S.N.
|
Name
|
Region
|
Discription
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1.
|
Kaziranga Wild
Life Sanctuary
|
Assam
|
Kaziranga Wild
Life Sanctuary, located in the Northeastern state of Assam in the flood
plains of the Brahmaputra River’s south bank, was declared a World Heritage
Site by UNESCO in 1985 for its unique natural environment. It was first
established as a reserved forest in 1908 to protect the dwindling species of
Rhinoceros. It underwent several transformations over the years, as The
Kaziranga Game Sanctuary in 1916, renamed as Kaziranga Wild Life Sanctuary in
1950, and declared a national park in 1974. The park, which covers an area of
42,996 hectares (106,250 acres), has the distinction of being home to the
world's largest population of the Great Indian One-Horned Rhinoceros. There
are many other mammals and birds species in the sanctuary.
|
2.
|
Manas Wild
Life Sanctuary
|
Assam
|
Manas Wildlife
Sanctuary, located in the Northeastern state of Assam covers an area of
50,000 hectares (120,000 acres) in the plains of the Manas River’s in the
foot hills of the Himalayas on the border with Bhutan (contiguous with the
Manas Wild Life Sanctuary in Bhutan It was inscribed as a World Heritage Site
by UNESCO in 1985 for its unique natural environment. The sanctuary is the
habitat of several species of plants and 21 most threatened species of
mammals, out of 55 mammal species in the sanctuary, 36 reptile species, 3 amphibians
and 350 species of birds; endangered species include Tiger, pygmy hog,
clouded leopard, sloth bear, Indian Rhinoceros, wild buffaloes (the only pure
stain of buffaloes in India), Indian Elephants, golden langur and Bengal
Florican. In 1907, it was declared a reserve forest, was declared a sanctuary
in 1928, and became a Tiger Reserve in 1973 as part of “Project Tiger” and a
World Heritage Site in December 1985. Plants listed under the broad category
of Burma Monsoon Forests include 285 species of Dicotyledons and 98 species
of Monocotyledons. Since 1992, the sanctuary has been listed under “The World
Heritage in Danger”|
|
3.
|
Mahabodhi
Temple Complex at Bodh Gaya
|
Bihar
|
Mahabodhi
Temple Complex at Bodh Gaya (Buddha Gaya), spread over an area of 4.86
hectares (12.0 acres) was inscribed in the UNESCO World Heritage List i as a
unique property of cultural and archaeological importance. The first temple
was built by Emperor Ashoka in the 3rd century BC (260 BC) around the Bodhi
Tree Ficus religiosa (to the west of the temple). However, the temples seen
now are dated between 5th and 6th centuries AD. The structures have been
built in bricks. Revered and sanctified as the place where Siddhartha Gautama
Buddha was enlightened in 531 BC at age 35, and then propagated his divine
knowledge of Buddhism to the world, it has been the ultimate temple for
reverential worship, over the last several centuries, by Buddhists of all
denominations, from all over the world who visit on pilgrimage. The main
temple is 50 m in height, built in Indian architectural style, dated between
5th and 6th centuries, and it is the oldest temple in the Indian
sub-continent built during the “Golden Age” of Indian culture credited to the
Gupta period. Sculpted balustrades of the Ashokan times (3rd century BC) are
preserved in the Archaeological Museum located within the temple complex.
|
4.
|
Humayun’s Tomb
|
Delhi
|
Humayun’s
Tomb, Delhi, the first tomb built with several innovations, set at the centre
of luxurious gardens with water channels, was the precursor monument to the
Taj Mahal (built a century later). It was built in 1570 and was inscribed as
a UNESCO World Heritage Monument in 1993 for its cultural importance. It was
built in 1569–1570 by the second Mughal Emperor Humayun’s widow Biga Begum
(Hajji Begum). Its architecture is credited to Mirza Ghiyath and its Mughal
architectural style has been acclaimed as the “necropolis of the Mughal
dynasty” for its double domed elevation provided with Chhatris. Apart from
the tomb of Humayun, the funerary also has 150 tombs of various members of
the royal family. The tomb is built with a char-bagh (fourfold) layout with
two gates, one on the south and the other on the west. It has a number of
water channels, a pavilion and a bath. The tomb set on an irregular octagonal
plinth has a raised dome of 42.5 m height, covered by marble slabs and
decorated with chhatris.
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5.
|
Qutb Minar
|
Delhi
|
Qutb Minar,
Delhi, located to the south of Delhi, is a complex with the Qutb Minar as the
centre piece, which is a red sandstone tower of 72.5 metres (238 ft) height
with a base of 14.32 metres (47.0 ft) reducing to 2.75 metres (9.0 ft)
diameter at the top. Built in the beginning of the 13th century, the complex
of structures comprises itineraries, the Alai Darwaza Gate (1311), the Alai
Minar (an incomplete mound of the intended Minar or tower), the
Qubbat-ul-Islam Mosque (the earliest existing mosque in India), the tomb of
Iltumish, and an Iron Pillar. The complex is a testimony to the Islamic
depredations during the period as seen from the materials used for building
the complex which are those that were removed after destroying Hindu and Jain
temples; a shining iron pillar of 7.02 metres (23.0 ft) height (without any
trace of rusting) erected at the centre of the complex, with inscriptions in
Sanskrit, of the Chandra Gupta II period is a moot witness. History records
its construction, initially by Qutubuddin Aibak in 1192, its completion by
Iltumish (1211–36) and again by Alauddin Khalji (1296–1316). It underwent
several renovations by subsequent rulers, following damage to the structures
due to lightning. It was inscribed under the UNESCO World Heritage List under
category iv for its unique representation of the Islamic architectural and artistic
excellence.
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6.
|
Red Fort
|
Delhi
|
Red Fort ,
also known as Lal Qila is a palace fort built in the 17th century by
Shahjahan (1628–58), the fifth Mughal Emperor as part of his new capital city
of Shahjahanabad. located to the north of Delhi. It represents the glory of
the Mughal rule and is considered the Highpoint of Mughal architectural,
artistic aesthetic creativity. The architectural design of the structures
built within the fort represents a blend of Persian, Timuri and Indian
architectural styles; Isfahan, the Persian Capital is said to have provided
the inspiration to build the Red Fort Complex. The planning and design of
this complex, in a geometrical grid plan with pavilion structures, was the
precursor of several monuments which were built later in Rajasthan, Delhi,
Agra and other places. The palace complex has been fortified by an enclosure
wall built with red sand stone (hence the name Red Fort). It is adjacent to
the Salimgarh Fort on its north built by Islam Shah Suri in 1546 and is now part
of the Red Fort Complex (area covered 120 acres) under the revised
inscription of the UNESCO World Heritage List under categories (i),(ii),
(iii) and (vi)}}. Built between 1639 and 1648, enclosing an area of size 656
metres (2,152 ft)x328 metres (1,076 ft) and raising to a height of 23 metres
(75 ft) on the right bank of the Yamuna River, it is linked to the Salimgarh
Fort through a bridge over an old river channel, now a city road. The palace
within the fort complex, located behind the Diwan-i-Am (Hall of Public
Audience), comprises a series of richly engraved marble palace pavilions,
interconnected by water channels called the ‘Nehr-i-Behishit’ meaning the
“Stream of Paradise”, the Diwane-i-khas (Private audience hall), several
other essential private structures, and also the Moti Masjid (Pearl Mosque
built by Emperor Aurangzeb).
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7.
|
Churches and
Convents
|
Goa
|
Churches and
Convents of Goa are monuments inscribed by UNESCO under the World Heritage
List in 1986 as cultural property, under criteria (ii),(iv) and (vi), which
were built by the Portuguese colonial rulers of Goa between 16th and 18th
centuries. These monuments are mainly in the former capital of Velha Goa.
Velha Goa is also known Goem, Pornem Gõy, Adlem Gõi, Old Goa or Saibachem
Gõi, where Saib or Goencho Saib refers to Saint Francis Xavier. The most
significant of these monuments is the Basilica of Bom Jesus, which enshrines
the tomb containing the relics of St. Francis Xavier. These monuments of Goa,
known as the “Rome of the Orient,” were established by different Catholic
religious orders, from 25 November 1510 onwards. There were originally 60
churches of which some of the surviving monuments in the city of Velha Goa
are the Saint Catherine's Chapel (where one of the first, probably only
besides the Angediva Island, Latin rite mass in Asia, was held on Saint
Catherine's feast day- i.e. 25 November 1510), the Church and Convent of
Saint Francis of Assisi, the Sé Catedral de Santa Catarina dedicated to Saint
Catherine of Alexandria, the Jesuit Borea Jezuchi Bajilika or Basílica do Bom
Jesus, Igreja de São Francisco de Assis (also known as Asisachea Sanv
Fransiskachi Igorz), the Theatine Igreja da Divina Providência (São Caetano)
(also known as San Kaitanachi Igorz or the church of Saint Cajetan and its
seminary (resembles Basilica Papale di San Pietro in Vaticano), Igreja de
Nossa Senhora do Rosário (also known as Ruzai Saibinnichi Igorz (Church of
Our Lady of the Rosary)) and Igreja de Santo Agostinho (also known as Sanv
Agustineachi Igorz (Church of Saint Augustine) (only the belfry stands today
and some graves, including the Georgian Orthodox Church Saint, Saint Ketevan,
who was also a queen). These monuments were forerunners in establishing an
ensemble of the Manueline, Mannerist and Baroque art forms in the Asian
region. The monuments are built in laterites and walls plastered with
limestone mortar mixed with broken shells. For this reason, the monuments
need constant maintenance to prevent deterioration due to monsoon climatic
conditions, and thus keep them in good shape.
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8.
|
Champaner-Pavagadh
|
Gujarat
|
Champaner-Pavagadh
Archaeological Park is situated in Panchmahal district in Gujarat, India. It
was inscribed as a UNESCO World Heritage Site in 2004 as a natural site.
There is a concentration of largely unexcavated archaeological, historic and
living cultural heritage properties cradled in an impressive landscape which
includes prehistoric (chalcolithic) sites, a hill fortress of an early Hindu
capital, and remains of the 16th century capital of the state of Gujarat. The
site also includes, among other vestiges, fortifications, palaces, religious
buildings, residential precincts, agricultural structures and water
installations, from the 8th to the 14th centuries. The Kalikamata Temple on
top of the Pavagadh Hill is considered to be an important shrine, attracting
large numbers of pilgrims throughout the year. The site is the only complete
and unchanged Islamic pre-Mughal city.
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9.
|
Monuments at
Hampi
|
Bellary
District, Karnataka
|
The Group of
Monuments at Hampi comprise a sombre but ostentatious Hampi town, on the
banks of the river Tungabhadra in Karnataka. Hampi subsumes the ruins of
Vijayanagara, which was the former capital of the powerful Vijayanagara
Empire. Dravidian temples and palaces abound in Hampi. These won the
admiration of travellers between the 14th and 16th centuries. Hampi, as an important
Hindu religious centre, has the Virupaksha Temple (different from
Pattadakal's Virupaksha Temple) and several other monuments, which are part
of the cultural heritage site inscribed under category (i), (iii) and (iv) in
the UNESCO World Heritage List.
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10.
|
Monuments at
Pattadakal
|
Karnataka
|
The Group of
monuments in Pattadakal designated under UNESCO World Heritage List, in 1987,
cover a remarkable series of nine Hindu temples, as well as a Jain sanctuary
in northern Karnataka. In this group of temples, the Virupaksha Temple, built
in c. 740 by Queen Lokamahadevi to commemorate her husband's (King
Vikramaditya II) victory over the Pallava kings from the south, is considered
the most outstanding architectural edifice (This is different from the
Virupaksha Temple at Hampi.) These are a remarkable combination of temples
built by the Chalukya Dynasty in the 6th - 8th century at Aihole, Badami and
Pattadakal, the latter city was known as the "Crown Rubies". The
temples represent a remarkable fusion of the architectural features of northern
(Nagara) and southern (dravida) India. Pattadakal is also considered as the
Hindu holy city with eight temples dedicated to Shiva with a shaivite
sanctuary; Papanatha Temple and Jaina Temple are also within this complex.
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11.
|
Buddhist
Monuments at Sanchi
|
Madhya Pradesh
|
Buddhist
Monuments at Sanchi, located 45 kilometres (28 mi) from Bhopal in the Indian
state of Madhya Pradesh are a group of Buddhist monuments dated between 200
BC and 100BC. The site, however, has been conjectured to have been developed
in the 3rd century BC, when Emperor Ashoka of the Mauryan Empire ruled. The
principal monument is Stupa 1 dated to the 2nd century and 1st century BC.
These Buddhist sanctuaries were active Buddhist religious monuments, which
flourished till 12th century AD. The sanctuary has a plethora of monolithic
pillars, palaces, temples and monasteries in different status of preservation.
It was inscribed as a World Heritage Site by UNESCO on January 24, 1989 for
its unique cultural importance. It was discovered only in 1818 in a deserted
state of preservation. Archaeological excavations undertaken thereafter
revelled 50 unique monuments.
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12.
|
Rock Shelters
of Bhimbetka
|
Madhya Pradesh
|
Rock Shelters
of Bhimbetka described in the UNESCO Inscription as “the site complex … a
magnificent repository of rock paintings within natural rock shelters” is
located in the foothills of the Vindhya range of hills in the Central Indian
state of Madhya Pradesh. It is spread in sandstone formations extending over
an area of 1893 ha with a buffer zone 10,280 hectares (25,400 acres). The
rock shelters, discovered only in 1957, comprise a group of “five clusters of
rock shelters” with paintings that are inferred to date from the “Mesolithic
period right through to the Historical period”, with the 21 villages
surrounding them reflecting the traditions displayed in the rock paintings.
The unique rock art has been discovered in 400 painted shelters spread over
an area of 1,892 ha amidst dense forest with high diversity of flora and
fauna, with one of the shelters dated from 100,000 BC (Late Acheulian) to
1000 AD. It was inscribed as a World Heritage Site by UNESCO in 2003 as a
unique cultural property representing a convergence displayed in the art form
between the people and the landscape with links to the hunting gathering
economy of the past.
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13.
|
Khajuraho
Group of Monuments
|
Madhya Pradesh
|
Khajuraho
Group of Monuments attributed to the Chandela dynasty which, under
sovereignty of Gurjar Pratihars reached its glory between 950 AD and 1050 AD.
The ensemble of monuments that have survived belong to the Hindu and Jain
Religious practices with striking fusion of sculpture and architecture; the
best example of this outstanding feature is seen in the Kandariya Temple. Of
the 85 temples built, only 22 temples have survived in an area of 6sqkm,
which represents the Chandela period of the 10th century. Located in the
Indian state of Madhya Pradesh, it was inscribed by UNESCO as a World
Heritage Site, a cultural property on October 15, 1982 for its unique
original artistic creation and proof of the Chandela Culture that existed
prior to the Muslim invasion of India in the early 12th century.
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14.
|
Ajanta Caves
|
Maharashtra
|
Ajanta Caves
listed under UNESCO World Heritage as a cultural heritage site, are Buddhist
caves that were built in two phases, the first phase was from 2nd century BC.
In the second phase, further additions were made during the 5th and 6th
centuries AD of the Gupta period. The caves depict richly decorated
paintings, frescoes, which are reminiscent of the Sigiriya paintings in Sri
Lanka and sculptures. As a whole, there are 31 rock-cut cave monuments which
are unique representations of the religious art of Buddhism.
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15.
|
Ellora Caves
|
Maharashtra
|
Ellora Caves
also known as Ellora Complex are a cultural mix of religious arts of
Buddhism, Hinduism and Jainism. These are 34 monasteries and temples sculpted
contiguously into rock walls of a high basalt cliff, which are seen along a
length of 2 kilometres (1.2 mi). Dated to 600 to 1000 AD, they are a
reflection of artistic creation of the ancient civilization of India. This
cultural property has been inscribed under the UNESCO World Heritage List.
|
16.
|
Elephanta
Caves
|
Maharashtra
|
The Elephanta
Caves are a network of sculpted caves located on Elephanta Island, or
Gharapuri (literally "the city of caves") in Mumbai Harbour, 10
kilometres (6.2 mi) to the east of the city of Mumbai. The island, located on
an arm of the Arabian Sea, consists of two groups of caves — the first is a
large group of five Hindu caves, the second, a smaller group of two Buddhist
caves. The Hindu caves contain rock cut stone sculptures, representing the
Shaiva Hindu sect, dedicated to the god Shiva. The rock-cut architecture of
the caves is dated to between the 5th and 8th centuries, although the
identity of the original builders is still a subject of debate. The caves are
hewn from solid basalt rock. Renovated in the 1970s, the caves were
designated an UNESCO World Heritage Site in 1987 to preserve the artwork.
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17.
|
Chhatrapati
Shivaji Terminus
|
Maharashtra
|
Chhatrapati
Shivaji Terminus is a historic railway station in Mumbai, which serves as the
headquarters of the Central Railways. It is one of the busiest railway
stations in India, and serves Central Railway trains terminating in Mumbai as
well as the Mumbai Suburban Railway. The station was designed by Frederick
William Stevens, a consulting architect in 1887–1888. It took ten years to
complete and was named "Victoria Terminus" in honour of the Queen
and Empress Victoria; it was opened on the date of her Golden Jubilee in
1887. This famous architectural landmark in Gothic style was built as the
headquarters of the Great Indian Peninsular Railway. In 1996, in response to
demands by the Shiv Sena and in keeping with the policy of renaming locations
with Indian names, the station was renamed by the state government after
Chatrapati Shivaji, the famed 17th century Maratha king. On 2 July 2004, the
station was nominated as a World Heritage Site by the World Heritage
Committee of UNESCO.
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18.
|
Sun Temple,
Konârak
|
Puri District,
Orissa
|
Konark Sun
Temple is a 13th-century Sun Temple (also known as the "Black
Pagoda"), at Konark, in Orissa. Located on the east coast of the Bay of
Bengal in the Mahanadi Delta, it is built in the form of the chariot of Surya
(Arka), the sun god with 24 wheels, and is heavily decorated with symbolic
stone carvings and led by a team of six horses. It was constructed from
oxidizing weathered ferruginous sandstone by King Narasimhadeva I of the
Eastern Ganga Dynasty. The temple is one of the most renowned temples in
India and is a World Heritage Site inscribed in 1984 as cultural property
under categories (i), (iii) and (vi)
|
19.
|
Keoladeo
National
|
Bharatpur,
Rajasthan
|
Keoladeo
National Park in Bharatpur is located within the Indus-Ganges Monsoon Forest
Biogeographical Province. It extends over an area of 2,783 hectares (6,880
acres). It was declared a national park in 1982. Earlier to this, in 1900, it
was a duck-hunting reserve of the Maharajasof Bharatpur, then became a bird sanctuary
in 1956, with the Maharajas exercising shooting rights till 1972, and was
recorded as a Ramsar Wetland site, in 1981. It was inscribed in the UNESCO
World Heritage List in 1985 under category (x), as a natural property. The
area of the wetland of the park shrinks to 1,000 hectares (2,500 acres)
during most part of the year. It has a human-built environment created partly
by embankments dividing the area into 10 units, and has sluice controlled
arrangement to maintain the water level. It is famous for 364 species of
wintering birds that flock in large numbers, arriving from distant countries
of Afghanistan, Turkmenistan, China and Siberia. It is surrounded by 17
villages and the Bharatpur city.
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20.
|
Jantar Mantar
|
Jaipur
|
The Jantar
Mantar in Jaipur is a collection of architectural astronomical instruments,
built by Maharaja (King) Jai Singh II at his then new capital of Jaipur
between 1727 and 1734. It is modelled after the one that he had built at the
Mughal capital of Delhi. He had constructed a total of five such facilities
at different locations, including the ones at Delhi and Jaipur. The Jaipur
observatory is the largest and best preserved of these and has a set of some
20 main fixed instruments built in masonry. It has been inscribed as cultural
property on the UNESCO World Heritage List as "an expression of the
astronomical skills and cosmological concepts of the court of a scholarly
prince at the end of the Mughal period.
|
21.
|
Great Living
Chola Temples
|
Darasuram,
Tamil Nadu
|
The Great
Living Chola Temples, built by kings of the Chola Empire stretched over all
of Tamil Nadu. This cultural heritage site includes three great temples of
11th and 12th century namely, the Brihadisvara Temple at Thanjavur, the
Brihadisvara Temple at Gangaikondacholisvaram and the Airavatesvara Temple at
Darasuram. The Temple of Gangaikondacholisvaram, built by Rajendra I, was
completed in 1035. Its 53 metres (174 ft) vimana (sanctum tower) has recessed
corners and a graceful upward curving movement, contrasting with the straight
and severe tower at Thanjavur. The Airavatesvara temple complex, built by
Rajaraja II, at Darasuram features a 24 metres (79 ft) vimana and a stone
image of Shiva. The temples testify to the brilliant achievements of the
Chola in architecture, sculpture, painting and bronze casting. The site was
inscribed under UNESCO World Heritage List in 2004 as Cultural heritage under
criteria (ii) and (iii).
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22.
|
Group of
Monuments at Mahabalipuram
|
Mahabalipuram,
Tamil Nadu,
|
The Group of
Monuments at Mahabalipuram, in Tamilnadu, about 58 km from Chennai, were
built by the Pallava kings in the 7th and 8th centuries. The town is said to
have gained prominence under the rule of Mamalla. These monuments have been
carved out of rock along the Coromandel coast. The temple town has
approximately forty monuments, including the largest open-air bas-relief in
the world. It was inscribed under the UNESCO World Heritage list in 1984 as a
cultural heritage under categories (i)(ii)(iii)(vi). The monuments inscribed
are the Ratha Temples: Temples in the form of chariots, Mandapas, 11 Cave sanctuaries
covered with bas-reliefs, rock relief of Descent of the Ganges, which is the
largest open air Rock relief also known as Arjuna's Penance or Bhagiratha's
Penance.
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23.
|
Agra Fort,
|
Agra
|
Agra Fort,
also known as the Red Fort of Agra, which represented Mughal opulence and
power as the centre piece of their empire was inscribed in the UNESCO World
Heritage List in 1982, under Category iii as a cultural monument. The
fortress located on the right bank of the Yamuna River, built in red
sandstone, covering a length of 2.5 kilometres (1.6 mi) and surrounded by a
moat, encloses several palaces, towers and mosques. These were built from
16th century onwards till early 18th century, starting with Emperor Akbar's
reign in the 16th century to that of Aurangzeb in the early part of the 18th
century, including the contributions made during the reign of Jahangir and
Shahjahan of the Moghul Rule in India; the impressive structures built within
the precincts of the fort are the Khas Mahal, the Shish Mahal, Muhamman Burje
(an octagonal tower), Diwan-i-Khas (1637), Diwan-i-Am, white marble mosque or
the Pearl Mosque (built during 1646–1653) and the Nagina Masjid (1658–1707).
These monuments are remarkable for the fusion of Persian art of the Timurid
and the Indian art form. It is very close to the famous Taj Mahal with a
buffer zone separating the two monuments.
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24.
|
Fatehpur
Sikri, Uttar Pradesh
|
Agra
|
Fatehpur
Sikri, "the City of Victory," was built during the second half of
the 16th century by the Mughal Emperor Akbar (1556–1605). It was the capital
of the Empire and seat of the grand Mughal court, but only for 14 years.
Despite bearing exceptional testimony to the Mughal civilization at the end
of the 16th century, it had to be abandoned due to the twin reasons of lack
of water and unrest in north-west India, leading the Emperor to shift the
capital to Lahore. Akbar decided to construct it in 1571, on the same site
where the birth of his son, the future Emperor Jahangir, was predicted by the
wise saint Shaikh Salim Chisti (1480–1572). The work, supervised by the great
Mughal himself, was completed in 1573. The complex of monuments and temples,
all uniformly in Mughal architectural style, includes one of the largest
mosques in India, the Jama Masjid, the Buland Darwaza, the Panch Mahal, and
the Tomb of Salim Chishti. The English traveller Ralph Fitch considered the
city in 1585 as 'considerably larger than London and more populous.' Its form
and layout strongly influenced the evolution of Indian town planning, notably
at Shahjahanabad (Old Delhi). The city has numerous other palaces, public
buildings and mosques, as well as living areas for the court, the army,
servants of the king and for an entire population whose history has not been
recorded.
|
25.
|
Taj Mahal
|
Agra
|
Taj Mahal, one
of the Seven Wonders of the World is a mausoleum – a funerary mosque. It was
built by Emperor Shahjahan in memory of his third wife Begum Mumtaz Mahal who
had died in 1631. It is a large edifice made in white marble in typical
Mughal architecture, a style that combines elements from Persian, Islamic and
Indian architectural styles. This much acclaimed masterpiece was built over a
16 year period between 1631 and 1648 under the Chief Architect Ustad Ahmad
Lahauri supported by several thousand artisans under the guidance of an
Imperial Committee. It was inscribed in the UNESCO World Heritage List in
1983, under Category i, as a cultural property/monument. It is set amidst
vast Mughal Gardens, which cover 17 hectares (42 acres) of land on the right
bank of the Yamuna River. It has an octagonal layout marked by four exclusive
minarets at four corners with a pristine elevation of a central bulbous dome
below which the tombs are laid in an underground chamber. Calligraphic
inscriptions in-crusted in polychromatic pierra dura, decorative bands and
floral arabesques glorify the monument's graphic beauty and provide a picture
perfect impression to the viewers.
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26.
|
Mountain
Railways of India
|
Darjeeling-
West Benga, Nilgiri- Tamilnadu, Kalka-Shimla Railway, Himachal Pradesh
|
The Mountain
Railways of India represents a collective listing of the Darjeeling Himalayan
Railway, the Nilgiri Mountain Railway and the Kalka-Shimla Railway under the
UNESCO World Heritage Site. However, the Mountain Railways of India are five
railway lines built in the mountains of India in the 19th and early 20th
century, during the British Raj, which are run even today by the Indian
Railways. Three out of these five railways, the Darjeeling Himalayan Railway
(1881), the Kalka-Shimla Railway (1898) and the Kangra Valley Railway (1924),
are located in the rugged hill regions of the Himalayas of Northern India and
the other two are much further south in the Western Ghats; the Nilgiri
Mountain Railway in Southern India, and the Matheran Hill Railway in
Maharashtra. The World Heritage UNESCO recognition to three of the five
Mountain Railways of India has been stated as for being "outstanding
examples of bold, ingenious engineering solutions for the problem of establishing
an effective rail link through a rugged, mountainous terrain. The Darjeeling
Himalayan Railway was recognized first in 1999, the Nilgiri Mountain Railway
followed suite as an extension to the site in 2005, and in 2008 the
Kalka–Shimla Railway was further added as an extension; and the three
together have been titled as Mountain Railways of India under Criteria: ii,
iv under the region in the Asia-Pacific. The claims of the Matheran Hill
Railway, the fourth hill line, are pending acceptance by the international
body.
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27.
|
Nanda Devi and
Valley of Flowers National Parks
|
Chamoli
District, Uttarakhand,
|
Nanda Devi and
Valley of Flowers National Parks are nestled high in West Himalaya. Valley of
Flowers National Park is renowned for its meadows of endemic alpine flowers
and outstanding natural beauty. It is located in the Garhwal Himalaya of
Chamoli District of Uttarakhand (formerly part of Uttar Pradesh). This richly
diverse area is also home to rare and endangered animals, including the
Asiatic black bear, snow leopard, brown bear and blue sheep. The gentle
landscape of the Valley of Flowers National Park complements the rugged
mountain wilderness of Nanda Devi National Park. Together, they encompass a
unique transition zone between the mountain ranges of the Zanskar and Great
Himalaya. The park stretches over an expanse of 87.5 km2 (33.8 sq mi). It was
established as a national park on 6 November 1982. However, it was initially
established as a game sanctuary on 7 January 1939. It was inscribed under the
UNESCO World Heritage List in 1988 with extension in 2005 under category
(vii) and (x).[64][65] Together, they comprise the Nanda Devi Biosphere Reserve,
which is on the UNESCO World Network of Biosphere Reserves since 2004.
|
28.
|
Sundarbans
National Park
|
West Bengal
|
The Sundarbans
National Park, the largest estuarine mangrove forest in the world is a
National Park, Tiger Reserve, UNESCO World Heritage Site and a Biosphere
Reserve located in the Sundarbans Ganges river delta bordering the Bay of
Bengal, in West Bengal. It is also on the UNESCO World Network of Biosphere
Reserves. The Sundarbans as a whole encompasses 10,000 km2 (3,900 sq mi) of
land and water, about 5,980 km2 (2,310 sq mi) in India and the balance is in
Bangladesh. It is integral to the world's largest delta of 80,000 km2 formed
from sediments deposited by the three great rivers, the Ganges, the
Brahmaputra and the Meghna, which confluence in the Bengal Basin. The entire
basin is traversed by a complex network of interconnecting waterways. Tidal
waves as high 75 m are a regular feature here. Though, the history of
protection in the area of Indian part of the Sundarbans dates back to 1878,
it was declared as the core area of Sundarbans Tiger Reserve in 1973 and a
wildlife sanctuary in 1977 of 133,000-hectare core area within the 258,500
hectares (639,000 acres) Sundarbans Tiger Reserve. On May 4, 1984 it was
declared a National Park. It was inscribed on the UNESCO World Heritage list
in 1987 as a natural property under category (ix) and (x). This region is
densely covered by mangrove forests, and is one of the largest reserves for
the Bengal tiger. It is also home to a variety of bird, reptile and
invertebrate species, including the salt-water crocodile.
|
29.
|
Western Ghats
|
Western Ghats
|
Western Ghats,
also known as the Sahyadri Mountains, a mountain range along the western side
of India and one of the world’s ten "Hottest biodiversity hotspots"
(sub cluster nomination)[68][69][70] A total of thirty nine properties
(including national parks, wildlife sanctuaries and reserve forests) were
designated as world heritage sites - twenty in the state of Kerala, ten in
Karnataka, five in Tamil Nadu and four in Maharashtra.
|
IAS Charisma is a brainchild of Dr. Kumar Ashutosh, a Ph.D. in History, PGDM(Marketing) and Double M.A.(History and Philosophy), an IAS aspirant himself, he cleared IAS Mains twice and faced IAS interview before starting on this journey of guiding future IAS aspirants to help them in tackling with the problems that he had to face during IAS preparation. IAS Charisma is an endeavor to light a candle for IAS aspirants who sometimes get lost in commercialization of education.
रविवार, 10 फ़रवरी 2013
List of World Heritage Sites in India
शनिवार, 9 फ़रवरी 2013
Economic vocabulary start from 'P'
Pareto
efficiency
A
situation in which nobody can be made better off without making somebody else
worse off. Named after vilfredo Pareto (1843–1923), an Italian economist. If an
economy’s resources are being used inefficiently, it ought to be possible to
make somebody better off without anybody else becoming worse off. In reality,
change often produces losers as well as winners. Pareto efficiency does not
help judge whether this sort of change is economically good or bad.
Paris
Club
The
name given to the arrangements through which countries reschedule their
official debt; that is, money borrowed from other governments rather than banks
or private firms. The club is based on avenue kléber in Paris. Its members are
the 19 founders of the OECD as well as Russia. Other institutions such as the World
Bank attend in an informal role. Rescheduling requires the consensus agreement
of members and must not favour one creditor nation over another. Private debt
rescheduling takes place through the London club.
Patents
In
1899 the commissioner of the American office of patents recommended that his
office be abolished because “everything that can be invented has been
invented”. The fact that there has been so much innovation during the
subsequent 100 years may owe something to the existence of patents. Economists
reckon that if people are going to spend the time and money needed to think up
and develop new products, they need to be fairly confident that if the idea
works they will earn a decent profit. Patents help achieve this by granting the
inventor a temporary monopoly over the idea, to stop it being stolen by
imitators who have not borne any of the development risk and costs. Like any
monopoly, patents create inefficiency because of the lack of competition to
produce and sell the product. So economists debate how long patent protection
should last. There is also debate about which sorts of innovation require the
encouragement of a potential monopoly to make them happen. Furthermore, the
pace of innovation in some industries has sharply reduced the number of years
during which a patent is valuable. Some economists say that this shows that
patents do not play a large part in the process of innovation.
Path
dependence
History
matters. Where you have been in the past determines where you are now and where
you can go in future. Indeed, even small, apparently trivial, differences in
the path you have taken can have huge consequences for where you are and can
go. In economics, path dependence refers to the way in which apparently
insignificant events and choices can have huge consequences for the development
of a market or an economy.
Economists
disagree over how widespread path dependence is, and whether it is a form of
market failure. One focus of this debate is the QWERTY keyboard. Some argue
that the QWERTY design was deliberately made slow to use so as to overcome a
jamming-at-speed problem in early typewriters. Much faster alternative layouts
of keys have failed to prosper, even though the anti-jamming rationale for QWERTY
has been defunct for years. Others say that the QWERTY system is as efficient a
layout of keys as any other and that its success is a triumph of market forces.
Having invested in learning to make and use the QWERTY keyboard, it makes no
economic sense to switch to an alternative that is no better than QWERTY.
Peak
pricing
When
capacity is fixed and demand varies during a time period, it may make sense to
charge above-average prices when demand peaks. Because this will divert some
peak demand to cheaper off-peak periods, it will reduce the total amount of
capacity needed at the peak and reduce the amount of capacity lying idle at
off-peak times, thus resulting in a more efficient use of resources. Peak
pricing is common in services with substantial fixed capacity, such as
electricity supply and rail transport, as anybody who pays higher fares to
travel during rush hours knows only too well.
Percentage
point
A
unit of size, a one-hundredth of the total. Not to be confused with percentage
change. When something increases by 1 percentage point this may be quite
different from a 1% increase. For instance, if gdp grew last year by 1% and
this year by 2%, the growth rate this year increased by 1 percentage point
compared with last year (the difference between 1% and 2%) and also by 100% (2%
is double 1%). A 1% increase would mean that the growth rate this year was only
1.01%.
Percentile
Part
of the “ile” family that signposts positions on a scale of numbers. The top
percentile on, say, the distribution of income, is the richest 1% of the
population.
Perfect
competition
The
most competitive market imaginable. Perfect competition is rare and may not
even exist. It is so competitive that any individual buyer or seller has a
negligible impact on the market price. Products are homogeneous. Information is
perfect. Everybody is a price taker. Firms earn only normal profit, the bare
minimum profit necessary to keep them in business. If firms earn more than that
(excess profits) the absence of barriers to entry means that other firms will
enter the market and drive the price level down until there are only normal
profits to be made. Output will be maximised and price minimised. Contrast with
monopolistic competition, oligopoly and, above all, monopoly.
Permanent
income hypothesis
Over
their lives, people try to spread their spending more evenly than their income.
The permanent income hypothesis, developed by Milton Friedman, says that a
person's spending decisions are guided by what they think over their lifetime
will be their average (also known as permanent) income. A sharp increase in
short-term income will not result in an equally sharp increase in short-term
consumption. What if somebody unexpectedly comes into money, say by winning the
lottery? The permanent income hypothesis suggests that people will save most of
any such windfall gains. Reality may be somewhat different.
Phillips
curve
In
1958, an economist from New Zealand, a.w.h. Phillips (1914-75), proposed that
there was a trade-off between inflation and unemployment: the lower the
unemployment rate, the higher was the rate of inflation. Governments simply had
to choose the right balance between the two evils. He drew this conclusion by
studying nominal wage rates and jobless rates in the UK between 1861 and 1957,
which seemed to show the relationship of unemployment and inflation as a smooth
curve.
Economies
did seem to work like this in the 1950s and 1960s, but then the relationship
broke down. Now economists prefer to talk about the nairu, the lowest rate of
unemployment at which inflation does not accelerate.
Pigou
effect
Named
after Arthur pigou (1877-1959), a sort of wealth effect resulting from
deflation. A fall in the price level increases the real value of people's
savings, making them feel wealthier and thus causing them to spend more. This
increase in demand can lead to higher employment.
Plaza
Accord
On September
22nd 1985, finance ministers from the world's five biggest economies - the
united states, japan, west germany, france and the uk - announced the plaza
accord at the eponymous new york hotel. Each country made specific promises on
economic policy: the united states pledged to cut the federal deficit, japan
promised a looser [economics-term key-"monetary policy"] monetary
policy[/economics-term] and a range of financial-sector reforms, and germany
proposed tax cuts. All countries agreed to intervene in currency markets as
necessary to get the dollar down. Perhaps not surprisingly, not all the
promises were kept (least of all the American one on deficit cutting), but even
so the plan turned out to be spectacularly successful. By the end of 1987, the
dollar had fallen by 54% against both the d-mark and the yen from its peak in February
1985. This sharp drop led to a new fear: of an uncontrolled dollar plunge. So
in 1987 another big international plans, the louvre accord was hatched to
stabilise the dollar. Again specific policy pledges were made (the United
States to tighten fiscal policy, japan to loosen monetary policy). Again the
participants promised currency intervention if major currencies moved outside
an agreed, but unpublished, set of ranges. The dollar promptly rose.
Population
At
the beginning of the 20th century the population of the world was 1.7 billion.
At the end of that century, it had soared to 6 billion. Recent estimates
suggest that it will be nearly 8 billion by 2025 and 9.3 billion by 2050.
Almost all of this increase is forecast to occur in the developing regions of Africa,
Asia and Latin America. For what economists have had to say about this, see
demographics.
Positional
goods
Things
that the joneses buy. Some things are bought for their intrinsic usefulness,
for instance, a hammer or a washing machine. Positional goods are bought
because of what they say about the person who buys them. They are a way for a
person to establish or signal their status relative to people who do not own
them: fast cars, holidays in the most fashionable resorts, clothes from trendy
designers. By necessity, the quantity of these goods is somewhat fixed, because
to increase supply too much would mean that they were no longer positional.
What would own a rolls-royce say about you if everybody owned one? Fears that
the rise of positional goods would limit growth, since by definition they had
to be in scarce supply, have so far proved misplaced. Entrepreneurs have come
up with ever more ingenious ways for people to buy status, thus helping
developed economies to keep growing.
Positive
economics
Economics
that describes the world as it is, rather than trying to change it. The
opposite of normative economics, which suggests policies for increasing
economic welfare.
Poverty
The
state of being poor, which depends on how you define it. One approach is to use
some absolute measure. For instance, the poverty rate refers to the number of
households whose income is less than three times what is needed to provide an
adequate diet. (Though what constitutes adequate may change over time.) Another
is to measure relative poverty. For instance, the number of people in poverty
can be defined as all households with an income of less than, say, half the
average household income. Or the (relative) poverty line may be defined as the
level of income below which is, say, the poorest 10% of households. In each
case, the dividing line between poverty and not-quite poverty is somewhat
arbitrary.
As
countries get richer, the number of people in absolute poverty usually gets
smaller. This is not necessarily true of the numbers in relative poverty. The
way that relative poverty is defined means that it is always likely to identify
a large number of impoverished households. However rich a country becomes,
there will always be 10% of households poorer than the rest, even though they
may live in mansions and eat caviar (albeit smaller mansions and less caviar
than the other 90% of households).
Poverty
trap
Another
name for the unemployment trap.
Precautionary
motive
Keeping
some money handy, just in case. One of three motives for holding money identified
by keynes, along with the transactional motive (having the cash to pay for
planned purchases) and the speculative motive (you think asset prices are going
to fall, so you sell your assets for cash).
Predatory
pricing
Charging
low prices now so you can charge much higher prices later. The predator charges
so little that it may sustain losses over a period of time, in the hope that
its rivals will be driven out of business. Clearly, this strategy makes sense
only if the predatory firm is able eventually to establish a monopoly. Some
advocates of anti-dumping policies say that cheap imports are examples of
predatory pricing. In practice, the evidence gives little support for this
view. Indeed, in general, predatory pricing is quite rare. It is certainly much
less common in practice than it might appear from the propaganda of firms that
are under pricing pressure from more efficient competitors.
Price
In
equilibrium, what balances supply and demand? The price charged for something
depends on the tastes, income and elasticity of demand of customers. It depends
on the amount of competition in the market. Under perfect competition, all
firms are price takers. Where there is a monopoly, or firms have some market
power, the seller has some control over the price, which will probably be
higher than in a perfectly competitive market. By how much more will depend on
how much market power there is, and on whether the firm(s) with the market
power are committed to profit maximisation. In some cases, firms may charge
less than the profit-maximising price for strategic or other reasons.
Price
discrimination
When
a firm charges different customers different prices for the same product. For
producers, the perfect world would be one in which they could charge each
customer a different price: the price that each customer would be willing to
pay. This would maximise producer surplus. This cannot happen, not least
because sellers do not know how much any individual would pay.
Yet
some price discrimination is possible if an overall market can be segmented
into somewhat separate markets and the equilibrium price in each of these
markets is different, perhaps because of differences in consumer tastes,
perhaps because in some segments the firm enjoys some market power. But this
will work only if the market segments can be kept apart. If it is possible and
profitable to buy the product in a low-price segment and resell it in a
high-price segment, then price discrimination will not last for long.
Price
elasticity
A
measure of the responsiveness of demand to a change in price. If demand changes
by more than the price has changed, the good is price-elastic. If demand
changes by less than the price, it is price-inelastic. Economists also measure
the elasticity of demand to changes in the income of consumers.
Price
regulation
When
prices of, say, a public utility are regulated, giving producers an incentive
to maximise their profits by reducing their costs as much as possible. Contrast
with rate of return regulation.
Price/earnings
ratio
A
crude method of judging whether shares are cheap or expensive; the ratio of the
market price of a share to the company's earnings (profit) per share. The
higher the price/earnings (p/e) ratio, the more investors are buying a
company's shares in the expectation that it will make larger profits in future
than now. In other words, the higher the p/e ratio, the more optimistic
investors are being.
Prisoners'
dilemma
A
favourite example in game theory, which shows why co-operation is difficult to
achieve even when it is mutually beneficial. Two prisoners have been arrested
for the same offence and are held in different cells. Each has two options:
confess, or say nothing. There are three possible outcomes. One could confess
and agree to testify against the other as state witness, receiving a light
sentence while his fellow prisoner receives a heavy sentence. They can both say
nothing and may be lucky and get light sentences or even be let off, owing to
lack of firm evidence. Or they may both confess and probably get lighter
individual sentences than one would have received had he said nothing and the
other had testified against him. The second outcome would be the best for both
prisoners. However, the risk that the other might confess and turn state
witness is likely to encourage both to confess, landing both with sentences
that they might have avoided had they been able to co-operate in remaining
silent. In an oligopoly, firms often behave like these prisoners, not setting
prices as high as they could do if they only trusted the other firms not to
undercut them. As a result, they are worse off.
Private
equity
When
a firm’s shares are held privately and not traded in the public markets.
Private equity includes shares in both mature private companies and, as venture
capital, in newly started businesses. As it is less liquid than publicly traded
equity, investors in private equity expect on average to earn a higher equity
risk premium from it.
Privatisation
Selling
state-owned businesses to private investors. This policy was associated
initially with Margaret thatcher's government in the 1980s, which privatised
numerous companies, including public utility businesses such as British telecom,
british gas, and electricity and water companies. During the 1990s,
privatisation became a favourite policy of governments all over the world.
There
were several reasons for the popularity of privatisation. In some instances,
the aim was to improve the performance of publicly owned companies. Often
nationalisation had failed to achieve its goals and had become increasingly
associated with poor service to customers. Sometimes privatisation was part of
transforming a state-owned monopoly into a competitive market, by combining
ownership transfer with deregulation and liberalisation. Sometimes
privatisation offered a way to raise new capital for the firm to invest in
improving its service, money that was not available in the public sector
because of constraints on public spending. Indeed, perhaps the main attraction
of privatisation to many politicians was that the proceeds from it could ease
the pressure on the public purse. As a result, they could avoid (in the
short-term) doing the more painful things necessary to improve the fiscal
position, such as raising taxes or cutting public spending.
Probability
How
likely something is to happen, usually expressed as the ratio of the number of
ways the outcome may occur to the number of total possible outcomes for the
event. For instance, each time you throw a dice there is six possible outcomes,
but in only one of these can a six come up. Thus the probability of throwing a
six on any given throw is one in six. The fact that you threw a six last time
does not alter the one-in-six probability of throwing a six next time.
Producer
surplus
The
difference between what a suppliers is paid for a good or service and what it
cost to supply. Added to consumer surplus, it provides a measure of the total
economic benefit of a sale.
Production
function
A
mathematical way to describe the relationship between the quantity of inputs
used by a firm and the quantity of output it produces with them. If the amount
of inputs needed to produce one more unit of output is less than was needed to
produce the last unit of output, then the firm is enjoying increasing returns
to scale (or increasing marginal product). If each extra unit of output
requires a growing amount of inputs to produce it, the firm faces diminishing
returns to scale (diminishing marginal product).
Productivity
The
relationship between inputs and output, which can be applied to individual
factors of production or collectively. Labour productivity is the most widely
used measure and is usually calculated by dividing total output by the number
of workers or the number of hours worked. Total factor productivity attempts to
measure the overall productivity of the inputs used by a firm or a country.
Alas,
the usefulness of productivity statistics is questionable. The quality of
different inputs can change significantly over time. There can also be
significant differences in the mix of inputs. Furthermore, firms and countries
may use different definitions of their inputs, especially capital.
That
said, much of the difference in countries' living standards reflects
differences in their productivity. Usually, the higher productivity is the
better, but this is not always so. In the UK during the 1980s, labour
productivity rose sharply, leading some economists to talk of a 'productivity
miracle'. Others disagreed, saying that productivity had risen because
unemployment had risen - in other words, the least productive workers had been
removed from the figures on which the average was calculated.
There
was a similar debate in the United States starting in the late 1990s.
Initially, economists doubted that a productivity miracle was taking place. But
by 2003, they conceded that during the previous five years the United States
enjoyed the fastest productivity growth in any such period since the Second
World War. Over the whole period from 1995, labour productivity growth averaged
almost 3% a year, twice the average rate over the previous two decades. That
did not stop economists debating why the miracle had occurred.
Profit
The
main reason firms exist. In economic theory, profit is the reward for risk
taken by enterprise, the fourth of the factors of production - what is left
after all other costs, including rent, wages and interest. Put simply, profit
is a firm's total revenue minus total cost.
Economists
distinguish between normal profit and excess profit. Normal profit is the
opportunity cost of the entrepreneur, the amount of profit just sufficient to
keep the firm in business. If profit is any lower than that, then enterprise
would be better off engaged in some alternative economic activity. Excess
profit, also known as super-normal profit, is profit above normal profit and is
usually evidence that the firm enjoys some market power that allows it to be
more profitable than it would be in a market with perfect competition.
Profit
margin
A
firm’s profit expressed as a percentage of its turnover or sales.
Profit
maximisation
The
presumed goal of firms. In practice, business people often trade off making as
much profit as possible against other goals, such as building business empires,
being popular with staff and enjoying life. The growing popularity in recent
years of paying bosses with shares in their firm may have reduced the agency
costs that arise because they are the hired hands of shareholders, making them
more likely to pursue profit maximisation.
Progressive
taxation
Taxation
that takes a larger proportion of a taxpayer's income the higher the income is.
Propensity
Economics
abounds with propensities to do various things: consume, save, invest, import,
and so on. In each case, it is important to distinguish between the average
propensity and the marginal one. The average propensity to consume is simply
total consumption divided by total income. The marginal propensity to consume
measures how much of each extra dollar of income is consumed: the percentage
change in consumption divided by the percentage change in income. The value of
the marginal propensity to consume, which determines the multiplier, is harder
to predict than the value of the average propensity to consume.
Property
rights
Essential
to any market economy. To trade, it is essential to know that the person
selling a good or service owns it and that ownership will pass to the buyer.
The stronger and clearer property rights are, the more likely it is that trade
will take place and that prices will be efficient. If there are no property
rights over something there can be severe consequences. A solution to the
costly externality of clean air being polluted may be to establish property rights
over the air, so that the owner can charge the polluter to pump smoke into the
atmosphere.
Private
property rights are often more economically efficient than common ownership.
When people do not own something directly, they may have little incentive to
look after it. Strikingly, in Russia after communism, the establishment of a
well-functioning market economy proved difficult, partly because it was unclear
who owned many of the country's resources, and those property rights that did
exist often counted for little. Businesses would often have their products
stolen by criminal gangs or be forced to hand over most of their profits in
protection money. It is no coincidence that an effective judicial system, as
well as property rights for it to enforce, is a feature of all advanced market
economies.
That
said, nowhere are property rights absolute. For instance, taxation is a clear
example of the state infringing taxpayers' ownership of their money. The
economic cost of infringing property rights underlines how important it is that
governments think carefully about the consequences for economic growth of their
tax policies.
Prospect
theory
A
theory of 'irrational' economic behaviour. Prospect theory holds that there are
recurring biases driven by psychological factors that influence people's
choices under uncertainty. In particular, it assumes that people are more
motivated by losses than by gains and as a result will devote more energy to
avoiding loss than to achieving gain. The theory is based on the experimental
work of two psychologists, Daniel kahneman (who won a nobel prize for economics
for it) and amos tversky (1937-96). It is an important component of behavioural
economics.
Protectionism
Opposition
to free trade. Although intended to protect a country's economy from foreign
competitors, it usually makes the protected country worse off than if it
allowed international trade to proceed without hindrance from trade barriers
such as quotas and tariffs.
Public
goods
Things
that can be consumed by everybody in a society, or nobody at all. They have
three characteristics. They are:
Non-rival
- one person consuming them does not stop another person consuming them;
Non-excludable
- if one person can consume them, it is impossible to stop another person
consuming them;
Non-rejectable
- people cannot choose not to consume them even if they want to.
Examples
include clean air, a national defence system and the judiciary. The combination
of non-rivalry and non-excludability means that it can be hard to get people to
pay to consume them, so they might not be provided at all if left to market
forces. Thus public goods are regarded as an example of market failure, and in
most countries they are provided at least in part by government and paid for
through compulsory taxation.
Public
spending
Spending
by national and local government and some government-backed institutions. See
fiscal policy, golden rule and budget.
Public
utility
A
firm providing essential services to the public, such as water, electricity and
postal services, usually involving elements of natural monopoly. Food is essential,
but because it is provided in a competitive market, food supply is not usually
regarded as a public utility. Because public utilities have some monopoly
power, they are typically subject to some regulation by government, such as
price controls and perhaps an obligation to provide their services to
everybody, even to those who cannot afford to pay a market price (the universal
service obligation). Public utilities are often owned by the state, although
this has become less common as a result of privatisation.
Public-private
Using
private firms to carry out aspects of government. This has become increasingly
popular since the early 1980s as governments have tried to obtain some of the
benefits of the private sector without going as far as full privatisation. The
gains have been greatest when services have been allocated to private firms
through competitive bidding. They have been smallest, and arguably even
negative, in cases when the main contribution of the private firm has been to
raise finance. That is because governments can usually borrow more cheaply than
private firms, so when they ask them to raise money the question that springs
to mind is: are they doing this to make their public borrowing look smaller?
Purchasing
power parity
A
method for calculating the correct value of a currency, which may differ from
its current market value. It is helpful when comparing living standards in
different countries, as it indicates the appropriate exchange rate to use when
expressing incomes and prices in different countries in a common currency.
By
correct value, economists mean the exchange rate that would bring demand and
supply of a currency into equilibrium over the long-term. The current market
rate is only a short-run equilibrium. Purchasing power parity (ppp) says that
goods and services should cost the same in all countries when measured in a
common currency.
Ppp
is the exchange rate that equates the price of a basket of identical traded
goods and services in two countries. Ppp is often very different from the
current market exchange rate. Some economists argue that once the exchange rate
is pushed away from its ppp, trade and financial flows in and out of a country
can move into disequilibrium, resulting in potentially substantial trade and
current account deficits or surpluses. Because it is not just traded goods that
are affected, some economists argue that ppp is too narrow a measure for
judging a currency's true value. They prefer the fundamental equilibrium
exchange rate (feer), which is the rate consistent with a country achieving an
overall balance with the outside world, including both traded goods and
services and capital flows.
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