Category Economy

Some economists ( Harvey Leibenstein, Rostow, Baran, Buchanan) and many others favour the use of per capita output as an index of economic development. They believe that economic growth is meaningless if it does not improve the standard of living…

Classical school of thought rose after the mercantilist doctrine and were famous for attacking and successfully refuting it. Classical economics is really the start of economics as we know it.  They did not have a macroeconomic theory as such, but…

Economic Growth: The term economic growth refers to the quantitative aspect of economic progress of a country. According to Paul Baron, “Economic growth may be defined as an increase over time in per capita output of material goods.” In other…

Public choice theory is also known as political economy It involves the use of economic analysis to analyses various political phenomenon such as voters, party behavior and actions of the government Political economy involves the study of non-market decision making…

In Kenya the government has been supporting business startups and business development growth and development since it attained self-rule. The government of Kenya has supported the growth of businesses through youth enterprise fund, women enterprise fund, Kenya industrial estates (KIE),…

Government failure is also known as non-market failure. Government intervention causes a more inefficient allocation of goods and resources that would not occur without that intervention Government failure occurs when its intervention in allocation of resources is not pareto optimal,…

The major role of the government is to provide legal framework within which all economic transactions can occur The roles of the government include ; The government produces public goods and services and affects production decision of private firms through…

The main aim of an economy is to create wealth and welfare for the society given the available resources, these resources are scarce and there are multiple users over them due to unlimited human wants A market facilitates exchange and…

Hello Okoth Douglas here, reporting from Machakos Town Public finance is related to the financing of the state activities and a narrow definition of the public finance would try to say that public finance is a subject which discusses the…

Hello Okoth Douglas here, reporting from Machakos Town, The idea of government is a concern for every society’s existence. What is government? Government is simply defined as the act of governing, ruling and controlling. According to the Oxford English dictionary…