ASUU OR FEDERAL GOVERNMENT WHO SHOULD WE BLAME?

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GDP MEASUREMENT METHODS AND PROBLEMS OF GDP AS A MEASURE OF NATIONAL INCOME

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Gross domestic product popularly known as GDP is the measure of the total output produced within a country at a particular period of time usually one year. It excludes all income from abroad be it from foreigners or citizens but includes all income earned by both foreigners and citizens living in a country. Gross Domestic Product is a broad topic but we shall be restricting our views to the three measurement methods that can be used in measuring GDP 1 OUTPUT METHOD OR VALUE ADDED METHOD: The differences between the sales values and the values of the intermediate goods used in the production are added together to get the GDP. For example the difference between the value of a loaf of bread and the flour used in making the bread is the value added to the flour. It's such values that are added to give the GDP in this method. 2.EXPENDITURE METHOD: This method aggregates all expenditures on domestic goods and services including investments, government demands, net export and consumpti...
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Middle Ages Economics as a product of moral and political dogma rather than economic thinking

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The middle ages covered a period of about one thousand years. Although scholars tend to disagree on the exact dates it’s believed to have extended from the fall of the romans in AD 476 to about 1500. A lot of scholars have come to believe that economic thinking in the Middle Ages was highly dominated by moral and political dogma rather than economic thinking. This they said because of the so many doctrinal backgrounds upon which this particular school of thought and its disciples advocated. Discussing the reason for this believes we shall be focusing our discussion on Thomas Aquinas a major intellectual of this school of thought. He personally made contributions to just price with respect to selling and buying, profit making and loans. Aquinas particularly said all goods must be sold at just price; a price defined as sufficient to maintain the seller at his customary standard of living. he also spoke of wages basing his argument on the Christian principle tha...
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ECONOMIC DEVELOPMENT AS A FUNCTION OF LABOUR DEVELOPMENT

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The concept of economic development has being the major pivot of every nation and at such they all use possible instruments at their disposal to either boost their economy or stabilize their economic position. Unfortunately many nations focus on developing the other components that facilitates economic development without putting adequate attention on the major manager of the economy which is labour. Is it possible for a car to move without a driver? Labour  development   is a crucial necessity that every developed or  developing nation need to either remain developed or attain their desired level of development respectively. As a matter of fact every other factor of production which is the mother of development is either created or managed by labour. Is it capital,land or entrepreneur. All these are subject to labour control for effective utilization and maximization. Labour is entrepreneur,labour produces capital, labour uses land for production so it...
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