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Under Developmental Economics, the study of progressively achieved state of balance in a given period is done.

Correct Answer is: (c) Mehta

With study of point of time.

Mehta has defined Economics as, “a science which studies human behaviour as a means to achieve the objective of wantlessness”.

When there is no change in the initial data, the final position can be achieved by the process of adjustment, and if we want it, then we can adopt a path through which to achieve complete balance, this is called dynamic economics.

Correct Answer is: (a) Mumbai

Correct Answer is: (c) 1901

Satisfaction can be measured by currency or money.

We study the examining of principles in practical science.

Brain’s Consciousness

Under the first path, the environment will be changed according to the desire of the brain.

We do the study of human behaviour in the subject matter of economics.

In the Rajnand village of Mumbai.

Such desires, which are present in our feelings, but do not relieve our suffering, are called unconscious desires.

These are the expenses which are influenced and fixed by the effective consumption of services by people, and which determine the consumption of services.

The state of wantlessness is not the state of inactivity.

The wants that cause sorrow by being present or when these are not satisfied, are called conscious wants.

The human beings are influenced by external powers.

Upon the fulfillment of desire.

The following books are written by Mehta : 

1. Ground Work of Economics 

2. Public Finance 

3. Economics of Growth 

4. Studies in Advanced Economic Theory 

5. Principles of Exchange 

6. Foundations of Economics 

7. Macro Economics

J.K. Mehta gave the definition of economics related to representative firm, micro and macroeconomics, revenue, development of economics, etc. That is why he is counted among the major economists.

According to the second path, the brain should be moulded likewise, so that it is not disturbed by the environment.

The wants which cause sorrow by being present or when these are not satisfied, are called conscious wants. Such wants, which are present in our feelings, but do not relieve our suffering, are called unconscious desires.

he true happiness of man is present in minimizing his needs.

Jamshed Ker Khushro Mehta.

The Problem of selection.

When requirements or desires are not met, a person experiences pain.

Rent is the surcharge over the investment. When the source of one production is brought in only one special use, then its entire income is a surcharge by its nature.

An average poor person is not as happy as an average rich person. That is why the poor person deserves mercy. The wishes of a poor person are lesser than that of a wealthy person, and they fulfill their needs through their low income. Some of their needs remain unfulfilled.

1. Public Finance 

2. Economics of Growth .

When the requirements are zero.

“Simple living and high thinking.”

Mehta has taken the basis of the interpretation of the definition of economics from the views of Indian philosophers sages, and great men.

In the field of the material world.

With the study of a period of time.

Hicks and Allen gave the ordinal approach of utility.

Marshall gave the cardinal approach of utility.

It’s an emotional substance.

Two Types : 

1. Conscious 

2. Unconscious

According to Professor Mehta, the real happiness of a person is not in enhancing his wants but actually lies in reducing them. The sources are limited to the individual and it is not possible to meet all his requirements with these limited means, so maximum happiness can only be achieved by reducing desires.

According to Professor Mehta, profit is the consideration given in return for the risk of the entrepreneur.

The economists of the western countries.

We study the general principles under pure science.

(b) Problem of minimizing wants

It is the economics welfare of the society.

According to Professor Mehta, the group of individuals is a society. Therefore, social welfare is certainly related to individual welfare. As social welfare is a mental and psychological concept, its objective measurement cannot be made, but we can compare social welfare in one situation to a different situation.

• Profit : According to professor Mehta, profit is the reward received in return for the risk of the entrepreneur. It is only achieved in dynamic position. The profit is received in return of carrying the risk or in the form of unusual or unexpected receivables. The gain achieved in the dynamic situation is always uncertain and unpredictable.
• Interest : Professor Mehta has defined interest as the earning of capital, which is determined by marginal productivity. The income of capital is determined by the productivity of the last unit of capital in use. Capital is supplied by available supply. The available capital is obtained from the cost of construction, or from direct cost.
• Rent : Professor Mehta has not considered the rent as income. According to him, it is a surcharge over the investment. In the vision of Mehta, when a production study is brought in only one specific use, then all income nature is a surcharge to it. According to him, it is impossible that an instrument is used only in one particular form in its absolute form. The more the quality of specificity of a resource, the more will be the rent received for it.

(a) In desireless state

Mehta’s views seem to be favourable with philosophy and ethics, especially from the perspective of Indian culture and civilization. 

Yet his views have been criticized in the materialistic era, which is the following :

1. After accepting Mehta’s view, the existence of economics will end. If all the persons reach the state of wantlessness by minimizing the necessities, then there will be no economic activity in the society. 

2. Mehta’s ideas are based on imagination. Freedom from desires is not under the control of an ordinary person. In ordinary life, the person never thinks that maximum happiness lies in reducing the necessities. 

3. Professor Mehta has considered economics as only an ideal science which is not correct because economics is an ideal science as well as real science.

4. Critics think that Mehta has made a huge mistake by considering the desires and needs to be the same. Desire and requirements are taken in two different meanings. Medicine is a necessity for a sick person, whether or not the person is willing to take that medicine. 

5. The definition of economics by Mehta is itself not a definition, but describes religious precepts.

Continuous generation of requirements

Economics is a science, so it is necessary to explain, the quantitative nature of utility. Professor Mehta has laid emphasis on the quantitative measurements of utility, and presented the following facts regarding the measurement of utility :

1. Utility is an abstract substance. 

2. Utility does not remain stable, it changes from time to time. 

3. Satisfaction can be measured by currency.