Important Economists & Their Contributions

• Adam Smith: Founder of Classical Economics; wrote “Wealth of Nations” (1776).
• David Ricardo: Given the Law of Comparative Advantage (basis of international trade).
• Thomas Malthus: Gave the Theory of Population (1798).
• John Maynard Keynes: Introduced Keynesian Theory — government intervention in economy (1936).
• Karl Marx: Theory of Surplus Value; author of Das Kapital.
• Alfred Marshall: Founder of Neo-Classical Economics; introduced concepts of elasticity and consumer surplus.
• Lionel Robbins: Defined economics as the science of scarcity.
• Paul Samuelson: Given modern growth definition of economics.
• T.W. Schultz: Father of Agricultural Development Economics; wrote Transforming Traditional Agriculture.
• A.T. Mosher: Father of Agricultural Marketing in India; wrote Getting Agriculture Moving.
• Amartya Sen: Indian economist; Nobel Prize in 1998 for welfare economics and poverty measurement.
• Gunnar Myrdal: Developed Asian Drama – economic analysis of South Asia.
• Ester Boserup: Gave Population pressure theory — population growth drives agricultural intensification.

Agricultural Finance and Credit

• Agricultural Finance: Science of managing money in farm business.
• Farm Credit: Amount of capital borrowed to finance farm operations.

• Credit Needs:
  • Short-term: For inputs like seed, fertilizer.
  • Medium-term: For implements and livestock.
  • Long-term: For land development, machinery purchase.

• Sources of Agricultural Credit:
  • Institutional: Commercial banks, RRBs, Cooperatives, NABARD.
  • Non-institutional: Moneylenders, traders.

• Institutional Credit Share: >70% of total agricultural credit.
• NABARD: Established on 12 July 1982 on recommendation of B. Sivaraman Committee.
• Headquarters of NABARD: Mumbai.
• Kisan Credit Card (KCC): Introduced in 1998–99 (NABARD Model Scheme).
• RBI (Reserve Bank of India): Established in 1935; nationalized in 1949.
• Priority Sector Lending (PSL): Includes agriculture, MSMEs, education, etc.
• Self Help Group–Bank Linkage Programme (SHG–BLP): Launched by NABARD in 1992.
• Lead Bank Scheme: Started in 1969 (recommended by Gadgil Committee).
• Regional Rural Banks (RRBs): Established in 1975 (based on Narasimham Committee).
• Cooperative Credit Structure in India:
  • Short-term: PACS → DCCB → SCB
  • Long-term: Primary Land Development Bank → State Land Development Bank

Agricultural Schemes and Programmes