INFLATION RELATED CONCEPT- PHILLIPS CURVE, CPI & WPI | MINDMAPS | ECONOMY | UPSC CSE скачать в хорошем качестве

INFLATION RELATED CONCEPT- PHILLIPS CURVE, CPI & WPI | MINDMAPS | ECONOMY | UPSC CSE

INFLATION RELATED CONCEPT- PHILLIPS CURVE, CPI & WPI | MINDMAPS | ECONOMY | UPSC CSE Jobs or Prices? The Eternal Trade-off! ⚖️ In this mindmap video for UPSC CSE, we dive deep into the technical concepts of Inflation: The Phillips Curve, the battle between WPI and CPI, and the dreaded Stagflation. We decode why the RBI abandoned WPI and switched to *CPI* for its policy decisions (Urjit Patel Committee), and what happens when inflation meets unemployment. [attachment_0](attachment) 🎈 *Video Mindmap: Inflation Concepts* ► *1. The Phillips Curve (The Trade-off)* • *Concept:* An inverse relationship between *Inflation* and **Unemployment**. • *Logic:* High Inflation usually means high demand ➡ Companies hire more ➡ Low Unemployment. • *Stagflation:* The exception where both Inflation and Unemployment are high (Curve breaks down). 🛑 ► *2. WPI vs. CPI (The Indices)* • *WPI (Wholesale Price Index):* • *Published by:* Office of Economic Adviser (DPIIT). • *Basket:* 697 items. *Only Goods* (No Services). • *Weightage:* Highest for **Manufactured Goods**. • *CPI (Consumer Price Index):* • *Published by:* NSO (MoSPI). • *Basket:* Goods + *Services* (Education, Health). • *Weightage:* Highest for *Food & Beverages* (approx. 46%). ► *3. Other Key Terms* • *Disinflation:* A slowdown in the rate of inflation (Prices rise, but slowly). • *Deflation:* A negative inflation rate (Prices fall). 📉 • *Skewflation:* Price rise in a small group of commodities (e.g., Onions) while others remain stable. • *Base Effect:* The impact of the corresponding period of the previous year on the current inflation rate. [attachment_1](attachment) ► *4. GDP Deflator* • The most comprehensive measure. • Formula: (Nominal GDP / Real GDP) x 100. This video is essential for understanding the Economic Survey and Budget. 🔔 *Subscribe* for the next video on The Banking System (RBI & Monetary Policy)! Download the High-Res Mindmap PDF: [Your Telegram Link] *Related Playlists:* ► Indian Economy (Complete Series): [Link] ► Economy Mindmaps: [Link] #PhillipsCurve #WPIvsCPI #Stagflation #UrjitPatelCommittee #Skewflation #BaseEffect #UPSC #EconomyConcepts #InflationTargeting #NSO