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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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The Quagmire of a Monotonous Economy by Julius Ojonugwa Akubo +2348069230929 Pauljulius90@gmail.com

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Over the years many nations have survived via their domestically generated incomes while others have increasingly relied on external sources of finance which adversely results in increased foreign debt. As rightly stated by Hameed et al(2008) , too much of external debt could dampen economic growth by hampering investment and productivity growth which is the resultant effect of the fall in exchange rate. Although foreign debt as a topic is not the focus of this work its necessary to understand its effect as earlier stated. The term "Monotonous Economy" as used in this article defines an economy whose income source is strictly limited to a single major source. In other words it's an economy were diversification is absent. Nigeria for instance has over the years relied on crude oil for the financing and running of the entire government ever since the late 1970s.According to Anyanwu (1986), the major problems of the economy such as external debt obligation, unemployment, i...
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