Economics with Junior Economist UOB

The main differences between Keynesian and Monetarist schools of thought:

Keynesian Economics:

1. Government intervention: Encourages government spending and intervention to stabilize the economy.
2. Fiscal policy: Emphasizes the use of fiscal policy (government spending and taxation) to manage the economy.
3. Aggregate demand: Focuses on aggregate demand as the driving force behind economic activity.
4. Deficit spending: Supports deficit spending during times of economic downturn to stimulate growth.
5. Emphasis on employment: Prioritizes full employment and social welfare.

Monetarist Economics:

1. Free market: Advocates for a free market economy with minimal government intervention.
2. Monetary policy: Emphasizes the use of monetary policy (central bank actions) to control inflation and stabilize the economy.
3. Money supply: Focuses on the money supply as the primary driver of economic activity.
4. Inflation control: Prioritizes inflation control over employment and growth.
5. Limited government role: Supports a limited role for government in the economy.

In simple terms:

- Keynesians believe government should play an active role in stabilizing the economy, while monetarists advocate for a more hands-off approach.
- Keynesians focus on aggregate demand and employment, while monetarists prioritize inflation control and the money supply.

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Introduction to Economics| What is Economics| Economics Kiya Hai| Urdu/Hindi Explanation| Lecture 1|

In this video I have Discussed
What is Economics?
What is scarcity?
What are the three central problems of economy?

The lecture is in URDU / HINDI language.

This is the course for B.com (Hons.) , B.com (P), BA (Economics), MA (Economics), MSc (Economics) , Lecturer (Economics).

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https://youtu.be/d59RDHaCGFc?si=L4pPjq-JmfJsuGL7

Introduction to Economics| What is Economics| Economics Kiya Hai| Urdu/Hindi Explanation| Lecture 1| In this video I have DiscussedWhat is Economics?What is scarcity?What are the three central problems of economy?The lecture is in URDU / HINDI language. This...

Give an appropriate definition of Economics.

Ans.: The term economics is derived from two Greek words "OIKOS" and "NEMEIN" meaning the role or law of the household.
Economics is the study of how people and society, choose to employ scarce resources with or without the use of money, that could have alternative; uses in order to productive; various commodities and to distribute them for consumption, now or in the future among various persons and groups in society.

Econometrics
Econometrics=Econo+Metrics.
Measurement in Economics

Econometrics is the science and art of using economic data to measure the empirical validity of economic theory by applying mathematical and statistical tools.
Alternatively it is defined as the study of statistical techniques used in economic problems.

Econometrics based on the development of statistical method for estimating economic relationships,testing economic theories,and evaluating and implementing government and business policy.
Econometrics has evolved as a separate discipline from mathematical statistics because of the need economists faced in handling non experimental data.

Experimental data are often collected in laboratory experiment and most common in the natural science.

Non experimental data also called observational data are not accumulated or collected through controlled experiment on individual firms or other segments of the economy.

Econometrics converts data into quantitative form and makes it simplier.It makes the data readable and understandable.It helps to obtain specific patterns from the scattered sets of data.

Entry Test Result for BS-Economics
University of Balochistan

Admission Entrance test for BS-Economics will be Held on Monday 21st November 2022 at 1pm in Expo Center, UoB, Quetta. Test Entrance slips will be uploaded On UoB Website.

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It is to inform all the candidates appearing in Admission entry test of BS-2022 that their tests scheduled on October 1st & 2nd, 2022 have been postponed due to unavoidable circumstances. New Test Dates will be annouced later. (University of Balochistan)