THE FIRST ECONOMIST IN THE WORLD – to give the theory of economics
(Times of India, Dated 15/12/98)
DYNAMIC THEORY OF GLOBAL ECONOMICS
THE WORLD MARKET RECESSION PROBLEM CAN BE SOLVED ONLY THROUGH THE UNIVERSAL & DYNAMIC ECONOMIC THEORIES WHICH HAS BEEN GIVEN BY LATE DR. L. N. SINHA WHOSE FIRST BOOK – "CAPITAL & EMPLOYMENT"1964 WAS QUOTED BY NOBEL LAUREATE GUNNAR MYRDAL IN HIS MOST IMPORTANT BOOK "ASIAN DRAMA" VOLUME-III, PAGE – 2099.
There are different Economic theories for several groups of countries such as developing as well as developed economy, socialist, capitalist or mixed. All economic theories are based on static data. Countries are preparing their Financial Budget on static data i.e. static price of commodities. But the price of commodities changes many times in a year. This means the prices of commodities are dynamical. So the world economy requires dynamical economic theories as well as a theory which will apply uniformly to all countries, because world has a global market, which influences economy of each country. So an economic theory is required which is dynamical as well as uniform to all countries.
The first economist in the world who gave theory of economics which are applicable uniformly to all types of countries like – Developing as well as develop economy, Socialist, Capitalist or mixed i.e. universal theory of economics. Not only that, he gave the dynamical theories of economics which the present world requires. The author forecast that in future his economic theories will solve the problem of the whole world i.e. world market recession problem. Thus, I present a profit theory of the author in his book "VALUE AND GROWTH" Page- 58, Chapter No. – 4 (PROFIT) which is as follows: -
Late Dr. L. N. Sinha had condemned the profit theory of the father of modern economics KEYNES [Keynes is wrong when he says, "The decisions to consume and decisions to invest between them determine incomes."] and has given a new theory of profit [Decisions to consume and decisions to invest together determine aggregate demand which, in conjunction with aggregate supply, determine output (income). Disequilibrium between investment and saving changes the amount of profit. The quantity of capital being fixed in the short run, the rate of profit is changed as a result of change in the amount of profit. Equality between investment and saving is brought about by a change in the amount of profit and consequently the rate of profit. Equilibrium between investment and saving keeps the rate of profit in equilibrium.
The author proved the relevance of his theories through MATHEMATICAL FORMULA BASIS given in his book- " Value and growth". The author integrates theory of value with the theories of employment, output and economic growth and places economic analysis on a surer foundation than it has had.
The author condemned the economic theory of Samuelson (first nobel prize winner in economics) and other economists in his book "PROCESS OF ECONOMCI DEVELOPMENT" which has not yet been published by the co-author and daughter-in-law of the author (Smt. Jyoti Singh, Economist)
The economists of all countries are requested to see these theories and examine these theories at their level for the development of economic growth of any country. I specially request the Nobel Committee to examine the theories in respect of present globalization and recession of world market problem. If any one requires the book "Value and Growth", he may kindly write to me. I present the book to the people of highest qualification on my own cost or I will send the book "Value & Growth" through V.P./Reg.Post/Parcel. Cost of book is @ $ 20/- or equivalent.
With best regards.
Yours truly
(Jyoti Singh), Economist.
MIG – 66, Hanuman Nagar, Kankarbagh,
Patna: 800 020. Bihar, India.
PH. 0612-367209.
Email: jyoti_singh74@hotmail.com
E-mail: jyoti_singh74@rediffmail.com / jyoti_singh74@indiatimes.com