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Walrasian system

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This,is an economic system or theory that Was postulated by a political economics professor Leon walras .the system basically seeks to explain the economy based on the general equilibrium theory and marginal utility. The system is to encompass the whole field of value and price in a much more comprehensive manner than had been presented by any previous economist . He assumed perfect competition and uniformity of price throughout the given market and mathematically demonstrated that general equilibrium in such a market requires certain conditions to be satisfied listed thus: Each individual will have a utility curve for each good and service offered in the market The individual will maximise his utility through exchange and That he will obtain the greatest possible satisfaction when the prices paid in the exchange are proportional to the marginal utility of the good purchased. In general he said that the basic laws which are at work bring about the equilibrium in the market. The...
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WEALTH AND INFLATION

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I nflation is a continuous or sustained increase in the general price level or cost of living of any economy. Wealth on the other hand could be defined as a state of abundance . From the above definitions we wouldn't be wrong to deduce that the wealth level of any rational consumer in an area has some direct relationship with the inflation rate in that area. This is proposed based on the demand law that states; higher demand as a result of lower price. Conside ring this,its obvious that policy makers must draft out policies that will constantly reduce inflation and relatively grow up employment opportunities else the population of the wealthy in the case country will be definitely growing at a decreasing rate. Inflation is beneficial to a few set in the society with a larger population of the society suffering the negative effect of the inflation. Even wealth distribution is  positively related to lower inflations at such a government that must improve the human centered perspecti...
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AGRICULTURE AS A NECESSARY FACTOR FOR INDUSTRIAL DEVELOPMENT IN DEVELOPING COUNTRIES(NIGERIA)

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The basic,reason why some developing countries are still in the lower region of development today is not necessarily because they lack resources but that they fail to utilise and maximise them. Amongst such resources available  to some developing countries is agriculture. Agriculture though limited to some developing countries is the basis upon which a lot of industries can evolve. First of all it starts with the Agro-alied industries whose major raw materials are from Agriculture. And as we know the Agro-alied industries will require machines which will necessitated the need for mechanical industries. Its also obvious that social amenities like  Electricity,transport mediums(good roads, airports,railways and well dredged water bodies), Health amongst others will find their way into the host society either through the public sector or the private sector. The rising industries generate revenue for the government due to taxation and the companies exportation process...
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