# Download Modern Economic Theory by K.K. Dewett PDF for Free

## Modern Economic Theory By Kk Dewett.pdf: A Critique and a Guide

Modern Economic Theory by K.K. Dewett is a classic textbook that covers various aspects of economics, from microeconomics to macroeconomics, from money and banking to international trade and public finance. The book was first published in 1946 and has been revised and updated several times since then. It is widely used by students and teachers of economics, as well as by aspirants of various competitive examinations.

## Modern Economic Theory By Kk Dewett.pdf

In this article, we will provide a brief overview of the main topics covered in the book, as well as some of the criticisms and recent developments in economic theory that are relevant to the book. We will also provide some tips on how to use the book effectively for learning and teaching economics.

## Price Theory or Microeconomics

The first part of the book deals with price theory or microeconomics, which is the study of how individuals and firms make decisions regarding the allocation of scarce resources. The book starts with an introduction to the scope and method of economics, followed by a discussion on partial equilibrium and general equilibrium analysis, which are two ways of analyzing how markets work. The book then explains the concepts of statics, dynamics and comparative statics, which are tools for comparing different states of equilibrium.

The next chapter focuses on the theory of demand, which explains how consumers choose among different goods and services based on their preferences, income and prices. The book introduces the indifference curve analysis of demand, which is a graphical way of representing consumer preferences. The book also covers topics such as elasticity of demand, subsidy effect of taxation, consumer surplus and recent developments in demand theory.

## Theory of Production and Distribution

The second part of the book deals with the theory of production and distribution, which explains how firms produce goods and services using various inputs such as labor, capital and land. The book covers topics such as production function, isoquants, returns to scale, cost curves, profit maximization, perfect competition, monopoly, monopolistic competition, oligopoly and factor pricing.

The book also discusses some of the criticisms and alternatives to the neoclassical theory of production and distribution, such as the marginal productivity theory of distribution, the Cambridge controversy, the Sraffa model and the Marxian theory of surplus value.

## Theory of Income and Employment or Macroeconomics

The third part of the book deals with the theory of income and employment or macroeconomics, which is the study of how the aggregate level of economic activity is determined by factors such as consumption, investment, government spending, money supply and foreign trade. The book covers topics such as national income accounting, classical theory of income and employment, Keynesian theory of income and employment, consumption function, investment function, multiplier effect, accelerator effect, business cycles, inflation and unemployment.

The book also discusses some of the extensions and modifications of the Keynesian theory, such as the IS-LM model, the AD-AS model, the Phillips curve and the rational expectations hypothesis.

## Money and Banking

The fourth part of the book deals with money and banking, which explains how money is created and circulated in an economy, and how it affects various economic variables such as interest rates, exchange rates and prices. The book covers topics such as definition and functions of money, supply and demand for money, quantity theory of money, Fisher effect, Keynesian liquidity preference theory, money market equilibrium, central banking functions,

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