Tag: poverty : challenge facing india

Amartya Sen was an Indian economist who contributed to welfare economics and social choice theory and also established interest in the problems of society's poorest members as she conducted lots of research on famines and how such problems can be solved through various policy and implications. 

1:Dadabhai called British economic exploitation as Economic drain in his book "Poverty and Un-British rule in India".
2:The transfer of resources and wealth from India to England without providing 'any equivalent return' which began in the second half of the eighteenth century had been christened by Indian 'non-practicing' economists like Dadabhai Naoroji, M. G. Ranade, R. C. Dutt as the “economic drain”.

Amartya Sen is considered to be the Mother Teresa of Economics. He won the Nobel Prize for welfare economics. Just like Mother Teresa, Sen was also inclined towards being thoughtful for people. His work shows his concern for humans and their dignity. 

Dr. Amartya Sen, an Indian Economist, won the Noble Prize for economics in 1998 for welfare economics and social choice theory. He had an interest in the lives of the poorest section of the society. He worked on human rights, poverty and inequality and tried to improve the well-being of the community.

Modern economists define economics as the science of growth and efficiency as in the contemporary world economics focuses the rate of growth and how much the scarce resources are efficiently  used,that is, without wastage in order to derive the maximum utility.

• Adam Smith was a Scottish economist who described economics as a science which deals with the creation of wealth where wealth generation focused on the personal gains of the individual which was more of capitalist economy.
  
• Alfred Marshall was a British economist who proposed the definition of welfare according to which material welfare focused on the materialistic gains in the economy.
  
• Paul A Samuelson was an American economists who proposed many theories on income and its even distribution and how these two factors leads to growth and development of the nation. Development and growth is the modern macroeconomics which focuses on personal gain with social welfare.
  
• Lionel Robbins was a British economist who proposed a very scientific definition on  economics where he described the importance of effective relationship between scarcity and choice is the modern microeconomics which focuses on unlimited wants and scarcity of resources.
  

Net value added is equal to Payments accruing to factors of production i.e. rent, wages, interest and profits.

Economics is the study that establishes an effective relationship between unlimited wants and scarce resources so that all the unlimited wants are mostly satisfied by the use of scarce resources. 
At micro level it deals with individual variables like consumer or producer and how they influence the market. 

Amartya Sen is an Indian economist who was awarded the 1998 Nobel Prize for Economics for his contributions to welfare economics and social choice theory and for his interest in the problems of society's poorest members. 

When the workforce population that ranges from 19-60 years rises in a country in comparison to other age composition it creates an advanced balance in the country's demographics as the production increases due to more contribution of the population. Such situations are known as demographic dividend.