An attempt has been made in this Fourth Edition of Economic Systems to analyze direct and indirect as also short-term and long-term implications of these domestic and international systematic (i.e.,structural) changes for India and Indian people. It is hoped that this revised and updated Fourth Edition of our Economic Systems will be found instructive and useful by the students world and teaching faculty in different universities in India. Content 1. What is an Economic System? Meaning, Functions and Classification 2. Different Types of Economic Systems and Their Broad Features 3. Incentives in Different Economic Systems 4. Efficiency of Economic System 5. Economic Systems and Basic Freedoms 6. Economic Systems and Social Justice 7. Economic Institutions as Means and Ends 8. Different Stages in the Evolution of Capitalism 9. Capitalism (With Special Reference to the United States of America) 10. Achievements and Failures of Capitalism 11. Transformation of Laissez − Faire Capitalism into Welfare State or Welfare Capitalism 12. Capitalism and Technological Progress 13. Society and its Historical Development 14. Evolution and Growth of Socialism (Utopian Socialism) 15. Marxian Socialism 16. Socialism(With Special Reference to the USSR) 17. Liberman`s Plan and History Proposals 18. Market Socialism and Question of Decentralisation 19. Mixed Economies and Their Problems 20. Economic Planning Meaning of Economic Planning and Its Characteristics 21. Broad Features of India`s Socialist Pattern Background of Indian Economic Thinking 22. Gandhian Economics 23. Land-Gift Movement (Bhoodan) and Sarvodaya 24. The Chinese Communist System 25. Indian and China (Comparative Study of Two Systems) 26. Multi-National Corporations (MNCs) 27. Role of the State 28. Convergence of Different Economic Systems 29. Some Important Developments

It gives the authors great pleasure that since the publication of the First Edition of our Economic History of India in July 1980, the Second edition of the book was published in September 1983 and there were three Reprints of the book in May 1987, January 1989 and July 1990. This shows that the student community and the teaching faculty have found our book useful. In the Third edition care has been taken to give effect to some of the useful suggestions made by the students and teachers of the subject. Also some minor literary and statistical data have been corrected. Content- 1. Establishment of the British Rule in India 2. The State of the Indian Economy Prior to the British Rule 3. Early Impact of the British Rule on The Indian Economy 4. Land Tenure and Land Revenue 5. Agriculture - A Survey 6. Agricultural Policy 7. Commercialisation of Indian Agriculture 8. Irrigation 9. Famines and Famine Administration 10. Rise of Modern Indian Industries: A General Survey 11. Evolution of the Industrial Policy 12. Foreign Trade of India 13. Transport and Communication in India 14. Income and Poverty: Economic Case against the British Rule 15. Theory of The Drain 16. Effects of World War I (1914-1918) on the Indian Economy 17. Demographic Trends 18. Agricultural Policy (1919-1951) 19. Co-operative Movement 20. Rise of Modern Industries 21. India’s Trade and Tariff Policy 22. Foreign Capital 23. Trade Union Movement 24. Labour Legislation 25. Social Security 26. Industrial Relations, Industrial Disputes and their Settlement 27. History of Indian Currency and Foreign Exchange 28. Banking in India 29. The World Depression (1929-1933) and the Indian Economy 30. History of Price Movements in India 31. Public Finance 32. World War II and the Indian Economy 33. Economic Consequences of the Partition (1947) 34. Early Thoughts on Economic Planning in India

The present book is designed as a textbook of History of Economic Thought. It outlines the major contributions of almost all the important economist of all recognised schools. The informations and facts are summarized but not at the cost of any point. Our discussion is essentially precised, selective, to the point and examination-oriented. The book makes use of the latest informations available from journals and periodicals, and explains and illustrates with diagrams and mathematics wherever required. The book can serve well as a standard textbook for the Honours and Post-graduate students of various universities where History of Economic Thought is taught as a subject. In many ways, the present work is a differentiated product on the subject of History of Economic Thought. Contents : Introduction to History of Economic Thought PART ONE : PRE − ADAMITE THOUGHT 1. Ancient Economic Thought 2. Mercantilism 3. Physiocracy(1750-1776) PART TWO : DEVELOPMENT OF CLASSICAL POLITICAL ECONOMY 4. Origin of Classicism 5. Classical Tradition 6. Critics of Classicism 7. Historical Critics of Classicism(Historical School) PART THREE : RECONSTRUCTION OF ECONOMIC SCIENCE 8. Austrian (Subjective) School 9. Marginalist School 10. Mathematical School 11. Lausanne School 12. Swedish (Stockholm) School 13. Socialist School 14. Neo-Classical School PART FOUR : MODERN ECONOMIC THOUGHT 15. Institutional Economics 16. Welfare Economics 17. New Economics PART FIVE : INDIAN ECONOMIC THOUGHT 18. Economic Thought in Ancient India 19. Economic Thought in Modern India PART SIX : METAMORPHOSIS OF ECONOMIC DOCTRINE 20. Development of Economic Theories PART SEVEN : POST SCRIPT 21. Some Topical Notes

This book Advanced Microeconomics is about microeconomic theory covering the entire syllabus prescribed by the University Grants Commission for the M.A./M.Sc. Economics students of Indian Universities and Colleges. The Syllabus includes both the traditional theories and the recent developments like economics of uncertainly. The material is also derived/referred from very old reference books. These are not easily available to students in small cities and rural areas. Nor it is available in recently published books in India or other countries. For an ordinary student, it is a tedious task to refer to a large number of book for a single paper. As a teacher who teaches Microeconomic theory to M.A. Economics students for many years, I am compelled to write this book that will benefit the student community. The book is divided into nine chapters as it is given in the UGC syllabus. Each chapter is broken into several numbered sections, each of which develops a major theme. In each chapter, both old theories and recently developed concepts are discussed in detail with suitable illustrations and diagrams. Very simple language is used throughout the book. Unnecessary mathematical equations and notations are avoided while very simple examples and calculations, high school algebra and geometry are used. Contents- 1. Introduction and Basic Concepts 2. Theory of Demand 3. Theory of Production and Costs 4. Price and Output Determination 5. Alternative Theories of Firms 6. Distribution 7. Welfare Economics 8. Grneral Equilibrium 9. Economics of Uncertainty

This book is primarily meant to serve as a standard, comprehensive and complete text-book for the B.A. B.B.E., students of Madurai Kamaraj, Manonmonium Sundaranan Barathian, Barathidasan, Mahatma Gandhi and Chennai Universities. The text is organized into 32 chapter. I have taken special care to explain difficult concepts an easy and conies way. In Preparing this book, I have referred to many standard reference debt to all of them. Contents : Part One : Introduction 1. Definition of Economics 2. Methods and Nature of Economic Laws 3. Micro Economic and Macro Economics 4. Economy – Its Vital Processes and Basic Problems 5. The Concepts Of Equilibrium 6. Economic Statics and Dynamics Part Two : Theory of Consumer Behaviour 7. Law of Demand 8. Cardinal Utility Theory 9. Indifference Curve Analysis 10. Consumer's Surplus 11. Elasticity of Demand Part Three : Theory of Production 12. Meaning of Factors of Production 13. Scale of Production 14. The Theory of Production Function 15. ISO-Quants and The Theory of Production Part Four : Theory of Product Pricing 16. Cost and Cost Curves 17. Revenue and Revenue Curves 18. Supply 19. Market and Market Structures 20. Equilibrium of the Firm and Industry Under Perfect Competition 21. Pricing Under Perfect Competition 22. Monopoly 23. Price Discrimination 24. Monopsony 25. Monopolistic Competition 26. Duopoly Models 27. Oligopoly Part Five : Theory of Factor Pricing 28. Distribution 29. Rent 30. Wages 31. Interest 32. Theory of Profit

Macroeconomics is a distinctive subject of economic studies. It examines, explores and analysis aggregate economic behavior of households, firms and government. This book is the result of the author`s long experience of teaching the courses on macroeconomics at various levels in Arts, Commerce and Management faculties of the Universities in India and abroad. The author has made an attempt to explore and discuss the subject-matter of core topics of macroeconomics in systematic, synthetic and lucid manner. The treatment will inspire the students community to be more interested in knowing and acquiring a good grasping of the subject. Contents : 1. Nature, Scope And Subject-Matter Of Macroeconomics 2. National Income: Meaning And Measurement 3. The Classical Macroeconomic Theory 4. The Keynesian Macroeconomic Theory 5. The Consumption Function 6. The Investment Function 7. Savings Investment Theory 8. Principles Of Multiplier And Acceleration 9. The Policy Measure 10. Business Cycles 11. Keynesian Anti-Cyclical Policy 12. Monetarism 13. Functions Of Money 14. Value Of Money 15. Inflation 16. Commercial Banking 17. Central Banking 18. Monetary Policy 19. Fiscal Policy 20. Supply Side Economics 21. International Trade 22. Theory Of Comparative Cost 23. Balance Of Payments 24. Foreign Exchange 25. Trade Policy 26. The International Monetary Fund 27. Goals Of Macroeconomic Policy 28. Economic Growth 29. The Classical Theory Of Economic Growth 30. The Neo-Classical Analysis Of Economic Development 31. Marxian Theory Of Capitalist Development 32. Planning For Development

The book is designed to meet the varying needs of the graduate students in economics. It is as per the new syllabus prescribed for Madhya Pradesh University. The book is the outcome of 40 years of long teaching and writing experience of the author. The author humbly claims the following features of the book. - It is written for students with simplicity and lucidity of exposition of the complexities of the subject-matter of topics included in the revised syllabus, simultaneously maintaining the standard of the textbook. - In writing the book, special care has been taken to avoid gaps in the sequential arrangement of topics in the syllabus and logically fabricated / developed the various facets of economic theory step-by-step with an integrated approach with a view to make it a comprehensive and complete volume by itself. - Topics covered are discussed, as far as possible, in a fairly self-contained manner. - It is self-explanatory. - It contains a lucid and synthesized review of the subject-matter from existing relevant literature so that the reader in spared of searching them in scattered places. As a teacher of economics, the author would like to give a word of advice to the students: A subject like Microeconomics should be studies very carefully, with a deep understanding of the material presented / discussed in the book. Remember, each sentence in the book carries a depth of meaning, reasoning and analytics of the subject. Master each new concept and key term. Try to understand the fundamentals. Once the fundamentals of economics have been properly grasped, the subject becomes very easy and interesting. Contents : Unit 1 1. Micro Economics Unit 2 2. Economic Laws 3. Economic Problems 4. Basic Problems of the Indian Economy Unit 3 5. Elasticity of Demand Unit 4 6. Factors of Production Unit 5 7. Laws of Production 8. Economies and Diseconomies of Scale 9. Theories of Population

The book is designed to meet the varying needs of the graduate students in economics. It is devised as for the UGC Model Curriculum 2002 prescribed for the Indian Universities. It specifically deals with B.A.(Pass/Hons.) Economics. Compulsory Paper I Microeconomics. The book is the outcome of 40 years of long teaching and writing experience of the author. The author humbly claims the following features of the book. 1. It is written for the students with simplicity and lucidity of exposition of the complexities of the subject-matter of topics included in the revised syllabus, simultaneously maintaining the standard of the textbook (in a true sense) as well as the level of discussion desired under the curriculum of the University of Mumbai. 2. In writing the book special care has been taken to avoid gaps in the sequential arrangement of topics in the syllabus and logically fabricated/developed the various facets of economic theory step-by-step with an integrated approach with a view to make it a comprehensive and complete volume by itself. 3. Topics covered are discussed, as far as possible, in a fairly self-contained manner. 4. It is self-explanatory. 5. It contains a lucid and synthesised review of the subject-matter from existing relevant literature so that the reader is spared of searching them in scattered places. As a teacher of economics, the author would like to give a word of advice to the students: A subject like Microeconomics should be studied very carefully, with a deep understanding of the material presented/discussed in the book. Remember, each sentence in the book carries a depth of meaning, reasoning and analytics of the subject. Master each new concepts and key term. Try to understand the fundamentals. Once the fundamentals of economics have been properly grasped, the subject becomes very easy and interesting. Contents - Module 1: Introduction 1. Nature and Scope of Economics 2. Methodology in Economics 3. Economic Problem and Equilibrium Analysis Module 2: Consumers Behaviour 4. Utility: Marshallian Cardinal Approach 5. Ordinal Utility Indifference Curve 6. Indifference Curve Analysis of Demand 7. Elasticity of Demand Module 3: Theory of Production and Costs 8. Production Function and Laws of Return 9. Economics of Scale 10. Cost of Production Module 4: Market Structure 11. Market Forms 12. Market Price Determination-Marshallian Theory of Value 13. Revenue Analysis 14. Firms Equilibrium 15. Equilibrium of a Firm and Industry Under Perfect Competition 16. Equilibrium of a Monopoly Firm 17. Monopolistic Competition, Oligopoly and Duopoly 18. Pricing Practices Module 5: Factor Pricing 19. Marginal Productivity Theory of Distribution 20. Theories of Wage Determination 21. Rent 22. Interest 23. Profits Module 6: Investment Analysis 24. Project Planning and Investment Analysis 25. Elements of Social Cost-Benefit Analysis Module 7: Welfare Economics 26. Elementary Welfare Economics

At the undergraduate level, a student of economics is expected to grasp the basic concepts of microeconomics as well as some concepts of macroeconomics. In the first 20 chapters, the book exhaustively deals with the substance of microeconomics − the theory of customer`s behaviour, production, product pricing and the pricing of factors − rent, wages, interest and profit including theories of factors` shares. The remaining chapters, cover such selected topics of macroeconomics as National Income, Issues of Public Finance and Budgetary Policy together with a comprehensive exposition of Economic Systems. The treatment of the book is in consonance with the level of undergraduate students of economics of Andhra, Calcutta, Hyderabad, Indore, Osmania and other Indian Universities. Incidentally, the book also covers the syllabus of Sant Gadge Baba Amaravati University for B.B.A. course in economics paper. The book has the following unique characteristics: - The subject matter has been exhaustively discussed with numerous illustrations and diagrams. - At the end of each chapter, a summary has been given to highlight the major points of discussion. - At the end of each chapter, exercises in the form of typical questions and problems have been given to enable the student to test his knowledge and understanding the subject. These exercises will give him a fair idea of the pattern of questions which are likely to be set at the University examinations. Contents : 1. Nature of Economic Analysis 2. Wants and Consumption 3. Consumer`s Behaviour (Marginal Utility Analysis Cardinal Approach) 4. Indifference Curve Analysis 5. Elasticity of Demand 6. Elasticity of Supply 7. Factors of Production 8. Theory of Production 9. Cost of Production 10. Forms of Market 11. Pricing : Perfect Competition 12. Equilibrium of the Firm and Industry 13. Monopoly 14. Monopolistic Competition 15. Theory of Distribution 16. Rent 17. Wages 18. Interest 19. Profit 20. National Income and Inequality 21. Public Finance (Nature, Significance and Principle) 22. Public Revenue 23. Public Expenditure 24. Budgetary Policy and Deficit Financing 25. Economic Systems

Macroeconomics is the study of the total economy the national, regional or even the world economy. It is a fascinating subject that touches our daily lives. We are invariably interested in news about what is happening in the macro economy because changes in economic variable encroach upon our wellbeing. We follow developments pertaining to interest rates and inflation because these variables determine our mortgage payments and the purchasing power of our incomes and savings, as well as the profitability of our investments. Ideally, students should approach this book with principles of economics course under their belt. The formall mathematical requirement are mild. In fact, most of the formal manipulations are optical and either shown in margin notes or in separate sections that supplement graphical arguments. We are quite confident, though, that the book can also be adopted and used successfully. We believe that the book is even suited for self-study. The acquired knowledge will definitely be more delicate and lack depth compared with what can be achieved under the guidance of an experienced instructor. But it should provide an up-to-date first foundation for informed discussion of today’s national and global macroeconomic issues. Contents - Unit – 1 Introduction to Macroeconomics Unit – 2 National Incomes Unit – 3 Consumption Unit – 4 Savings Unit – 5 Investments Unit – 6 Money Unit – 7 Monetary System Unit – 8 Fiscal Policy Unit – 9 Economics Growth