Unlimited needs and limited resources with alternative uses create basic problems of an economy. Every economy strives to solve these problems through prudent and national use of these limited resources in the best way to secure maximum satisfaction of human wants and overall economic development. In such an endeavour, economists have to follow sound principles and theories of economics. “Principles and Theories of Economics†presents all concepts, theories, principles and techniques of economic development in a lucid manner. Explaining the basic concepts like economics, economic proble4ms, economic analysis, types of economy, methods of economic study and micro and macroeconomics at the outset, the book describes in detail theories and concepts of location, size, scale, consumption, price and value, profit, employment and unemployment, interest, perfect competition, monopoly, monopolistic competition, oligopoly, value of money, national income, monetary policy and fiscal policy. In addition, the book also looks into role of planning and cooperative movement in economic development. Gandhian ideology of economic development is also included. This comprehensive presentation is of immense use of students, teachers, economists, researchers and general readers.
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