Nidhi Nirwan is teaching live on Unacademy Plus
Basics of Economics and Social Development
Definition Economics Oiks nomos (Family) (Custom) Basic concept lies on the assumption that connects both scarcity of resources and the need to manage them judicially as well as equitably. Examples: Land Acquisition Law National Water Policy, 2012 Food security Law
. Initially Economics focused on wealth later welfare. . As a Policy Science: Trade offs Tradeoff involves making choices in policies wherein there is a compromise on one goal to achieve another goal. Definition in terms of Wealth creation: Non productive activity is a cost on society. Man was relegated to the secondary and wealth was placed above life. Welfare economics: Study of man and welfare not of money and goods alone As the production process evolved and as more problems cropped up discipline become more wider like green economy, well being, national happiness and so on.