Capitalism, as we are told, is the best principle of economic system as it drives all those in charge of production (the owners and top executives of enterprises) to maximize profits at minimal costs and thus earn economic efficiency (Capitalists get profits, and the rest of us benefit from the efficiency of production within a …
Continue reading “Rethinking Marx: Is Capitalism Self Destructive?”
The first official post of ‘The Great Illusions’ :-The Illusions of Economics According to published figures, India is world’s Third-largest producer of refined oil after China and US, but for meeting the oil needs, India imports more than 80% of total oil needed. Therefore, India’s economy is highly dependent on price of oil as it …
Continue reading “Macroeconomic implications of changes in crude oil price”
The great illusions