Principles of Economics, 2/e

Principles of Economics, 2/e

Authors : D N Dwivedi

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About the Author

D N Dwivedi :-
He obtained his M.Com., M.A. and Ph.D degrees from Banaras Hindu University and joined Ramjas College, University of Delhi, as a Lecturer in Economics in the year 1969. He retired from Ramjas College as Reader in August 2004. After his retirement, he joined Maharaja Agrasen Institute of Management Studies (MAIMS), Delhi, where he worked as Professor of Economics till January 2016.

About the Book

Principles of Economics is a comprehensive textbook for undergraduate and postgraduate students. The book begins with a simple introduction to economics as a social science, moves on to basic economic problems of individuals, firms and the society focusing on the problem of scarcity and choice, and finally discusses the higher levels of economic theories.
It will be of immense value to students of economics, BBA, MBA, and those preparing for professional and competitive examinations such as IAS, IES, CA, ICWAI and CS. Students of engineering and medical courses who have virtually no prior subject knowledge and have to clear an economics paper will find this book a boon.


Part-I: Introduction: 1. Introduction to Economics, 2. The Economy and its Basic Problems: Scarcity and Choices, Part-II: Fundamentals of Market Economy: 3. The Laws of Demand and Supply and Market Equilibrium, 4. Elasticities of Demand and Supply, 5. Market Equilibrium and Disequilibrium, 6. Failure of the Market Economy and Role of the Government, Part-III: Theory of Consumer Demand: 7. Theory of Consumer Demand: Cardinal Utility Approach, 8. Theory of Consumer Demand: Ordinal Utility Approach, 9. Recent Development in Consumption Theory, 10. Consumer's Surplus, Part-IV: Theory of Production and Analysis of Cost: 11. Theory of Production-I: Production with One Variable Input, 12. Theory of Production-II: Production with Two Variable Inputs, 13. Optimum Combination of Inputs, 14. Theory of Production Cost, Part-V: Theory of Firm: Price and Output Determination: 15. Objectives of Business Firms and Market Structure, 16. Price and Output Determination under Perfect Competition, 17. Price and Output Determination Under Monopoly, 18. Price and Output Under Monopolistic Competition, 19. Price and Output Determination under Oligopoly, 20. Some Topics in Pricing Theory, Part-VI: Theory of Factor Pricing: 21. The Factor Market: Factor Demand and Supply, 22. Theory of Wage Determination, 23. Rent, Quasi-Rent and Economic Rent, 24. Theories of Interest, 25. Theories of Profit, 26. Product Exhaustion Theorems, Part-VII: General Equilibrium and Welfare Economics: 27. The General Equilibrium, 28. Welfare Economics, Part-VIII: Macroeconomics: 29. Introduction to Macroeconomics, 30. The Circular Flow Model of The Economy, 31. National Income: Concept and Measurement, 32. Theory of National Income Determination, 33. Income Determination with Government and Foreign Trade, 34. Theories of Aggregate Consumption, 35. Keynesian Theory of Interest, 36. Investment Theory and Acceleration Principle, Part-IX: Economic Growth and Business Cycles: 37. Modern Theories of Economic Growth, 38. Business Cycles and Stabilisation, 39. Inflation: Meaning, Measure and Effects, 40. Theories of Inflation and Control Measures, Part-X: International Economy: 41. The Theory of International Trade, 42. The Heckscher-Ohlin Theory of Trade, 43. The Law of Reciprocal Demand and Terms of Trade, 44. Trade Policy: Free Trade Vs. Trade Protection, 45. Trade Barriers: Tariffs and Quota, 46. The Rate of Foreign Exchange, 47. Balance of Payments: Disequilibrium and Adjustment, 48. International Monetary System