OSWAL

A TEXT BOOK OF

ICSE

ECONOMICS

CLASS IX V. N. Nigam A. Banerjee

In accordance with the latest syllabus prescribed by the Council for the Indian Certificate of Secondary Education Examination, New Delhi

A TEXT BOOK OF

ICSE

ECONOMICS CLASS IX

V. N. NIGAM

A. BANERJEE

M.A. (Eco.); M.A. (Geog.); B.Ed., Cert. In Envn. Edn. F.R.G.S. (London) Ex-Senior Master in Economics & Geography Cambrain Hall (Residential & Day) School DEHRADUN CANTT.

B.A. (Hons); M.A., B.T. (Cal.) Dip. In Environmental Edn. (Wales); W.B.G.S. (EDN.) Ex. Senior Master, Victoria Boys School KURSEONG

OSWAL PUBLISHERSA 1/12, Sahitya Kunj, M. G. Road, Agra-282 002

No part of this book can be reproduced in any form or by any means without the prior written permission of the publisher

Edition : 2019

ISBN : 978-93-87660-61-8

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Preface The author and the publishers feel immense pleasure in presenting the latest thoroughly revised and updated edition of textbook of Economics for the students of class IX. The content of the book strictly conform to the new syllabus prescribed by the Council for the Indian School Certificate Examination (CISCE). This textbook has been carefully designed so that it can be used by the elite group of scholars as well as students with very little knowledge of Economics. Explanations in this book are very thought provoking and also encourage a student to dive deeper into the subject. SALIENT FEATURES OF THIS REVISED EDITION OF THE BOOK

☞ Specially designed to meet the requirements of ICSE students. ☞ Strictly written in accordance with the latest syllabus prescribed by the Council for the Indian School Certificate Examination, New Delhi.

☞ Based on new examination pattern. ☞ Up-to-date study material incorporating most reliable and latest data taken mostly from government journals and publications relating to the Indian Economy.

☞ Comprehensive coverage of the prescribed course. ☞ The Project work has been given at the end of the book, which has been designed specifically in accordance with the assignments suggested by the Council.

☞ A good number of short-answers and long questions, on the lines of the Councils’ model questions, are given at the end of each chapter which will help the students in writing the answers correctly. PHILOSOPHY OF THIS BOOK Economic principles are explained in simple words and easy conversational proses with familiar examples, without sacrificing the depth or precision of the text. This book is designed to enable the students to understand the fundamental concepts and principles of Economics easily through self-study. In spite of our best efforts, the possibilities of some errors of omission and commission cannot be ruled out. Constructive suggestions and comments will be appreciated and thankfully acknowledged. —THE PUBLISHER

Syllabus CLASS IX There will be one paper of two hours duration carrying 80 marks and Internal Assessment of 20 marks. The paper will be divided into two sections A and B. Section A will consist of compulsory questions requiring short answers and will cover the entire syllabus.

(ii)

3.

Section B will consist of questions, which will require detailed answers. There will be a choice and candidates will be required to answer four questions from this section. 1.

Introduction to Economics (i)

2.

Definition of Economics according to Adams, Robbins, Keynes and Samuelson. Self-explanatory. (ii) Micro and Macro Economics Meaning, difference and examples only. (iii) Types of Activities. Economic and non-economic activities : meaning and examples; difference between Economic and non-eonomic activities. (iv) Sectors in an Economy. Primary, secondary and tertiary sectors : meaning and examples along with; differences. (v) Basic Economic terms. Meaning of the following economic terms, wants, goods, services, wealth, utility, production, consumption, sustainable consumption, factors of production, market, price, value, income, saving wealth, welfare, economy. (vi) Entities. Government sectors, firms, households, foreign sector : meaning only. Types of Economies (i) On the basis of Nature. Capitalist Economy, Socialist Economy, Mixed Economy–with reference to India (meaning and differences).

4.

On the basis of Development. Developed Economy and Developing Economy : meaning and differences. (iii) Economic Growth and Development. Meaning and differences. Problems of an Economy (i) Limited availability of Resources. Meaning and types of resources with examples : meaning and examples of limited resources : an understanding of the basic economic problem - Human wants are unlimited in relation to limited resources that have alternative uses; need for efficient use of resources (brief understanding with an example). (ii) Central Problems of an Economy. What to produce ? How to produce ?For whom to produce ? - A brief understanding with examples. The Indian Economy : A Study (i) Primary Sector : Agriculture, contribution of agriculture; problems of Indian agriculture; government measures to increase agricultural production; Green revolution and its impact; food security. (a) Agriculture and allied activities : meaning; contribution of agriculture to employment; industry; trade and self-sufficiency in food production : a brief understanding of the above. (b) Problems of Indian Agriculture : a brief understanding of limited use of technology, fragmentation of land holdings, dependence on monsoon, lack of rural credit facilities, inadequate storage and marketing facilities. (c) Government measures to improve agricultural production : Use of High Yielding variety seeds, use of fertiliser and insecticides, Better irrigation facilities, Adoption of technology, Setting up of agricul-

5.

tural research centres and institutes, Provision and expansion of rural credit facilities. Provision of better storage and marketing facilities : a brief understanding of the above. (d) Green Revolution : meaning and its positive impacts. (e) Meaning of Food Security; role of Food Corporation of India (FCI). (ii) Secondary : Industry : meaning and types; adverse impacts of industrialisation and measures to overcome adverse impacts. (a) Meaning of Industry; a brief understanding of the interdependence of Agriculture and Industry. (b) Types of Industries; large scale and medium scale industries. Meaning, features and examples only. Cottage and Small-scale Industries. Meaning, features and examples; significance with reference to India. (c) Adverse impacts of industrialisation: a brief understanding of the adverse impacts with reference to industrial pollution and deforestation; measures to overcome the adverse impacts: Afforestation, Waste management. (iii) Tertiary Sector : Education and Healthcare, Transportation, Banking, Insurance, Communication, Storage and Warehousing. Role of each of the above in the economic development of the country in brief with the help of examples. Major Problems of the Indian Economy (i) Poverty. Meaning of poverty line - concept based on calorie intake; relative and absolute poverty : meaning with examples; causes of poverty : any five causes of poverty to be discussed. (ii) Unemployment. Meaning; Types : Seasonal, Structural, Technological : meaning and example of each.

Causes of unemployment - any five to be discussed. (iii) Schemes and Programmes introduced by the government to remove poverty and unemployment. Any two programmes to be studied with the objectives. For example, IRDP, JRY, PKVY, HRIDAY, MNREGA, etc. 6.

Major Reforms and Emerging trends in the Indian Economy (i)

LPG Model Liberalisation, Privatisation and Globalisation : meaning of each term and its positive impact on the Indian economy.

(ii)

Smart City

Concept of Smart city; Case Study : take one suitable example of a smart city and discuss the development taken place in the form of infrastructure development, reduction of unemployment, poverty alleviation, HR development and industrial development. (iii) ‘Digital India’ and ‘Skill India’. Case Study of each of the above (not to be tested).

INTERNAL ASSESSMENT The minimum number of assignments : One project/assignment as prescribed by the teacher from the syllabus. Suggested Assignments : 1.

A case study on the effects of industrial pollution.

2.

Conduct a research on the local economy using any one parameter, for example, education, health, employment and so on.

3.

Conduct a research on any industry and study how the output has been impacted post liberalisation and globalisation.

4.

Analyse any recent government scheme in context to the infrastructural development in the country.

5.

Visit a small scale or cottage industry and write a report on the basis of the techniques of production being used.

CONTENTS 1. Definition of Economics

7

2. Basic Terms and Concepts Used in Economics

16

3. Types of Economies

45

4. Problems of an Economy

68

5. Primary Sector–Agriculture

81

6. Food Security

94

7. Secondary Sector–Industry

100

8. Industrialisation

115

9. Waste Management

127

10. Tertiary Sector–Services

140

11. Poverty and Unemployment

148

12. Major Reforms and Emerging Trends in the Indian Economy

165

✹ Assignments

176

1 Definition of Economics CHAPTER OBJECTIVES After studying this chapter, learners will understand : ➢ Definitions of economics as given by Adam Smith, Alfred Marshall, Lionel Robbins, Paul Samuelson and John Maynard Keynes. ➢ Nature of economics.

INTRODUCTION The word ‘Economics’, is derived from two Greek words, Oikos : meaning ‘a household’ and Nomos: meaning ‘a manager’. Thus, economics means the efficient management of one’s household affairs. But, it has now come to be understood as the study of business affairs, where we apply economic theories into practice and take decisions accordingly. Man is a social animal. He lives in a society. His actions are influenced by the actions and reactions of others living in a society. Human activities are so diverse and pervasive that a single science cannot handle all these activities. Different branches of social science like economics, politics, ethics, civics, etc., deal with different and distinct aspects of human behavior in a society. Economics, being a crucial branch of social science, deals with that aspect of human efforts and activities which are directed towards creating and acquiring means to satisfy the physiological needs of human beings through the processes of production, consumption and exchange of goods and services. Economics explains how to use scarce resources in an efficient manner. A man has only a limited amount of resources with which he has to satisfy multiple wants. He must, therefore, choose which want to satisfy first. Thus, “Economics is a science of choice when faced with scarce means and unlimited wants.”

DEFINITION OF ECONOMICS Jacob Viner described Economics in very simple words. According to him, “Economics is what Economists do.” This definition suggests that the scope of the subject changes in accordance with the range of activities considered by the economists. However, this definition is inadequate and incomplete as it does not give us a clear understanding of the fundamental concept of economics. Economic activities essentially mean production, exchange and consumption of goods and services. However, with the progress of civilisation, the complexities of the production, exchange and consumption processes in society

8 | A Textbook of I.C.S.E. Economics, Class IX

have increased manifold. Economists at different times have emphasised different aspects of economic activities, and have arrived at different definitions of Economics. Thus, these definitions can be divided into the following categories depending upon the various inherent motives: DEFINITIONS ON THE BASIS OF INHERENT MOTIVES

Wealth-oriented (by Adam Smith)

1. 2. 3. 4.

Scarcity-oriented (by Lionel Robbins)

Growth-oriented (by Paul Samuelson)

Definition of Economics (by J. M. Keynes)

Wealth-oriented definition of economics given by Adam Smith. Scarcity-oriented definition of economics given by Lionel Robbins. Growth-oriented definition of economics given by Paul Samuelson. Definition of economics given by J. M. Keynes.

Wealth–oriented Definition—Adam Smith Adam Smith considered ‘earning money’ and 'accumulating wealth' as the fundamental motive behind all economic activities and he described Economics as “The Science of Wealth”. The first complete book on economics was the book titled ‘An Enquiry into the Nature and Causes of Wealth of Nations’ written by Adam Smith, which was first published in 1776. It is due to this reason that he was called the ‘Father of Economics’. Adam Smith, the Father of Economics, defined Economics as, “The study of nature and causes of nations’ wealth”. According to him, it is a subject related with producing wealth and using it. Classical Economists such as J. S. Mill, F.A. Walker and few others have also supported Smith's view. While defining ‘Economics’, these economists only gave importance to the wealth because in their opinion wealth was everything. The man, for whom wealth was meant, was ignored totally. Main Features of Adam Smith’s Definition 1. Study of Wealth : According to Adam Smith, economics largely deals with the wealth of nations. He believed that economic prosperity of any nation depends only on the accumulation of wealth. Hence, the main focus of nations is on acquiring and amassing wealth. 2. Importance of Material Commodities : His definition indicates that economics constitutes only material goods which are scarce and useful. Non-material goods or services were completely excluded from his definition. 3. Stress on Wealth : According to Smith, wealth was the most important factor in the human society as it can fulfill all the desires of human beings. He also assumed that all the efforts of human society were directed towards earning more and more wealth.

Definition of Economics | 9

4. Causes of Wealth : Smith’s definition shows that economics also deals with the causes behind the creation of wealth. He believed that wages earned by active human resources is the most important source of income of a nation and concluded that apart from wages, there is nothing else which can be regarded as a source of wealth of a nation. Hence, wealth of a nation could only be increased by raising the production of material goods. 5. Economic Man : This definition is basically based on the man who is always aware of his ‘self-interest’. Such a man is known as an economic man. Smith focused on the role of an economic man in the production of wealth of a nation. He claimed that economics studies the behaviour of those human beings who have only one objective of earning more and more wealth at any cost and by any means. Criticism of Adam Smith's Definition 1. Smith gave undue importance to wealth in economic life. He assigned primary role to wealth and only secondary place to mankind. Critics point out that human life cannot be sacrificed for wealth. Rather, wealth should be used as a means to improve the welfare of the mankind. 2. Adam Smith considered that economics is a science of wealth and material goods. He, however, did not consider the role of non-material goods and services in the production of wealth and in the welfare of human beings. Critics are of the view that services of doctors, teachers, lecturers, engineers etc. also fulfill human wants and therefore, these services should also be regarded as a part of wealth. 3. Adam Smith also ignored the problem of scarcity of resources.

Scarcity-oriented Definition—Lionel Robbins In 1932, Prof. Lionel Robbins of London School of Economics wrote his famous book ‘An Essay on Nature and Significance of Economic Science’. In this book, Prof. Lionel Robbins defined Economics in the following words : “Economics is the science which studies human behaviour as a relationship between ends and scarce means, which have alternative uses.” Main Features of Robbins’ Definition 1. Man has Innumerable Wants : By Ends, Robbins' meant human wants. These human wants are unlimited. When one want is satisfied, another want arises. When that, too, is satisfied, the next one immediately appears. There is, thus, a chain of wants , one chasing the other. 2. Wants can be Arranged in Order of their Importance : However, all wants are not equally important. Some are more important and urgent than others. Thus, a man’s want can be arranged in diminishing order of importance or priority. This is possible because the importance of each of them can be compared to make an appropriate choice. It means that wants can be graded. 3. Scarcity of Means : Whereas wants are unlimited, means available to satisfy them are relatively limited. The Means refer to goods and services which are used to satisfy wants. Means, which are scarce, may involve time, energy,

10 | A Textbook of I.C.S.E. Economics, Class IX

money, manpower, material and other productive resources, that are there at our disposal. If these means were abundant, then there would have been no economic problem, but because they are scarce, one is forced to postpone some of his wants. 4. Means have Alternative Uses : Means are limited but they have multiple uses. They can be used for satisfying any one of our different wants. Our means are, thus, capable of being put to alternative uses. For instance, land can be used for the construction of a house or a factory, a shop, a school etc. Similarly, all the economic means and resources may be put to alternative uses. 5. Economics as a science : According to Robbins, economics is a science of choice. It contains a systematic knowledge with regard to human efforts in solving economic problem of scarcity. Criticism of Robbins’ Scarcity Definition 1. It is generally pointed out that Robbins has said much against the welfare, but it is a fact that the concept of ‘welfare’ is implicit in the definition of Economics given by him. The theme of ‘maximum satisfaction’ (or ‘welfare’) is present in the scarcity definition also. 2. According to Robbins’ definition, scarcity is considered as a cause of economic problem. But it is a fact that even the abundance may cause an economic problem. The ‘Great Depression’ of 1930’s is a good example of economic crisis which was not because of scarcity, but due to surplus of goods. 3. Robbins has considered the availability of resources to be static. However, the resources may be augmented over a period of time. So Robbins’ definition does not take into account the growth in resources. 4. Another criticism is that Robbins has defined economics merely as a microeconomic theory. Other important aspects of economics like national income, employment, banking system, taxation system, etc., had been ignored by Robbins. Thus, there are certain human activities where the economic criteria is not applicable in the true sense.

Growth-oriented Definition—Paul Samuelson The definition of Economics had taken a static view of the dynamic problems until Samuelson removed this defect. Paul Samuelson was a neo-Keynesian American Economist, who has defined economics with respect to the modern concept of growth. According to him, “Economics is a study of how men and society choose, with or without the use of money, to employ scarce productive resources which could have alternative uses, to produce various commodities over time, and distribute them for consumption, now and in the future, among the various people and groups of society.” The greatest merit of Samuelson’s definition is that it recognizes the dynamic changes taking place, both in the means (resources) and ends (wants) with the passage of time. The progress or changes occurring from time to time also affect the whole

Definition of Economics | 11

concept of the related developments in economic world. That is the reason why he described it as Growth-oriented. Main Features of Samuelson’s Definition 1. Efficient Allocation of Resources : There is a great deal of similarity between the approaches of Samuelson and Robbins. Both have stressed upon the problem of scarcity of means (resources) in relation to the unlimited ends (wants). Besides scarcity of means, there are many alternative uses of each commodity (means or resources). 2. Dynamism : Samuelson has given a dynamic flavour to the definition by mentioning a time span for production, distribution and consumption. The problem of growth has been included in the purview of the definition, thereby building up a new edifice on the foundation provided by Robbins. 3. Problem of Choice : Samuelson also broadens the definition to include choices with respect to distribution and consumption, both in the present and in the future. By doing so, he has intuitively brought in intergenerational choices related to use of resource base in a sustainable manner and thereby, making choices not to use up all resources in the present, for future production resource base cannot be left totally depleted. 4. Sustainable Development : Though Samuelson did not explicitly state this, his definition can be extrapolated to sustainable development and to make prudent use of non-renewable resources. It also leaves room to accommodate the choices made for the use of renewable resources so that the prosperity of nations is taken care of. Criticism of Samuelson’s Growth Definition 1. Even though Samuelson has placed requisite emphasis on production, consumption and distribution of goods, scarce resources, money and men, he did not take into account certain socio-economic and political factors which affect the well-being of human beings. He has underplayed the importance of development in the welfare of the society. Development indicators such as Human Development Index, Multidimensional Poverty Index, Gender Development Index, Gender Inequality Index, Physical Quality of Living Index etc. have been totally ignored in his definition. 2. He has also neglected the role of service sector in the growth trajectory of a nation. There is no mention of services as being a want or an end in his definition.

Definition of Economics—J. M. Keynes The earlier economists, including Marshall and Robbins, explained economic activities from the perspective of an individual only. They overlooked a very important aspect that economic problems are connected to individual as well as to the society. There has been a great transformation in economic concepts during the last 50 years or so. Now, economics is not merely considered as a theory of value or a theory of resource allocation and utilization. The most important and significant contribution in this regard has been made by Lord J. M. Keynes.

12 | A Textbook of I.C.S.E. Economics, Class IX

In the words of Keynes, “Economics is a study of administration of scarce means and the determinants of employment and income.” Thus, the economic problem of scarcity of means and choices was approached from the point of view of society as a whole instead of evaluating it from the individual’s point of view. Lord Keynes divided Economics in two parts : ECONOMICS

Macroeconomics

Microeconomics

1. Macroeconomics and 2. Microeconomics. 1. Macroeconomics : The word ‘macro’ is itself indicative of the scope covered by this section of Economics. As the name implies, it covers the study of the ‘economy’ as a whole. The aggregate of national income, total consumption and demand, total savings, investments, the employment in the system and the effects of all these factors on each other and upon the economic system as a whole are studied in Macroeconomics. In other words, in Macroeconomics, we study various interrelated factors which determine the country’s income, investments, output, employment, general price level, etc. 2. Microeconomics : It involves the study of elements of economic activities. For this purpose, an individual, a household, a firm or prices of various goods and services are chosen. Thus, it deals with the theory of value and discusses how the prices of various goods and services are determined. It was pointed out by Keynes that an individual is a part of the society and so the social goal lies in the welfare of the society. He, therefore, adopted the macroapproach, but, simultaneously he did not discard the micro-approach. The concept of Economics on macro and micro scale has paved the way for widening the scope of subject matter of Economics.

NATURE OF ECONOMICS Nature of a subject means the classification of that subject as a science or an art or both. In the same way, scope of any subject means what all it includes therein. Paul Samuelson remarked that, “Economics is the oldest of the arts, the newest of sciences - indeed the queen of all the social sciences.” NATURE OF ECONOMICS

Science

Positive

Art

Normative

Definition of Economics | 13

Economics as a Science The term ‘Science’ has been defined as the systematized body of knowledge which traces the relationship between the cause and the effect. In view of the above definition, Economics can be called as a science, as various relevant economic facts are systematically collected, classified, analyzed and interpreted to make future predictions about probable achievements. Further, science can be classified into the following two categories depending upon the approach adopted in the study of the subject : (i) Positive Science and (ii) Normative Science. (i) Positive Science : It is that part of the systematized knowledge, which is concerned with the aspect of things as they are. Such part of knowledge explains only causes and its effects, but it does not indicate anything about ends, and refuses to provide any moral judgments. It’s a study of What, How and Why? Robbins treated economics as positive science only. “A Positive Science may be defined as a body of systematized knowledge concerning what is.” —J.M. Keynes (ii) Normative Science : As the name indicates, this part of systematized knowledge deals with the things, as they should be and permits the discussion and analysis about the moral ethics related to it. It’s a study of what ought to be. “A normative science or regulative science is a body of systematized knowledge concerning with the criterion of ‘what ought to be’ and concerned with the ideal as distinguished from the actual.” —J.M. Keynes From the above descriptions of positive and normative science, we find that at present, economics deals with both what is and what ought to be and that too in a dynamic manner. This leads us to the conclusion that economics is both positive and normative science. It not only tells us why certain things happen but, it also says whether it is the right thing to happen. For example, it is a fact that in every modern society of the world, few rich people and a large number of poor people co-exist. Economics explains the causes of such unequal distribution of wealth (positive science) and also makes a moral judgment to indicate whether such inequality is good or bad for an economy (normative science).

Economics as an Art An art is also a systematized body of knowledge, but, unlike science, it lays down precepts or specific solution for specific problems. As a matter of fact, if prescribed rules are followed properly and carefully, good results can always be expected. For example, good photographs will be obtained when entire work is carried out in accordance with the rules and proceedings prescribed for photography. Actually, the word Art denotes doing something well. Thus, we see that Economics can be called as an art also, because besides making systematic studies; it also prescribes certain principles and rules so that economic objectives can be achieved and well-being of the people can be improved.

14 | A Textbook of I.C.S.E. Economics, Class IX

Economics, both as a Science and an Art Many economists do not consider Economics as an Art , that means , its function is to merely investigate, explore and explain the various interrelated aspects and it has nothing to do with solving the practical problems. But when examined and analyzed with care, it is found that Economics does help in solving practical problems in several cases, and so has the practical utility also. Thus, it can rightly be said that Economics is a science as well as an art. According to Pigou, “Economics has given us light (i.e., knowledge) and also fruit. It is light bearing (as such, it is a ‘Science’) and also fruit bearing (as such, it is an ‘Art’). Economics is not a science only or an art only, but it is both a science and an art.”

LESSON AT A GLANCE Economy : Economy is a system which provides people with goods and services which directly or indirectly satisfy their wants. Economic Activity : Economic activity refers to the activities of earning and spending money. It is concerned with the production, distribution and exchange of goods and services. Adam Smith’s or Wealth-oriented Definition of Economics : Economics is the study of nature and causes of nation’s wealth. Robbins’ or Scarcity Definition of Economics : Economics is a science which studies human behaviour and the relationship between ends and scarce means which have alternative uses. Prof. Samuelson’s or Growth-oriented Definition of Economics : Economics is the study of how people and society choose, with or without the use of money, to employ scarce productive resources that could have alternative uses, to produce various commodities over time and distribute them for consumption now and in the future among various persons and groups of society. Lord Keynes’ Definition of Economics : Economics is the study of administration of scarce means and the determinants of employment and income.

QUESTIONS A. Short Answer Type Questions : 1. 2. 3. 4. 5. 6. 7. 8.

Define Economics. What is the nature of Economics ? Write a short note on Adam Smith’s definition of Economics. Explain welfare definition of Economics. Explain economics as a normative science. Give three main features of Robbins’ definition of economics. Explain briefly the definition of economics given by Prof. L. Robbins. Explain briefly the definition of economics given by Lord Keynes.

Definition of Economics | 15

9. State briefly the shortcomings in the definition of Economics, as given by Adam Smith. 10. Define Microeconomics. 11. Define Macroeconomics. 12. Is economics a science or an art ?

B. Long Answer Type Questions : 1. Critically examine Adam Smith’s definition of Economics. 2. Discuss Prof. Robbins’ definition of Economics and what are its shortcomings ? Or Discuss scarcity definition of Economics given by Prof. Robbins and its criticism. 3. Point out the salient features of Robbins’ definition of Economics. 4. Explain clearly the difference between Keynes’s and Robbins’ approach to Economics. 5. Explain Prof. Samuelson’s definition of Economics. Or Explain Growth-oriented definition of Economics. 6. Is Economics a Science or an Art ? Give reasons to support your answer. 7. Is Economics a Positive Science or Normative Science ? Give reasons to support your answer. ●●

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