131-403: Krishnamurti ( / k r ɪ ʃ n ə ˈ m ʊər t i / KRISH -nə- MOOR -tee ) is a South Indian name. It has several variants. Some forms separate the name elements (see § Etymology and usage ) , e.g. Krishna Murti . English language renditions generally follow corresponding variations of the name in regional Indian languages . The following is a non-exhaustive list. It
262-684: A crescent approximately along the borders of Tamil Nadu with northern Kerala and Karnataka, encompassing the Palakkad and Wayanad hills and the Sathyamangalam ranges, extending to the relatively low-lying hills of the Eastern Ghats on the western portion of the Tamil Nadu–Andhra Pradesh border, forming the Tirupati and Annamalai hills . The Deccan plateau is the elevated region bound by
393-702: A definition of economics as a study of human behaviour, subject to and constrained by scarcity, which forces people to choose, allocate scarce resources to competing ends, and economise (seeking the greatest welfare while avoiding the wasting of scarce resources). According to Robbins: "Economics is the science which studies human behavior as a relationship between ends and scarce means which have alternative uses". Robbins' definition eventually became widely accepted by mainstream economists, and found its way into current textbooks. Although far from unanimous, most mainstream economists would accept some version of Robbins' definition, even though many have raised serious objections to
524-451: A distinct field. The book focused on determinants of national income in the short run when prices are relatively inflexible. Keynes attempted to explain in broad theoretical detail why high labour-market unemployment might not be self-correcting due to low " effective demand " and why even price flexibility and monetary policy might be unavailing. The term "revolutionary" has been applied to the book in its impact on economic analysis. During
655-551: A higher HDI as the economy has undergone growth at a faster rate than in most northern states. As of 2011, Literacy rates in the southern states is higher than the national average at approximately 76%. The fertility rate in South India is 1.9, the lowest of all regions in India. "South India" is also known as "Peninsular India" indicating its location in a peninsula surrounded by water on three sides. The term "Deccan", referring to
786-533: A higher per capita income and lower debt-to-GDP ratio than the national average. According to the Globalization and World Cities Research Network , Bengaluru, Chennai and Hyderabad are amongst the most integrated with the global economy with Bengaluru classified as an alpha- city , Chennai as beta and Hyderabad as beta-. Agriculture is the primary occupation in South India with nearly 5.31 crore people engaged in agriculture and allied activities in 2021. Rice
917-468: A local rail transit system. As of December 2022, South India has 205.06 km of operational metro lines and 16 systems. In 1915, Tata Sons started a regular airmail service between Karachi and Madras marking the beginning of air transportation in the southern part of India. In March 1930, a discussion initiated by pilot G. Vlasto led to the founding of the Madras Flying Club , which became
1048-561: A long coastline. A total of 67 ports are situated in South India: Tamil Nadu (18), Kerala (14), Andhra Pradesh (13), Karanataka (11), Lakshadweep (10) and Pondicherry (1). Major ports include Visakhapatnam , Chennai , Mangalore , Tuticorin , Ennore and Kochi . The Kerala backwaters are a network of interconnected canals, rivers, lakes, and inlets, a labyrinthine system formed by more than 900 km of waterways. The Eastern Naval Command and Southern Naval Command of
1179-420: A lower relative cost of production, rather relying only on its own production. It has been termed a "fundamental analytical explanation" for gains from trade . Coming at the end of the classical tradition, John Stuart Mill (1848) parted company with the earlier classical economists on the inevitability of the distribution of income produced by the market system. Mill pointed to a distinct difference between
1310-875: A major party in Telangana, Karnataka, and Kerala. The party ruled with minimal opposition for 30 years in Andhra Pradesh, before the formation of the Telugu Desam Party by Nandamuri Taraka Rama Rao in 1982. Two prominent coalitions in Kerala are the United Democratic Front , led by the Indian National Congress, and the Left Democratic Front , led by the Communist Party of India (Marxist) . For
1441-449: A more comprehensive theory of costs on the supply side. In the 20th century, neoclassical theorists departed from an earlier idea that suggested measuring total utility for a society, opting instead for ordinal utility , which posits behaviour-based relations across individuals. In microeconomics , neoclassical economics represents incentives and costs as playing a pervasive role in shaping decision making . An immediate example of this
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#17328440941551572-460: A more important role in mainstream economic theory. Also, heterogeneity among the economic agents, e.g. differences in income, plays an increasing role in recent economic research. Other schools or trends of thought referring to a particular style of economics practised at and disseminated from well-defined groups of academicians that have become known worldwide, include the Freiburg School ,
1703-543: A pioneer in pilot training in South India. On 15 October 1932, Indian aviator J. R. D. Tata flew a Puss Moth aircraft carrying mail from Karachi to Juhu aerodrome , Bombay ; and the aircraft continued to Madras , piloted by Neville Vincent, a former Royal Air Force pilot and friend of Tata. There are 12 international airports , 2 customs airports , 15 domestic airports, 5 state owned/private airports and 15 air bases in South India. Bengaluru , Chennai , Hyderabad , and Kochi international airports are amongst
1834-586: A proportion of the value their work had created. Marxian economics was further developed by Karl Kautsky (1854–1938)'s The Economic Doctrines of Karl Marx and The Class Struggle (Erfurt Program) , Rudolf Hilferding 's (1877–1941) Finance Capital , Vladimir Lenin (1870–1924)'s The Development of Capitalism in Russia and Imperialism, the Highest Stage of Capitalism , and Rosa Luxemburg (1871–1919)'s The Accumulation of Capital . At its inception as
1965-409: A rapidly growing population against a limited amount of land meant diminishing returns to labour. The result, he claimed, was chronically low wages, which prevented the standard of living for most of the population from rising above the subsistence level. Economist Julian Simon has criticised Malthus's conclusions. While Adam Smith emphasised production and income, David Ricardo (1817) focused on
2096-422: A separate sovereign state. The States Reorganisation Act of 1956 reorganized the states based on linguistic lines resulting in the creation of the new states of Andhra Pradesh , Karnataka , Kerala and Tamil Nadu . As a result of this act, Madras State retained its name with Kanyakumari district added to from Travancore-Cochin . The state was subsequently renamed Tamil Nadu in 1968. Andhra Pradesh
2227-469: A set of stable preferences, a definite overall guiding objective, and the capability of making a choice. There exists an economic problem, subject to study by economic science, when a decision (choice) is made by one or more players to attain the best possible outcome. Keynesian economics derives from John Maynard Keynes , in particular his book The General Theory of Employment, Interest and Money (1936), which ushered in contemporary macroeconomics as
2358-409: A single tax on income of land owners. In reaction against copious mercantilist trade regulations, the physiocrats advocated a policy of laissez-faire , which called for minimal government intervention in the economy. Adam Smith (1723–1790) was an early economic theorist. Smith was harshly critical of the mercantilists but described the physiocratic system "with all its imperfections" as "perhaps
2489-452: A social science, economics was defined and discussed at length as the study of production, distribution, and consumption of wealth by Jean-Baptiste Say in his Treatise on Political Economy or, The Production, Distribution, and Consumption of Wealth (1803). These three items were considered only in relation to the increase or diminution of wealth, and not in reference to their processes of execution. Say's definition has survived in part up to
2620-435: A sought after end). Some subsequent comments criticised the definition as overly broad in failing to limit its subject matter to analysis of markets. From the 1960s, however, such comments abated as the economic theory of maximizing behaviour and rational-choice modelling expanded the domain of the subject to areas previously treated in other fields. There are other criticisms as well, such as in scarcity not accounting for
2751-442: A synthesis emerged by the 2000s, often given the name the new neoclassical synthesis . It integrated the rational expectations and optimizing framework of the new classical theory with a new Keynesian role for nominal rigidities and other market imperfections like imperfect information in goods, labour and credit markets. The monetarist importance of monetary policy in stabilizing the economy and in particular controlling inflation
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#17328440941552882-509: Is a compound of Sanskrit origin, derived from the Hindu deity Krishna and the term murti (form), meaning "in the form (or image) of Krishna ". In regional Indian naming conventions it is usually a given name , but it may also be a family name . In other cases it may be westernized as a surname . Non-Indian nationality is noted when known. South India South India , also known as Southern India or Peninsular India ,
3013-421: Is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός ( oikonomikos ), or "household or homestead manager". Derived terms such as "economy" can therefore often mean "frugal" or "thrifty". By extension then, "political economy" was the way to manage a polis or state. There are a variety of modern definitions of economics ; some reflect evolving views of
3144-413: Is able to form a government. As per the 2011 census of India , the estimated population of South India was 252 million, around one fifth of the total population of the country. The region's total fertility rate (TFR) was less than the population replacement level of 2.1 for all states, with Kerala and Tamil Nadu having the lowest TFRs in India at 1.7. As a result, from 1981 to 2011 the proportion of
3275-471: Is about 60% of the country's total. As of 2019–20, the total gross domestic product of the region is ₹67 trillion (US$ 946 billion). Tamil Nadu has the second -highest GDP and is the second-most industrialised state in the country after Maharashtra . With the presence of two major ports, an international airport, and a converging road and rail networks, Chennai is referred to as the "Gateway of South India". South India contributes 30% of India's GDP with
3406-438: Is also applied to such diverse subjects as crime , education , the family , feminism , law , philosophy , politics , religion , social institutions , war , science , and the environment . The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". The term is ultimately derived from Ancient Greek οἰκονομία ( oikonomia ) which
3537-1004: Is home to one of the largest populations of endangered Bengal tigers and Indian elephants in India, being home to one-third of the tiger population and more than half of the elephant population, with 14 Project Tiger reserves and 11 Project Elephant reserves. Elephant populations are found in eight fragmented sites in the region: in northern Karnataka, along the Western Ghats, in Bhadra – Malnad , in Brahmagiri – Nilgiris – Eastern Ghats , in Nilambur – Silent Valley – Coimbatore , in Anamalai – Parambikulam , in Periyar – Srivilliputhur , and in Agasthyamalai Other threatened and endangered species found in
3668-410: Is largely dependent on seasonal monsoons and monsoon failure often leads to droughts forcing farmers into debt, selling livestock and sometimes into committing suicide. Socio-economics Economics ( / ˌ ɛ k ə ˈ n ɒ m ɪ k s , ˌ iː k ə -/ ) is a social science that studies the production , distribution , and consumption of goods and services . Economics focuses on
3799-449: Is not suitable for agriculture. The southwest monsoon from June to September accounts for most of the rainfall in the region. The Arabian Sea branch of the southwest monsoon hits the Western Ghats along the coastal state of Kerala and moves northward along the Konkan coast , with precipitation on coastal areas west of the Western Ghats. The lofty Western Ghats prevent the winds from reaching
3930-413: Is promoting it. By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it
4061-502: Is spoken by about 1.5 million people in coastal Kerala and Karnataka; Konkani , an Indo-Aryan language, is spoken by around 0.8 million people in the Konkan coast (Canara) and Kerala; Kodava Takk is spoken by more than half a million people in Kodagu, Mysore, and Bangalore. English is also widely spoken in urban areas of South India. Deccani Urdu a regional dialect of Urdu is spoken by
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4192-598: Is the consumer theory of individual demand, which isolates how prices (as costs) and income affect quantity demanded. In macroeconomics it is reflected in an early and lasting neoclassical synthesis with Keynesian macroeconomics. Neoclassical economics is occasionally referred as orthodox economics whether by its critics or sympathisers. Modern mainstream economics builds on neoclassical economics but with many refinements that either supplement or generalise earlier analysis, such as econometrics , game theory , analysis of market failure and imperfect competition , and
4323-532: Is the tropical monsoon climate characterized by moderate to high year-round temperatures and seasonally heavy rainfall above 2,000 mm (79 in) per year. The tropical climate is experienced in a strip of south-western lowlands abutting the Malabar Coast , the Western Ghats and the Lakshadweep islands. A tropical wet and dry climate , drier than areas with a tropical monsoon climate, prevails over most of
4454-627: Is the highest peak in South India. The Eastern Ghats run parallel to the Bay of Bengal along the eastern coast and the strip of land between them forms the Coromandel region. They are a discontinuous range of mountains, which have been eroded and quadrisected by the four major rivers of southern India, the Godavari , Mahanadi , Krishna , and Kaveri . Both mountain ranges meet at the Nilgiri mountains which run in
4585-606: Is the southern part of the Deccan Peninsula in India encompassing the states of Andhra Pradesh , Karnataka , Kerala , Tamil Nadu and Telangana as well as the union territories of Lakshadweep and Puducherry , occupying 19.31% of India's area (635,780 km or 245,480 sq mi) and 20% of India's population. It is bound by the Bay of Bengal in the east, the Arabian Sea in
4716-473: Is the staple food and major crop in the region. South India is a major producer of spices with black pepper , cardamom , clove and nutmeg grown exclusively in the region. Some of the main crops cultivated in South India include sugarcane , chilli , banana , cotton , turmeric , millets and pulses. Other plantation crops include cashew , coffee , tea , rubber , betel , areca nut , coconut , bamboo and cocoa . The region accounts for 92% of
4847-659: The 1937 elections to the Indian National Congress, and Chakravarti Rajagopalachari became the Chief Minister of the Madras Presidency. During the 1920s and 1930s, the Self-Respect Movement , spearheaded by Theagaroya Chetty and E. V. Ramaswamy (commonly known as Periyar), emerged in the Madras Presidency. In 1944, Periyar transformed the party into a social organisation, renaming the party Dravidar Kazhagam , and withdrew from electoral politics. The initial aim
4978-491: The Andhra Pradesh State Road Transport Corporation , Tamil Nadu State Transport Corporation , Karnataka State Road Transport Corporation , Telangana State Road Transport Corporation , Kerala State Road Transport Corporation , and Puducherry Road Transport Corporation . In 1832, the proposal to construct the first railway line in India at Madras was made. In 1835, a railway track
5109-610: The Kupgal petroglyphs of eastern Karnataka, at Stone Age sites. Hinduism is the major religion today in South India, with about 84% of the population adhering to it, which is often regarded as the oldest religion in the world, tracing its roots to prehistoric times in India. Its spiritual traditions include both the Shaivite and Vaishnavite branches of Hinduism, although Buddhist and Jain philosophies were influential several centuries earlier. Ayyavazhi has spread significantly across
5240-739: The Madras States Agency (composed of Travancore , Cochin , Jeypore , and a number of other minor princely states ). The region played a major role in the Indian independence movement . Of the 72 delegates who participated in the first session of the Indian National Congress at Bombay in December 1885, 22 hailed from South India. After Indian Independence in 1947, the region was organized into four states Madras State , Mysore State , Hyderabad State and Travancore-Cochin . Dravida Nadu
5371-674: The Millennium Development Goals set by the United Nations and expected to be achieved by 2015, Kerala and Tamil Nadu achieved the goals related to improvement of maternal health and of reducing infant mortality and child mortality by 2009. Languages of South India ( 2011 census ) The largest linguistic group in South India is the Dravidian family of languages , of approximately 73 languages. The major languages spoken include Telugu , Tamil , Kannada , and Malayalam . Tulu
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5502-713: The Muslims . Telugu, Tamil, Kannada, Malayalam, Urdu, and konkani are listed among the 22 official languages of India . Tamil was the first language to be granted classical language status by the Government of India in 2004. Later Telugu (2008), Kannada (2008) and Malayalam (2013) were also declared as classical languages. These four languages combined have literary outputs larger than other literary languages of India. Religion in South India (2011) Evidence of prehistoric religion in South India comes from scattered Mesolithic rock paintings depicting dances and rituals, such as
5633-913: The Nilgiri Biosphere Reserve in the Nilgiri Hills , the Agasthyamala Biosphere Reserve in the Agastya Mala - Cardamom Hills and Gulf of Mannar coral reefs. The Gulf of Mannar Biosphere Reserve covers an area of 10,500 km (4,100 sq mi) of ocean, islands and the adjoining coastline including coral reefs , salt marshes and mangroves. It is home to endangered aquatic species, including dolphins , dugongs , whales and sea cucumbers . Bird sanctuaries including Thattekad , Kadalundi , Vedanthangal , Ranganathittu , Kumarakom , Neelapattu , and Pulicat are home to numerous migratory and local birds. South India
5764-715: The Rashtrakutas of Manyakheta , the Chalukyas of Badami , the Hoysalas of Belur , and the Kakatiyas of Orugallu ruled over the region from the 6th century BCE to the 14th century CE. In the 15th century, Vijayanagara empire was the last kingdom to conquer all of Southern India. After repeated invasions from the Sultanate of Delhi , the Vijayanagara empire fell in 1646 and the region
5895-962: The Sangam period (c. 3rd century BCE to c. 4th century CE). The region was part of the ancient Silk Road connecting the East with the West . Several dynasties such as the Cheras of Karuvur , the Pandyas of Madurai , the Cholas of Thanjavur , the Zamorins of Kozhikode , the Satavahanas of Amaravati , the Pallavas of Kanchi , the Kadambas of Banavasi , the Western Gangas of Kolar ,
6026-747: The School of Lausanne , the Stockholm school and the Chicago school of economics . During the 1970s and 1980s mainstream economics was sometimes separated into the Saltwater approach of those universities along the Eastern and Western coasts of the US, and the Freshwater, or Chicago school approach. Within macroeconomics there is, in general order of their historical appearance in
6157-456: The coffee and 85% of the natural rubber production in the country. Other major agricultural products include poultry and silk . Being a peninsular region, aquaculture is a major contributor to the economy. As of 2017–18, the region produced 53.68 lakh tonnes fish contributing to nearly 43% of total fish production in India. Like most of the Indian subcontinent, agriculture in the region
6288-433: The macroeconomics of high unemployment. Gary Becker , a contributor to the expansion of economics into new areas, described the approach he favoured as "combin[ing the] assumptions of maximizing behaviour, stable preferences , and market equilibrium , used relentlessly and unflinchingly." One commentary characterises the remark as making economics an approach rather than a subject matter but with great specificity as to
6419-467: The neoclassical model of economic growth for analysing long-run variables affecting national income . Neoclassical economics studies the behaviour of individuals , households , and organisations (called economic actors, players, or agents), when they manage or use scarce resources, which have alternative uses, to achieve desired ends. Agents are assumed to act rationally, have multiple desirable ends in sight, limited resources to obtain these ends,
6550-415: The societal to the microeconomic level: Economics is a study of man in the ordinary business of life. It enquires how he gets his income and how he uses it. Thus, it is on the one side, the study of wealth and on the other and more important side, a part of the study of man. Lionel Robbins (1932) developed implications of what has been termed "[p]erhaps the most commonly accepted current definition of
6681-400: The "choice process and the type of social interaction that [such] analysis involves." The same source reviews a range of definitions included in principles of economics textbooks and concludes that the lack of agreement need not affect the subject-matter that the texts treat. Among economists more generally, it argues that a particular definition presented may reflect the direction toward which
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#17328440941556812-591: The 10 busiest in the country. Chennai International Airport serves as the Southern Regional Headquarters of the Airports Authority of India , the Southern Region comprising the states of Andhra Pradesh, Karnataka, Kerala, Tamil Nadu, and Telangana, and the union territories of Puducherry and Lakshadweep. Four of the ten busiest airports in India are in South India. The region comes under
6943-486: The 1970s and 1980s, when several major central banks followed a monetarist-inspired policy, but was later abandoned because the results were unsatisfactory. A more fundamental challenge to the prevailing Keynesian paradigm came in the 1970s from new classical economists like Robert Lucas , Thomas Sargent and Edward Prescott . They introduced the notion of rational expectations in economics, which had profound implications for many economic discussions, among which were
7074-465: The 2011 census, the HDI in the southern states is high, and the economy has grown at a faster rate than those of most northern states. As per the 2011 census, the average literacy rate in South India is approximately 80%, considerably higher than the Indian national average of 74%, with Kerala having the highest literacy rate of 93.91%. South India has the highest sex ratio with Kerala and Tamil Nadu being
7205-465: The Deccan Plateau; hence, the leeward region (the region deprived of winds) receives very little rainfall. The Bay of Bengal branch of the southwest monsoon heads toward northeast India, picking up moisture from the Bay of Bengal. The Coramandel coast does not receive much rainfall from the southwest monsoon, due to the shape of the land. Tamil Nadu and southeast Andhra Pradesh receive rains from
7336-503: The Deccan were laid down in the massive Deccan Traps eruption, which occurred towards the end of the Cretaceous period, between 67 and 66 million years ago. Layer after layer was formed by the volcanic activity that lasted many years and when the volcanoes became extinct, they left a region of highlands with typically vast stretches of flat areas on top like a table. The plateau is watered by
7467-426: The Government of India operates the railway system. Currently, operational metro systems are there in four cities Chennai, Bengaluru, Hyderabad and Kochi. Chennai Suburban founded in 1928 is one of the oldest and largest urban networks in the country. Opened in 1995, Chennai MRTS was the first elevated urban railway in India. Hyderabad MMTS was opened in 2003, becoming the second city in South India to have
7598-558: The Indian Navy are headquartered at Visakhapatnam and Kochi respectively. In the region, the Indian Navy has its major operational bases at Visakhapatnam, Chennai, Kochi, Karwar, and Kavaratti. Kochi Water Metro is the first water metro service in India launched in 2023. After independence, the economy of South India conformed to a socialist framework, with strict governmental control over private sector participation, foreign trade , and foreign direct investment . From 1960 to 1990,
7729-580: The Madras Presidency began in 1859 and the 80 miles (130 km) link from Trichinopoly to Negapatam and a link from Tirur to the Port of Beypore at Kozhikode on the Malabar Coast , which eventually got expanded into the Mangalore - Chennai line via Palakkad Gap were opened in 1861. The Carnatic Railway Company was founded in 1864 and opened a Madras– Arakkonam – Conjeevaram –Katpadi junction line in 1865. These two companies subsequently merged in 1874 to form
7860-672: The Madras State, the districts of Belgaum , Bijapur , North Canara and Dharwad from Bombay State , the Kannada-majority districts of Bidar , Raichur and Gulbarga from Hyderabad State and the province of Coorg . Mysore State was renamed as Karnataka in 1973. The Union Territory of Puducherry was created in 1954 comprising the previous French enclaves of Pondichéry , Karaikal , Yanam and Mahé . The Laccadive Islands which were divided between South Canara and Malabar districts of Madras State were united and organized into
7991-761: The South Indian Railway Company. In 1880, the Great Indian Peninsula Railway , established by the British , built a railway network radiating from Madras . In 1879, the Madras Railway constructed a line from Royapuram to Bangalore; and the Maharaja of Mysore established the Mysore State Railway to build an extension from Bangalore to Mysore . The Madras and Southern Mahratta Railway
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#17328440941558122-459: The South Indian economies experienced mixed economic growth. In the 1960s, Kerala achieved above-average growth while Andhra Pradesh's economy declined. Kerala experienced an economic decline in the 1970s while the economies of Karnataka, Tamil Nadu, and Andhra Pradesh consistently exceeded national average growth rates, due to reform-oriented economic policies. As of March 2015, there are 109 operational Special Economic Zones in South India, which
8253-476: The Western Ghats while tropical dry forests and scrub lands are common in the interior Deccan plateau. The southern Western Ghats have rain forests located at high altitudes called the South Western Ghats montane rain forests , and the Malabar Coast moist forests are found on the coastal plains. The Western Ghats is one of the eight hottest biodiversity hotspots in the world and a UNESCO World Heritage Site . Important ecological regions of South India are
8384-407: The analysis of wealth: how wealth is created (production), distributed, and consumed; and how wealth can grow. But he said that economics can be used to study other things, such as war, that are outside its usual focus. This is because war has as the goal winning it (as a sought after end ), generates both cost and benefits; and, resources (human life and other costs) are used to attain the goal. If
8515-468: The area covered by the Deccan Plateau that covers most of peninsular India excluding the coastal areas, is an anglicised form of the Prakrit word dakkhiṇa derived from the Sanskrit word dakshiṇa meaning south. Carnatic , derived from "Karnāḍ" or "Karunāḍ" meaning high country , has also been associated with South India. Carbon dating shows that ash mounds associated with Neolithic cultures in South India date back to 8000 BCE. Towards
8646-479: The area of inquiry or object of inquiry rather than the methodology. In the biology department, it is not said that all biology should be studied with DNA analysis. People study living organisms in many different ways, so some people will perform DNA analysis, others might analyse anatomy, and still others might build game theoretic models of animal behaviour. But they are all called biology because they all study living organisms. According to Ha Joon Chang, this view that
8777-443: The author believes economics is evolving, or should evolve. Many economists including nobel prize winners James M. Buchanan and Ronald Coase reject the method-based definition of Robbins and continue to prefer definitions like those of Say, in terms of its subject matter. Ha-Joon Chang has for example argued that the definition of Robbins would make economics very peculiar because all other sciences define themselves in terms of
8908-421: The beginning of 1000 BCE, iron technology spread through the region; however, there does not appear to be a fully developed Bronze Age preceding the Iron Age in South India. The region was in the middle of a trade route that extended from Muziris to Arikamedu linking the Mediterranean to East Asia . Trade with Phoenicians , Romans , Greeks , Arabs , Syrians , Jews , and Chinese began during
9039-716: The behaviour and interactions of economic agents and how economies work. Microeconomics analyses what is viewed as basic elements within economies , including individual agents and markets , their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyses economies as systems where production, distribution, consumption, savings , and investment expenditure interact, and factors affecting it: factors of production , such as labour , capital , land , and enterprise , inflation , economic growth , and public policies that have impact on these elements . It also seeks to analyse and describe
9170-517: The colonies. Physiocrats , a group of 18th-century French thinkers and writers, developed the idea of the economy as a circular flow of income and output. Physiocrats believed that only agricultural production generated a clear surplus over cost, so that agriculture was the basis of all wealth. Thus, they opposed the mercantilist policy of promoting manufacturing and trade at the expense of agriculture, including import tariffs. Physiocrats advocated replacing administratively costly tax collections with
9301-402: The decades immediately after the independence of India, the economies of South Indian states have, over the past three decades, registered growth higher than the national average. While South Indian states have improved in some of the socio-economic metrics, poverty continues to affect the region as it does the rest of the country, although it has considerably decreased over the years. Based on
9432-561: The depression between the Vindhya and Satpura ranges, which define the northern spur of the Deccan plateau . The low-lying coral islands of Lakshadweep are situated off the southwestern coast of India and the Andaman and Nicobar islands lie far off the eastern coast. The Palk Strait and the chain of low sandbars and islands known as Rama's Bridge separate the region from Sri Lanka , which lies off
9563-488: The design of modern monetary policy and are now standard workhorses in most central banks. After the 2007–2008 financial crisis , macroeconomic research has put greater emphasis on understanding and integrating the financial system into models of the general economy and shedding light on the ways in which problems in the financial sector can turn into major macroeconomic recessions. In this and other research branches, inspiration from behavioural economics has started playing
9694-506: The distribution of income among landowners, workers, and capitalists. Ricardo saw an inherent conflict between landowners on the one hand and labour and capital on the other. He posited that the growth of population and capital, pressing against a fixed supply of land, pushes up rents and holds down wages and profits. Ricardo was also the first to state and prove the principle of comparative advantage , according to which each country should specialise in producing and exporting goods in that it has
9825-856: The east-flowing Godavari , Krishna , Kaveri , Penna , Tungabhadra , Vaigai rivers and their tributaries. Other prominent features include the Gulf of Mannar , the Palk Strait , which separates India from Sri Lanka; the Ten Degree Channel , which separates the Andamans from the Nicobar Islands; and the Eight Degree Channel, which separates the Laccadive and Amindivi Islands from the Minicoy Island to
9956-464: The economy can and should be studied in only one way (for example by studying only rational choices), and going even one step further and basically redefining economics as a theory of everything, is peculiar. Questions regarding distribution of resources are found throughout the writings of the Boeotian poet Hesiod and several economic historians have described Hesiod as the "first economist". However,
10087-693: The end of the Vellore Mutiny in 1806, the British consolidated their power over much of present-day South India, with the exception of French Pondichéry . The British Empire took control of the region from the British East India Company in 1857. During the British colonial rule, the region was divided into the Madras Presidency (later, the Madras Province), Hyderabad State , Mysore , and
10218-730: The first large-scale macroeconometric model , applying the Keynesian thinking systematically to the US economy . Immediately after World War II, Keynesian was the dominant economic view of the United States establishment and its allies, Marxian economics was the dominant economic view of the Soviet Union nomenklatura and its allies. Monetarism appeared in the 1950s and 1960s, its intellectual leader being Milton Friedman . Monetarists contended that monetary policy and other monetary shocks, as represented by
10349-536: The following decades, many economists followed Keynes' ideas and expanded on his works. John Hicks and Alvin Hansen developed the IS–LM model which was a simple formalisation of some of Keynes' insights on the economy's short-run equilibrium. Franco Modigliani and James Tobin developed important theories of private consumption and investment , respectively, two major components of aggregate demand . Lawrence Klein built
10480-509: The global economy . Other broad distinctions within economics include those between positive economics , describing "what is", and normative economics , advocating "what ought to be"; between economic theory and applied economics ; between rational and behavioural economics ; and between mainstream economics and heterodox economics . Economic analysis can be applied throughout society, including business , finance , cybersecurity , health care , engineering and government . It
10611-424: The growth in the money stock, was an important cause of economic fluctuations, and consequently that monetary policy was more important than fiscal policy for purposes of stabilisation . Friedman was also skeptical about the ability of central banks to conduct a sensible active monetary policy in practice, advocating instead using simple rules such as a steady rate of money growth. Monetarism rose to prominence in
10742-463: The importance of various market failures for the functioning of the economy, as had Keynes. Not least, they proposed various reasons that potentially explained the empirically observed features of price and wage rigidity , usually made to be endogenous features of the models, rather than simply assumed as in older Keynesian-style ones. After decades of often heated discussions between Keynesians, monetarists, new classical and new Keynesian economists,
10873-434: The inland peninsular region except for a semi-arid rain shadow east of the Western Ghats. Winter and early summer are long dry periods with temperatures averaging above 18 °C (64 °F); summer is exceedingly hot with temperatures in low-lying areas exceeding 50 °C (122 °F); and the rainy season lasts from June to September, with annual rainfall averaging between 750 and 1,500 mm (30 and 59 in) across
11004-449: The market's two roles: allocation of resources and distribution of income. The market might be efficient in allocating resources but not in distributing income, he wrote, making it necessary for society to intervene. Value theory was important in classical theory. Smith wrote that the "real price of every thing ... is the toil and trouble of acquiring it". Smith maintained that, with rent and profit, other costs besides wages also enter
11135-437: The most famous passages in all economics," Smith represents every individual as trying to employ any capital they might command for their own advantage, not that of the society, and for the sake of profit, which is necessary at some level for employing capital in domestic industry, and positively related to the value of produce. In this: He generally, indeed, neither intends to promote the public interest, nor knows how much he
11266-412: The mountain ranges. The plateau rises to 100 metres (330 ft) in the north and to more than 1 kilometre (0.62 mi) in the south, forming a raised triangle within the downward-pointing triangle of the Indian subcontinent 's coastline. It also slopes gently from West to East resulting in major rivers arising in the Western Ghats and flowing east into the Bay of Bengal. The volcanic basalt beds of
11397-461: The national parties usually aligning as junior partners to the major Dravidian parties, AIADMK and DMK. Indian National Congress dominated the political scene in Tamil Nadu in the 1950s and 1960s under the leadership of K. Kamaraj , who led the party after the death of Jawaharlal Nehru and ensured the selection of Prime Ministers Lal Bahadur Shastri and Indira Gandhi . Congress continues to be
11528-509: The northeast monsoon. The northeast monsoon takes place from November to early March, when the surface high-pressure system is strongest. The North Indian Ocean tropical cyclones occur throughout the year in the Bay of Bengal and the Arabian Sea, bringing devastating winds and heavy rainfall. There is a wide diversity of plants and animals in South India, resulting from its varied climates and geography. Deciduous forests are found along
11659-486: The past fifty years, these two coalitions have been alternately in power; and E. M. S. Namboodiripad , the first elected chief minister of Kerala in 1957, is credited as the leader of the first democratically elected communist government in the world. The Bharatiya Janata Party and Janata Dal (Secular) are significant parties in Karnataka. C. Rajagopalachari, the first Indian Governor General of India post independence,
11790-503: The pessimistic analysis of Malthus (1798). John Stuart Mill (1844) delimited the subject matter further: The science which traces the laws of such of the phenomena of society as arise from the combined operations of mankind for the production of wealth, in so far as those phenomena are not modified by the pursuit of any other object. Alfred Marshall provided a still widely cited definition in his textbook Principles of Economics (1890) that extended analysis beyond wealth and from
11921-475: The population of South India to India's total population has declined. Scheduled Castes and Tribes form 18% of the population of the region. Agriculture is the major employer in the region, with 47.5% of the population being involved in agrarian activities. About 60% of the population lives in permanent housing structures. 67.8% of South India has access to tap water, with wells and springs being major sources of water supply. After experiencing fluctuations in
12052-483: The present, modified by substituting the word "wealth" for "goods and services" meaning that wealth may include non-material objects as well. One hundred and thirty years later, Lionel Robbins noticed that this definition no longer sufficed, because many economists were making theoretical and philosophical inroads in other areas of human activity. In his Essay on the Nature and Significance of Economic Science , he proposed
12183-409: The price of a commodity. Other classical economists presented variations on Smith, termed the ' labour theory of value '. Classical economics focused on the tendency of any market economy to settle in a final stationary state made up of a constant stock of physical wealth (capital) and a constant population size . Marxist (later, Marxian) economics descends from classical economics and it derives from
12314-429: The purest approximation to the truth that has yet been published" on the subject. The publication of Adam Smith 's The Wealth of Nations in 1776, has been described as "the effective birth of economics as a separate discipline." The book identified land, labour, and capital as the three factors of production and the major contributors to a nation's wealth, as distinct from the physiocratic idea that only agriculture
12445-706: The purview of the Southern Air Command of the Indian Air Force headquartered at Thiruvananthapuram . In addition, the National Training Command is headquartered at Bengaluru . The Air Force operates nine air bases in Southern India. In the region, the Indian Navy operates airbases at Kochi , Arakkonam , Uchipuli , Vizag and Chennai. The region is covered by water on three sides and has
12576-408: The region include the grizzled giant squirrel , grey slender loris , sloth bear , Nilgiri tahr , Nilgiri langur , lion-tailed macaque , and the Indian leopard . Politics in South India is characterized by a mix of regional and national political parties. The Justice Party and Swaraj Party were the two major parties in the erstwhile Madras Presidency. The Justice Party eventually lost
12707-467: The region was colonized by Britain , Portugal and France . After experiencing fluctuations in the decades immediately after Indian independence , the economies of South Indian states have registered a sustained higher-than-national-average growth over the past three decades. South India has the largest combined largest gross domestic product compared to other regions in India. The South Indian states lead in some socio-economic metrics of India with
12838-522: The region. The majority of the people in South India speak at least one of the four major Dravidian languages : Telugu , Tamil , Kannada and Malayalam . During its history , a number of dynastic kingdoms ruled over parts of South India, and shaped the culture in those regions. Major dynasties that were established in South India include the Cheras , Cholas , Pandyas , Pallavas , Satavahanas , Chalukyas , Hoysalas , Rashtrakutas and Vijayanagara . European countries entered India through Kerala and
12969-836: The region. Once the dry northeast monsoon begins in September, most precipitation in India falls in Tamil Nadu, leaving other states comparatively dry. A hot semi-arid climate predominates in the land east of the Western Ghats and the Cardamom Hills . The region – which includes Karnataka, inland Tamil Nadu and western Andhra Pradesh – gets between 400 and 750 millimetres (15.7 and 29.5 in) of rainfall annually, with hot summers and dry winters with temperatures around 20–24 °C (68–75 °F). The months between March and May are hot and dry, with mean monthly temperatures hovering around 32 °C (90 °F), with 320 millimetres (13 in) precipitation. Without artificial irrigation, this region
13100-412: The scope and method of economics, emanating from that definition. A body of theory later termed "neoclassical economics" formed from about 1870 to 1910. The term "economics" was popularised by such neoclassical economists as Alfred Marshall and Mary Paley Marshall as a concise synonym for "economic science" and a substitute for the earlier " political economy ". This corresponded to the influence on
13231-486: The so-called Lucas critique and the presentation of real business cycle models . During the 1980s, a group of researchers appeared being called New Keynesian economists , including among others George Akerlof , Janet Yellen , Gregory Mankiw and Olivier Blanchard . They adopted the principle of rational expectations and other monetarist or new classical ideas such as building upon models employing micro foundations and optimizing behaviour, but simultaneously emphasised
13362-444: The source of the word economy. Joseph Schumpeter described 16th and 17th century scholastic writers, including Tomás de Mercado , Luis de Molina , and Juan de Lugo , as "coming nearer than any other group to being the 'founders' of scientific economics" as to monetary , interest , and value theory within a natural-law perspective. Two groups, who later were called "mercantilists" and "physiocrats", more directly influenced
13493-507: The south. Laccadive Sea is a smaller sea. There are coral reefs located in the Gulf of Mannar and Lakshadweep islands. Large lakes include Vembanad Lake and Pulicat Lake . The region has a tropical climate and depends on monsoons for rainfall. According to the Köppen climate classification , it has a non- arid climate with minimum mean temperatures of 18 °C (64 °F). The most humid
13624-618: The southeastern coast. The southernmost tip of mainland India is at Kanyakumari where the Indian Ocean meets the Bay of Bengal and the Arabian Sea. The Western Ghats runs south along the western coast from south of the Tapti River to Kanyakumari and forms a narrow strip of land with the Arabian sea called Konkan region. Anai Mudi in the Anaimalai Hills 2,695 m (8,842 ft)
13755-581: The southern parts of South India. Shaiva Siddhanta philosophy is prominent among many communities. Islam was introduced to South India in the early 7th century by Arab traders on the Malabar Coast, and spread during the rule of the Deccan Sultanates, from the 17th to 18th centuries. About 11% of the population In South India follow Islam . Muslims of Arab descent in Kerala are called Jonaka Mappila . About 4% follow Christianity . Christianity
13886-478: The state government. Each state or territory is further divided into districts , which are further subdivided into revenue divisions and taluk s / Mandal s or tehsil s. Local bodies govern respective cities, towns, and villages, along with an elected mayor , municipal chairman , or panchayat chairman , respectively. South India elects 132 members to the Lok Sabha , accounting for roughly one-fourth of
14017-406: The state or commonwealth with a revenue for the publick services. Jean-Baptiste Say (1803), distinguishing the subject matter from its public-policy uses, defined it as the science of production, distribution, and consumption of wealth . On the satirical side, Thomas Carlyle (1849) coined " the dismal science " as an epithet for classical economics , in this context, commonly linked to
14148-408: The subject of mathematical methods used in the natural sciences . Neoclassical economics systematically integrated supply and demand as joint determinants of both price and quantity in market equilibrium, influencing the allocation of output and income distribution. It rejected the classical economics' labour theory of value in favour of a marginal utility theory of value on the demand side and
14279-402: The subject or different views among economists. Scottish philosopher Adam Smith (1776) defined what was then called political economy as "an inquiry into the nature and causes of the wealth of nations", in particular as: a branch of the science of a statesman or legislator [with the twofold objectives of providing] a plentiful revenue or subsistence for the people ... [and] to supply
14410-471: The subject": Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Robbins described the definition as not classificatory in "pick[ing] out certain kinds of behaviour" but rather analytical in "focus[ing] attention on a particular aspect of behaviour, the form imposed by the influence of scarcity ." He affirmed that previous economists have usually centred their studies on
14541-822: The subsequent development of the subject. Both groups were associated with the rise of economic nationalism and modern capitalism in Europe. Mercantilism was an economic doctrine that flourished from the 16th to 18th century in a prolific pamphlet literature, whether of merchants or statesmen. It held that a nation's wealth depended on its accumulation of gold and silver. Nations without access to mines could obtain gold and silver from trade only by selling goods abroad and restricting imports other than of gold and silver. The doctrine called for importing inexpensive raw materials to be used in manufacturing goods, which could be exported, and for state regulation to impose protective tariffs on foreign manufactured goods and prohibit manufacturing in
14672-432: The top two states. The South Indian states rank amongst the top 10 in economic freedom, life expectancy ., access to drinking water , house ownership , and TV ownership The poverty rate is at 19% while that in the other Indian states is at 38%. The per capita income is ₹ 19,531 (US$ 230), which is more than double of the other Indian states ( ₹ 8,951 (US$ 110)). Of the three demographically related targets of
14803-646: The total strength. The region is allocated 58 seats in the Rajya Sabha , out of the total of 245. The state legislatures of Tamil Nadu, Kerala and Puducherry are unicameral , while Andhra Pradesh, Karnataka, and Telangana have bicameral legislatures. States with bicameral legislatures have an upper house ( Legislative Council ) with members not more than one-third the size of the Assembly. State legislatures elect members for terms of five years. Governors may suspend or dissolve assemblies and can administer when no party
14934-456: The union territories of Puducherry, and Lakshadweep. Puducherry and the five states each have an elected state government, while Lakshadweep is centrally administered by the president of India . Each state is headed by a Governor who is appointed by the President of India and who names the leader of the state legislature's ruling party or coalition as chief minister , who is the head of
15065-527: The union territory of Lakshadweep . Telangana was created on June 2, 2014, by bifurcating Andhra Pradesh and comprises ten districts in northwestern Andhra Pradesh. South India is a peninsula in the shape of an inverted triangle bound by Indian Ocean in the South, Arabian Sea in the west, by Bay of Bengal in the east and the Vindhya and Satpura ranges in the north. The Narmada river flows westwards in
15196-467: The war is not winnable or if the expected costs outweigh the benefits, the deciding actors (assuming they are rational) may never go to war (a decision ) but rather explore other alternatives. Economics cannot be defined as the science that studies wealth, war, crime, education, and any other field economic analysis can be applied to; but, as the science that studies a particular common aspect of each of those subjects (they all use scarce resources to attain
15327-505: The west and the Indian Ocean in the south. The geography of the region is diverse, with two mountain ranges, the Western and Eastern Ghats , bordering the plateau heartland. The Godavari , Krishna , Kaveri , Penna , Tungabhadra and Vaigai rivers are important non- perennial sources of water. Chennai , Bangalore , Hyderabad , Coimbatore and Kochi are the largest urban areas in
15458-505: The word Oikos , the Greek word from which the word economy derives, was used for issues regarding how to manage a household (which was understood to be the landowner, his family, and his slaves ) rather than to refer to some normative societal system of distribution of resources, which is a more recent phenomenon. Xenophon , the author of the Oeconomicus , is credited by philologues for being
15589-460: The work of Karl Marx . The first volume of Marx's major work, Das Kapital , was published in 1867. Marx focused on the labour theory of value and theory of surplus value . Marx wrote that they were mechanisms used by capital to exploit labour. The labour theory of value held that the value of an exchanged commodity was determined by the labour that went into its production, and the theory of surplus value demonstrated how workers were only paid
15720-403: Was a proposal for a separate sovereign state for the speakers of the Dravidian languages in South India. Initially, the demand of Dravida Nadu proponents was limited to Tamil -speaking regions, but it was later expanded to include other Indian states with a majority of Dravidian-speakers in the region. The States Reorganisation Act 1956, which created linguistic States, weakened the demand for
15851-574: Was constructed between Red Hills and Chintadripet in Madras and became operational in 1837. The Madras Railway was established in 1845. The Great Southern of India Railway Company was founded in England in 1853 and registered in 1859. The construction on the first main line in the South between Royapuram in Madras and Arcot started in 1853, which became operational on 1 July 1856. Construction of track in
15982-528: Was created on 1 April 2003. Most of the region is covered by the three zones, with small portions of the coasts covered by East Coast Railway and Konkan Railway . In 2019, a new South Coast Railway zone was announced but is yet to become operational as of 2023. The Nilgiri Mountain Railway of Southern Railway is a UNESCO World Heritage Site . Indian Railways under the ownership of the Ministry of Railways of
16113-606: Was created with the merger of Andhra State with the Telugu-speaking districts of Hyderabad State in 1956. Kerala was created with the merger of Malabar district and the Kasaragod taluk of South Canara districts of Madras State with Travancore-Cochin . Mysore State was re-organized with the addition of districts of Bellary and South Canara (excluding Kasaragod taluk) and the Kollegal taluk of Coimbatore district from
16244-782: Was founded on 1 January 1908 by merging the Madras Railway and the Southern Mahratta Railway . On 14 April 1951, the Madras and Southern Mahratta Railway, the South Indian Railway, and the Mysore State Railway were merged to form the Southern Railway , the first zone of Indian Railways . The South Central zone was created on 2 October 1966 as the ninth zone of Indian Railways and the South Western zone
16375-431: Was from South India. The region has produced six Indian presidents, namely, Sarvepalli Radhakrishnan , V. V. Giri , Neelam Sanjiva Reddy , R. Venkataraman , K. R. Narayanan , and APJ Abdul Kalam . Prime ministers P. V. Narasimha Rao and H. D. Deve Gowda were from the region. South India consists of the five southern Indian states of Andhra Pradesh, Telangana, Karnataka, Kerala, and Tamil Nadu, as well as
16506-841: Was introduced to South India by Thomas the Apostle , who visited Muziris in Kerala in 52 CE and proselytized natives, who are called Nazrani Mappila . Kerala is also home to one of the oldest Jewish communities in the world, who are supposed to have arrived on the Malabar coast during the reign of King Solomon . The major metropolitan areas in south India are as follows: South India has an extensive road network with 20,573 km (12,783 mi) of National Highways and 46,813 km (29,088 mi) of State Highways . The Golden Quadrilateral connecting Chennai with Mumbai and Kolkata traverses Tamil Nadu, Karnataka and Andhra Pradesh. Bus services are provided by state-run transport corporations, namely
16637-421: Was no part of it. By pursuing his own interest he frequently promotes that of the society more effectually than when he really intends to promote it. The Reverend Thomas Robert Malthus (1798) used the concept of diminishing returns to explain low living standards. Human population , he argued, tended to increase geometrically, outstripping the production of food, which increased arithmetically. The force of
16768-892: Was productive. Smith discusses potential benefits of specialisation by division of labour , including increased labour productivity and gains from trade , whether between town and country or across countries. His "theorem" that "the division of labor is limited by the extent of the market" has been described as the "core of a theory of the functions of firm and industry " and a "fundamental principle of economic organization." To Smith has also been ascribed "the most important substantive proposition in all of economics" and foundation of resource-allocation theory—that, under competition , resource owners (of labour, land, and capital) seek their most profitable uses, resulting in an equal rate of return for all uses in equilibrium (adjusted for apparent differences arising from such factors as training and unemployment). In an argument that includes "one of
16899-437: Was recognised as well as the traditional Keynesian insistence that fiscal policy could also play an influential role in affecting aggregate demand . Methodologically, the synthesis led to a new class of applied models, known as dynamic stochastic general equilibrium or DSGE models, descending from real business cycles models, but extended with several new Keynesian and other features. These models proved useful and influential in
17030-524: Was ruled by various Deccan Sultanates , polygars and Nayak governors of the erstwhile Vijayanagara empire who declared independence. The Europeans arrived in the 15th century; and by the middle of the 18th century, the French and the British were involved in a protracted struggle for military control over South India. After the defeat of Tipu Sultan in the Fourth Anglo-Mysore War in 1799 and
17161-740: Was the secession of Dravida Nadu from the rest of India upon Indian independence. After independence, C. N. Annadurai , a follower of Periyar, formed the Dravida Munnetra Kazhagam (DMK) in 1948. The Anti-Hindi agitations of Tamil Nadu led to the rise of Dravidian parties that formed Tamil Nadu's first government, in 1967. In 1972, a split in the DMK resulted in the formation of the All India Anna Dravida Munnetra Kazhagam (AIADMK) led by M. G. Ramachandran . Dravidian parties continue to dominate Tamil Nadu electoral politics,
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