Definition of Economics
"In the universes, known or unknown, Economics is the study of the value of two factors. One of the factor being dynamic & other is static."
Static Factor :-
The entire span of known universe or unknown universes is a home to millions of such substances and umpteen of such energies that lay dormant. For instance the unutilized capacity of human to work, for not all of them work to their optimum.
Dynamic Factor :-
All the energies and substances put into use or put into motion are the dynamic factors in the known or unknown universes. The sand in the river lies useless or static for human being unless it is fetched out and used for erecting the building or for any other use. Static factor may be dynamic factors for others, who are not necessarily being a human being.
Soul of the definition :-
1) The known needs are limited.
2) The known and unknown resources are unlimited.
In the vastness of entire known & unknown universes, not all the resources available are used or valued according to their real value. Thus for every factor there is some utilized & unutilized portion. The former being dynamic factors while the later staying static.
Thus it would be wrong to say that a particular area is economically deprived. Instead we should call the area economically static for in every area nature has gifted numerous resources. Only the humans these are not efficient enough to transform the static resources in to a dynamic factor.
Static Factor !—Change of shape
! ! —Change of Place
Needs ! —Change of Time
! ! —Change of Use
Change ! —Change in Demand
! ! —Other Changes
Dynamic Factor
Example
Sand In River
!
Need for construction
!
Change of place through transportation
!
Change in Utility
!
Dynamic & useful factor
The Transformation of Static factor in to Dynamic factor :-
Thus it is not necessary to say that the needs gave birth to the study of economics. Economics is a self present. Factors spread throughout the span of the known & unknown universes from the very start. But because of the limit of knowledge about their usefulness or knowledge to make useful of a factor, the scope of economics has long remained restricted.
Economics is so vast that it covers the entire known and unknown universes and also the all elements of these universes. The study of economics has been restricted and has only revolved around humans, their needs and around those factors which know how to put in to their use.
Consideration about optimum level, developed level, developing level and underdeveloped level:-
The extent to which resources are utilized and the response which such resources give to users, determines the standard of development of the particular unit/area/country/level. Humans of the particular area would strive to rise above that standard and would want to make a better use of available resources than what is being already done.
Developed Level
This is the level where resources are more dynamic as compared to resources in underdeveloped & developing levels.
Developing Level
In this level resources are more dynamic as compared to underdeveloped level but less dynamic as compared to Developed level.
Underdeveloped Level
Resources are least dynamic in case of under developed level as compared to the Developed & Developing level.
In that portion of our known universe which we observe , a comparative study of dynamics of the available resources would decide the rating of development here. For Example, in response to our earthly nations, resources are best utilized by the Americans & Europeans towards fulfillment of their needs and thus they are the most developed areas, whereas the Africans have made the less use of their resources thus they are least developed.
Principal of the Optimum
It is an ideal situation when all the available resources can be put to use and all the needs can be clearly defined. This would be possible once the humans know how to make use of all the resources and thus satisfy their already defined needs. This is a hypothetical situation, hard to reach in practice.
Written by
CA Pankaj Kumar Jaiswal
503 Brindavan OPP IIT Main Gate
Powai,Mumbai-400076
Phone-0091- 9819680011
email- pankaj@ascoca.com
"In the universes, known or unknown, Economics is the study of the value of two factors. One of the factor being dynamic & other is static."
Static Factor :-
The entire span of known universe or unknown universes is a home to millions of such substances and umpteen of such energies that lay dormant. For instance the unutilized capacity of human to work, for not all of them work to their optimum.
Dynamic Factor :-
All the energies and substances put into use or put into motion are the dynamic factors in the known or unknown universes. The sand in the river lies useless or static for human being unless it is fetched out and used for erecting the building or for any other use. Static factor may be dynamic factors for others, who are not necessarily being a human being.
Soul of the definition :-
1) The known needs are limited.
2) The known and unknown resources are unlimited.
In the vastness of entire known & unknown universes, not all the resources available are used or valued according to their real value. Thus for every factor there is some utilized & unutilized portion. The former being dynamic factors while the later staying static.
Thus it would be wrong to say that a particular area is economically deprived. Instead we should call the area economically static for in every area nature has gifted numerous resources. Only the humans these are not efficient enough to transform the static resources in to a dynamic factor.
Static Factor !—Change of shape
! ! —Change of Place
Needs ! —Change of Time
! ! —Change of Use
Change ! —Change in Demand
! ! —Other Changes
Dynamic Factor
Example
Sand In River
!
Need for construction
!
Change of place through transportation
!
Change in Utility
!
Dynamic & useful factor
The Transformation of Static factor in to Dynamic factor :-
Thus it is not necessary to say that the needs gave birth to the study of economics. Economics is a self present. Factors spread throughout the span of the known & unknown universes from the very start. But because of the limit of knowledge about their usefulness or knowledge to make useful of a factor, the scope of economics has long remained restricted.
Economics is so vast that it covers the entire known and unknown universes and also the all elements of these universes. The study of economics has been restricted and has only revolved around humans, their needs and around those factors which know how to put in to their use.
Consideration about optimum level, developed level, developing level and underdeveloped level:-
The extent to which resources are utilized and the response which such resources give to users, determines the standard of development of the particular unit/area/country/level. Humans of the particular area would strive to rise above that standard and would want to make a better use of available resources than what is being already done.
Developed Level
This is the level where resources are more dynamic as compared to resources in underdeveloped & developing levels.
Developing Level
In this level resources are more dynamic as compared to underdeveloped level but less dynamic as compared to Developed level.
Underdeveloped Level
Resources are least dynamic in case of under developed level as compared to the Developed & Developing level.
In that portion of our known universe which we observe , a comparative study of dynamics of the available resources would decide the rating of development here. For Example, in response to our earthly nations, resources are best utilized by the Americans & Europeans towards fulfillment of their needs and thus they are the most developed areas, whereas the Africans have made the less use of their resources thus they are least developed.
Principal of the Optimum
It is an ideal situation when all the available resources can be put to use and all the needs can be clearly defined. This would be possible once the humans know how to make use of all the resources and thus satisfy their already defined needs. This is a hypothetical situation, hard to reach in practice.
Written by
CA Pankaj Kumar Jaiswal
503 Brindavan OPP IIT Main Gate
Powai,Mumbai-400076
Phone-0091- 9819680011
email- pankaj@ascoca.com
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