Explain in the brief ranade's industries model
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Answer:
Economic Ideas of Mahadev Govind Ranade (With Conclusion)
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The following points highlight the top four economic ideas of Mahadev Govind Ranade. The economic ideas are: 1. Method and Scope of Political Economy 2. Economic Education 3. Economic Development 4. India’s Poverty.
Economic Idea # 1. Method and Scope of Political Economy:
After a careful study of the economic systems of various European countries, Ranade believed that inductive or historical method was the best. In his words, “The method to be followed is not the deductive but the historical method which takes into account the past in its forecast of the future; relativity and not absoluteness, characterizes the conclusion of the economic science”.
Again, while the classical economists believed in the universal application of economic laws, Ranade considered economic laws were only relative. In other words, he believed in the doctrine of relativity. Ranade criticised Adam Smith, David Ricardo, Malthus, James Mill and Meculloch for their absolutism and assumptions.
Answer:
yes upper answer is right