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Kerala PSC Indian Economy Book Study Materials Page 19
Book's First Page1 1.1 Chapter ntrod tion IntroductIon Economics is the study of how goods and services are produced, distributed and consumed. As resources are always in short supply, the British economist Lionel Robbins in 1935 described the discipline as ‘the science of scarcity’.* In This Chapter... Economics: The Discipline The Idea of National Income Organising an Economy Revision in the Base Year and Method of National Role of The State in an Economy Income Accounting Washington Consensus Income Estimates for 2017–18 Sectors of an Economy Types of Economies * David Orrel and Borin Van Loon, I Faber & Faber, London, 2011, p. 3