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3. What is the contribution of Keynes? John Maynard Keynes, 1st Baron Keynes( 5 June 1883 – 21 April 1946) was a British economist whose ideas have profoundly affected modern macroeconomics, both in theory and in practice. He advocated the use by governments of fiscal and monetary measures to mitigate the adverse effects of business cycles, economic recessions, and depressions.

4. How was Keyenes different from neo-classical economics? neoclassical economics held that free markets would automatically provide full employment as long as workers were flexible in their wage demands. But Keynes argued that aggregate demand determined the overall level of economic activity, and that inadequate aggregate demand could lead to prolonged periods of high unemployment.

5. Who is the father of modern macroeconomics? Keynes is considered the father of modern macroeconomics

6. What is neoclassical synthesis ? Neoclassical synthesis was a postwar academic movement in economics that attempted to absorb the macroeconomic thought of John Maynard Keynes into the thought of neoclassical economics.

7. Who started neoclassical synthesis ? The theory was developed by John Hicks, and popularized by the mathematical economist Paul Samuelson, who coined the term

8. What is the main idea in modern economics ? Scarcity

9. What is the main idea in neoclassical economics ? Welfare

10. What is the main idea in classical economics ? Wealth

11. What is opportunity cost ? Opportunity cost is the next-best choice available to someone who has picked between several mutually exclusive choices. It is a key concept in economics.

12. What is quantity theory of money ? money supply has a direct, positive relationship with the price level.

13. What is the relation between money and price in short term? mainstream economists agree that the quantity theory holds true in the long-run , there is still disagreement about its applicability in the short-run. Critics of the theory argue that money velocity is not stable and, in the short-run, prices are sticky, so the direct relationship between money supply and price level does not hold.

14. Was Keynes in favour of money-price relationship? No

15. Were monetarists in favour of money-price relationship? Yes

16. What are the formula regarding money-price ? MV = PT or PT M = Money M is the total amount of money in circulation on average in an economy during the period, say a year. V is the velocity of money in final expenditures. Q is an index of the real value of final expenditures. P is the price level associated with transactions for the economy during the period T is an index of the real value of aggregate transactions.

17. What is Cambridge theory of money ? M= KPY A certain portion of the money supply will not be used for transactions; instead, it will be held for the convenience and security it is denoted by K Y=income

18. What are the principles of money theory ? 1. The source of inflation is fundamentally derived from the growth rate of the money supply. 2. The supply of money is exogenous. 3. The demand for money, as reflected in its velocity, is a stable function of nominal income, interest rates 4. The mechanism for injecting money into the economy is not that important in the long run. 5. The real interest rate is determined by non-monetary factors: (productivity of capital, time preference).

19. What does macroeconomics study? Macroeconomists study aggregated indicators such as GDP, unemployment rates, and price indices to understand how the whole economy functions. Macroeconomists develop models that explain the relationship between such factors as national income, output, consumption, unemployment, inflation, savings, investment, international trade and international finance.

20. When was macroeconomics word used for first time? The term "macroeconomics" stems from a similar usage of the term "macrosystem" by the Norwegian economist Ragnar Frisch in 1933. Swedish economist Knut Wicksell founded modern macroeconomics

22. What is the key idea in Keynes economics? They challenge the ability of markets to be completely efficient generally arguing that prices and wages do not adjust well to economic shocks.

23. What did Keynes suggest? business cycle fluctuations should be reduced through fiscal policy (the government spends more or less depending on the situation) and monetary policy.It called for regular use of policy to stabilize the capitalist economy, while some Keynesians called for government interventions.

24. What is the idea of post Keynes thinkers? It is on the importance of demand in the long run as well as the short, and the role of uncertainty, liquidity preference and the historical process in macroeconomics.

25. What was the basic difference in Keynes and Classical theories? Keynesians= studying macroeconomics classical economists = microeconomics.

26. What is the basic idea of monetarism? Monetarism, led by Milton Friedman, holds that inflation is always and everywhere a monetary phenomenon. It rejects fiscal policy Further, it does not wish to combat inflation or deflation by means of active demand management as in Keynesian economics, but by means of monetary policy rules

27. What is neoclassical theory ? increased focus on monetary policy, such as interest rates and money supply. This school emerged during the 1970s with the Lucas critique.

28. What is the area of India ? 2.4% of the world. but it has 16.6% population of the world

29. What is the share or urban population in total population in India? 28% of total population Urban population is growing at a faster rate it grew at >30% in the last decate as compared to only 18% growth in rural population.

30. What is population density of India? 325 persons per square km (it was only about 100 persons per sq. km).

31. What is the sex ratio in India? 933 females as against 1000 males.

32. What is literacy rate of India ? 64.8% 75.26 % for males 53.67% for females

33. What is the reason for population explosion in our country? Illiteracy social customs stable birth rate, but falling death rate (death rate has fallen from 27 to 8 per thousand in 5 decades)

34. What % of population conststitue workers? 30% only

35. What is life expectancy at birth in India? For males : 64 years for females : 67 years

36. What is the current birth rate in India? 25 per thousands (it has fallen from 40 CBR to 25 CBR) CBR = crude birth rate

37. What was the suggestions of Bhagwati Committee report to govt. Of India? (in 1973) To start rural work programmes to assist marginal and poor farmers by providing support in animal husbandary and by starting rural development programmes to start civil work of permanent nature to give employment to poor people

38. What is the number of umemployed persons in India now? 3 Crore people

39. What is the status of nutrition in India? Maternal mortality rate of 100 per 100000 and infant mortality rate of 70 per 1000 birth indicate very poor conditions of health care, nutrition, & maternity care

40. What is the fertility rate in India? TFR (total fertility rate ) in India is about 30 per thousand. Thus it shows that we have a very high growth rate in population even now.

41. What is GDP growth rate in India? 8% approximately

42. What are the targets of XI plan ? * Accelerate GDP growth from 8% to 10% and then maintain at 10% in the 12th Plan in order to double per capita income by 2016-17 * Increase agricultural GDP growth rate to 4% per year to ensure a broader spread of benefits

43. contd... * Create 70 million new work opportunities. (there are 30 million umemployed now) * Connect every village by telephone by November 2007 and provide broadband connectivity to all villages by 2012

44. contd.. * Provide homestead sites to all by 2012 and step up the pace of house construction for rural poor to cover all the poor by 2016-17 * Increase forest and tree cover by 5 percentage points. * Attain WHO standards of air quality in all major cities by 2011-12.

45. Targets of XI plan * Treat all urban waste water by 2011-12 to clean river waters. * Increase energy efficiency by 20 percentage points by 2016-17.

46. Targets of XI plan * Increase literacy rate for persons of age 7 years or above to 85% * Improve nutrition level among women and children, Reduce anaemia among women and girls by 50% by the end of the plan

47. Targets of XI plan * Raise the sex ratio for age group 0-6 to 935 (from 927 now) by 2011-12 and to 950 by 2016-17 * Ensure that at least 33 percent of the direct and indirect beneficiaries of all government schemes are women and girl children * Ensure that all children enjoy a safe childhood, without any compulsion to work

48. Targets of XI plan * Lower gender gap in literacy to 10 percentage point * Increase the percentage of each cohort going to higher education from the present 10% to 15% by the end of the plan

49. Targets of XI plan * Reduce infant mortality rate to 28 and maternal mortality ratio to less than 1 per 1000 live births * Reduce Total Fertility Rate to 2.1 (from 3.3 now) * Provide clean drinking water for all by 2009 * Reduce malnutrition among chil

50. How to achieve better rural development ? Improve the working of PRI (panchayat raj institutions) remove corruptions (which is spreading in villages due to rural development programmes) improve transparency and public accountability in rural development work

51. How to improve PRI? Better training Women participation (33% is reserved for women, but it is only for the sake of formality). Better participation of villages in PRIs identification of village issues by people through collective participation better land records

52. How to improve industrialisation? Give freedom to private sector and enable them to achieve their objectives If we can have reduced ICOR (incremental capital output ratio)(ICOR now is 3.5) – we will be able to have better industrial growth - which will be possible with improved technology, reduced bottlenecks, improved infrastructure and support institutions and improved access to market

53. How can FDI increase in India? FDI in 2008-9 was about 4 lakh Crore Rupees or 90 billion $. reduce government restrictions regarding FDI improve business confidence to improve FDI.

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