Get premium membership and access questions with answers, video lessons as well as revision papers.
The Ricardian theory has been criticized by the modern economists on various grounds. The objections against this theory are the following:-
1:It has been pointed out that there are no original and indestructible powers of soil.Superior lands after being constantly cultivated lose their fertility to a large extent.A reply has been given that if good lands are cultivated properly,the farmers can restore the fertility by using better quality seeds,sufficient quantity of manures and so on.The fertility of land depends upon the natural circumstances like climate,nature of soil
2:It is also objected that Ricardo has used the term fertility of land in a vague manner
3:According to Ricardian theory,rent arises due to the reasons that certain lands are superior and others inferior,but it is pointed out that if all the land is of A-grade even then the rent will arise due because when more and more units of labour and capital will be applied due to the law of diminishing returns,marginal productivity will go to diminish
4:According to Ricardo,rent is not the part of the price of the land but the modern economists have pointed out that rent does not affect the price and vice-versa
5:According to Ricardo,no-rent land always exist but it is not correct.In certain cases,all lands may have some surplus production over cost of production.
Kalis answered the question on March 25, 2018 at 10:48
- Discuss the methods of public debt redemption?(Solved)
Discuss the methods of public debt redemption?
Date posted: March 24, 2018. Answers (1)
- Discuss the role of budget as an instrument of planning?(Solved)
Discuss the role of budget as an instrument of planning?
Date posted: March 24, 2018. Answers (1)
- Define the following (a) Deficit financing (b) Budget (c) Fiscal policy(Solved)
Define the following (a) Deficit financing (b) Budget (c) Fiscal policy
Date posted: March 24, 2018. Answers (1)
- (a) What is public expenditure (b) Why has public expenditure increased significantly during recent years?(Solved)
(a) What is public expenditure (b) Why has public expenditure increased significantly during recent years?
Date posted: March 24, 2018. Answers (1)
- (a) What is public borrowing? (b) Discuss the various kinds of public borrowing?(Solved)
(a) What is public borrowing? (b) Discuss the various kinds of public borrowing?
Date posted: March 24, 2018. Answers (1)
- Discuss the principles of taxation?(Solved)
Discuss the principles of taxation?
Date posted: March 24, 2018. Answers (1)
- Differentiate between proportional and progressive tax system(Solved)
Differentiate between proportional and progressive tax system.
Date posted: March 24, 2018. Answers (1)
- What do we mean by Economic development?(Solved)
What do we mean by Economic development?
Date posted: March 24, 2018. Answers (1)
- What are the objectives of International Monetary Fund(I.M.F)?(Solved)
What are the objectives of International Monetary Fund(I.M.F)?
Date posted: March 24, 2018. Answers (1)
- What are the main objectives of the fiscal policy?(Solved)
What are the main objectives of the fiscal policy?
Date posted: March 24, 2018. Answers (1)
- Explain the types of elasticity of demand(Solved)
Explain the types of elasticity of demand.
Date posted: March 23, 2018. Answers (1)
- List the assumptions of the law of diminishing marginal utility(Solved)
List the assumptions of the law of diminishing marginal utility.
Date posted: March 23, 2018. Answers (1)
- Explain the exemptions of the law of diminishing marginal utility?(Solved)
Explain the exemptions of the law of diminishing marginal utility?
Date posted: March 23, 2018. Answers (1)
- Define economies of scale(Solved)
Define economies of scale.
Date posted: March 23, 2018. Answers (1)
- (a) Define elasticity of demand? (b) State the types of demand?(Solved)
(a) Define elasticity of demand? (b) State the types of demand?
Date posted: March 23, 2018. Answers (1)
- Define consumer sovereignty? (Solved)
Define consumer sovereignty?
Date posted: March 23, 2018. Answers (1)
- Discuss the limitations of consumer sovereignty?(Solved)
Discuss the limitations of consumer sovereignty?
Date posted: March 23, 2018. Answers (1)
- Explain the types of equilibrium?(Solved)
Explain the types of equilibrium?
Date posted: March 23, 2018. Answers (1)
- Give the disadvantages of price control?(Solved)
Give the disadvantages of price control?
Date posted: March 23, 2018. Answers (1)
- Explain the types of price control?(Solved)
Explain the types of price control?
Date posted: March 23, 2018. Answers (1)