The term economic system has been defined by J. R. Hicks as 'an organisation of producers to satisfy the needs of consumers'. It is a mechanism for tackling the two problems of scarcity and choice. Due to scarcity of economic resources, every society has to find some means of allocating resources among alternative ends or uses. In the present-day world [...]
In this article we will discuss about the merits and demerits of socialism. Socialism is a social and economic system in which the means of production are collectively owned and equality is given a high priority. There are various forms of socialism, but all share a belief in the necessity for collective intervention in economic affairs. Socialism as an economic [...]
In this article we will discuss about the definition and features of mixed economy found in India. Definition of Mixed Economy: The term 'mixed economy' is used to describe an economic system, such as that found in India, which seeks to compromise between capitalism and socialism. In such a form of economy, the elements of government control are combined with [...]