Differentiate between Static Economics and Dynamic Economics.

Question

20 Oct 2021

Answer :

Word Count : 223

Difference # 1. Time Element:

In static economic analysis time element has nothing to do. In static economics, all economic variables refer to the same point of time.

Static economy is also called a timeless economy. Static economy, according to Hicks, is one where we do not trouble about dating.

Difference # 2. Process of Change:

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