Devaluation Of Pakistan's Currency

10 Pages 2476 Words

omic development in an environment of :
· Pre-industrial institutions
· Low productivity
· Non-existence of an established manufacturing industry.
· Uneven regional development
· High population growth.

These problems created anxieties about Pakistan’s precarious economic situation in relation to its much larger and economically stronger neighbor.

Quad-e-Azam immediately set to the difficult task of rebuilding the economic system of the new country. He therefore ordered the State Bank of Pakistan to be set up so that Pakistan could be a truly sovereign and an independent state.

Hence Pakistan started its journey as an independent and sovereign nation.














Economy.

What is economy?

An economy is the institutional structure through which individuals in a society coordinate their wants and desires.

Professor Lionel Robbins defines economy as the science which studies human behavior as a relationship between ends and scarce means which have alternative uses.

Economics is the study of problems using available factors of productions as efficiently as possible to attain maximum fulfillment of societies unlimited demand for goods and services. The ultimate aim of economic endeavor is to satisfy human wants.

The study of economics is divided into two types:

· Microeconomics is concerned with efficient supply of certain products. It studies public business choices

· Macro economics is concerned with the overall efficiency of resources used in the economy, in particular the achievement of full employment of current resources and the growth of output over time.

Money means power. The strongest and the most powerful countries of the world are those that have the strongest economies. Those with the weak economies suffer at the hands of those, which are strong.

Hence, the to make a proper economic strategy is a very important for all countries of the world.
Several factors...