggested central bank 🏦 for the whole world. His idea is taken into consideration, the IMF (International Monetary Fund) and the WB (World Bank) is established. Keynes ke theories of आज भी monetary policy ko manage karne ke liye Federal Reserve use करता है l

1960 ke bad situation change ho gayi. In every country especially in America is suffering from Stagflation (Stagnation+Inflation). Keynes ki theory Stagflation ko answer देने में capable नहीं थी l Chicago School is a neo-classical economic school of thought that originated at the University of Chicago in the 1930s. The Chicago School’s most prominent alumnus was Nobel Laureate in 1976 is Milton Friedman, Keynes economics se theories काफी different थी l The prevailing school of economic thought at the time. Friedman argued the government had to begin removing the redundant controls it had imposed upon the market, such as antitrust legislation. Rather than growing bigger on the increasing gross domestic product (GDP), Friedman thought governments should focus on consuming less of an economy’s capital so more remained in the system. With more capital in the system, it would be possible for the economy to operate without any government interference.

In 1998, Nobel Laureate Amartya Kumar Sen presented Welfare Economics. इस theory को ‘Social Choice Theory’ ke nam se bhi जाना जाता है l According to this theory ‘the policy should be implemented by the government which must consider provides food 🥗, education 📓, health 🏨, employment 👨🏻‍💻 to the general public’.

In 2019, Economist Abhijit Banerjee shared the 2019 Nobel Memorial Prize in Economic Sciences with Esther Duflo and Michael Kremer for their experimental approach to alleviating global poverty. RCT (Randomized Controlled Trials) का इस्तेमाल करके यह experiment kiya गया l RCT medical research ke clinical trials ke similar होता है l For example, India 🇮🇳 मे polio vaccination freely available है but many mothers were not bringing their children for the vaccination drives. So to solve this problem Banerjee aur Prof. Esther Duflo, also from MIT, tried an experiment in Rajasthan, jaha उन्होंने उन mothers को bag of pulses gift karna शुरू किया l

Economics is playing a vital role in surviving the economy. Economics ke thoughts process me hone wale changes ko हमने अभी देखा l Hope you understand the very first article. We will bring series for you of knowledgeable thoughts from Economics as well as Finance. तब तक Happy Reading…..

।। 🙏 धन्यवाद 🙏 ।।

– j₹k, p$m.