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What are the 4 economic theories?

The 4 economic theories are supply side economics, new classical economics, monetarism and Keynesian economics. New-classical economists believe that, to develop, countries must liberate their markets, reform labour markets, privatise state owned industries, encourage entrepreneurship (risk taking). You can read about the Demand and Supply – Concepts of Economy for UPSC in the given link.

Monetarism emphasizes the role of governments in controlling the amount of money in circulation. Keynes advocated for increased government expenditures and lower taxes. Supply-side economics postulates economic growth can be most effectively fostered by allowing free trade, decreasing regulation, and lowering taxes.

Further readings:

  1. Commission for Agricultural Costs and Prices (CACP) – UPSC Notes
  2. Monetary System – Types of Monetary System (Commodity, Commodity-Based, Fiat Money)

Related Links

Fiscal Deficit – Calculation, Components, Policy Framework

Previous Years Economics Mains Questions for UPSC General Studies Paper – 3

Monetary Policy – Objectives, Roles and Instruments (UPSC Indian Economy)

Inflation in Economy- Types of Inflation, Inflation Remedies [UPSC Notes]

Economic Survey 2021 – Definition, Importance & Highlights

Fiscal Policy in India – Objectives, Components, Fiscal Consolidation, FRBM Act, 2003

Indian Economy Notes For UPSC Exam [Download PDFs]

Union Budget 2021 – An Overview of Proposals on Six Different Pillars

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