In The Wealth of NationsSmith argued that the most important characteristic of a market economy was that it permitted a rapid growth in productive abilities. Smith claimed that a growing market stimulated a greater " division of labor " i.
Price rise is a world phenomenon today and inflation is affecting every section rich and poor of society. About three decades ago we could purchase wheat at thirty rupees a quintal, but today we cannot get it at less than three hundred rupees a quintal in big cities.
Everything was within the reach of man until a few years ago. Today there is no limit to the price rise of all kinds of items. Millions of people in the world have to go hungry.
They have to work hard to make both ends meet. In the pre-independence days, a clerk got only Rs. Pays have gone higher, but the employs are not satisfied. They have large families to maintain and it becomes difficult to feed so many mouths with hardly any money.
There is a dearth of cheap accommodation and there are many people living in slums. The government goes about imposing taxes after taxes on the citizens.
This leads to a lot of money going into the national expenditure and into the pockets of corrupt leaders and the officials. Black marketing is another result of these heavy taxes and people begin to conceal their actual income.
The government should impose taxes on hoarders and rich people. Production of agricultural goods should be increased along with industrial goods. Their prices should be fixed.
The government should undertake a big scheme of rationing in cities and villages Cheap clothes should be produced and essential items be distributed through government shops.
Corruption must be ended at all levels. Corruption adds to the problem of prices.
Bribing is common in most government offices and this leads to the rise in the prices of goods. For example, a job that can be done by paying a small amount needs more money because some officials would not do it till they get extra money for it. The finance minister plans the budget every year and we often find a fluctuation in the prices.
They soar but never come down.
This is a problem that has to be tackled at all levels and the common man needs some relief from the continuously rising prices.One of the good things about problem solution essays is that they have a pretty clear structure. You need to present the problem, identify the reasons why it is important, describe your .
Published: Mon, 18 Jun Chinese inflation is rising too fast. But it’s had another major side effect. The Chinese economy is fast overheating. All that extra liquidity is driving up prices and wages, while property values have soared.
Next let’s look at inflation expectations — or where consumers and investors think inflation is likely headed (Chart 2). Inflation expectations are important drivers of future inflation, so it. Inflation can either mean an increase in money supply or an increase in price levels. It is measured as an annual percentage increase.
Therefore, when there is an increase in food price of inflation, there are two effective theories that cause the problems. “I feel like I’m an above-average driver.” I feel like I’m a below-average driver. Likewise, I increasingly find driving stressful and dangerous, plus there are more and more good alternatives to driving that are often cheaper and faster and kinder to the environment.
How Inflation Affects Your Cost of Living The U.S. Department of Agriculture expects retail food prices to rise between % to % in .