Here is an essay on ‘Economic Integration’ for class 11 and 12. Find paragraphs, long and short essays on ‘Economic Integration’ especially written for school and college students. Essay # 1. Meaning of Economic Integration: The modern industrial system rests upon such techniques that can be employed economically only if the production takes place on a very large scale. This [...]
In this article we will discuss about the theories for business cycles. Also learn about its criticisms. Economists have observed business cycles (i.e., short-run economic fluctuations) for more than two centuries. Here are some of the different approaches that have been proposed: 1. Monetary Theories: These theories developed by R. G. Hawtrey and Milton Friedman attribute business fluctuation to the [...]
The new classical macroeconomics is based on the rational expectations hypothesis. This means that people have rational expectations about economic variables. The implication is that people make intelligent use of available information in forecasting variables that affect their economic decisions. According to this hypothesis, forecasts are unbiased and based on all available information. The hypothesis holds that people make unbiased [...]