Book Review : Chaure Yashwant Eknath, MGV’s Loknete Vyankatrao Hiray Arts, Science and Commerce College, Panchvati Not many years ago, economics was not considered an independent science. The subject of macroeconomics, as it is taught to students today,
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Book Review : Chaure Yashwant Eknath, MGV’s Loknete Vyankatrao Hiray Arts, Science and Commerce College, Panchvati
Not many years ago, economics was not considered an independent science. The subject of macroeconomics, as it is taught to students today, has been shaped over time. There was an ongoing discussion about how to present these concepts in simple language for easier understanding. This work was completed by Prashant Publications, which helped make these complex ideas more accessible.
Economics is divided into two main branches: microeconomics and macroeconomics. The term microeconomics comes from the Greek word “mikros,” meaning small. This branch of economics focuses on individual elements, such as the behavior of a single consumer, a single seller, or the price of a particular commodity.
Adam Smith, often referred to as the “Father of Economics,” is credited with laying the foundations of microeconomics. His work, especially The Wealth of Nations (1776), explored the behavior of individuals and markets.
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