The video discusses David Ricardo's famous theory of growth and economic development, popularly known as theory of functional distribution. The important assumptions underlying the theory, along with diagrammatic explanation is done in the video. Criticism of the Ricardian theory is also discussed.
For understanding the concepts of AP, MP and law of diminishing returns or law of variable proportion , pls see the link below:
1. Law of diminishing returns and Concepts of TP, AP, MP :
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