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Here we suppose that the price is determined by the forces of demand and supply which belong to the same time period.Price, demand and supply refer to the same time period.Therefore, it gives a narrow explanation of economic problems.Static analysis explains only the final state of equilibrium.This type of economic analysis refers to a stable equilibrium. Stigler, “The stationary state is an economy in which the tastes, resources and technology do not change through time.” Static economic analysis is also known as a timeless economy.The pricing of commodities is an important example of static economy.Static economics does not deal with the unexpected changes. There are no windfall changes or fluctuations in economic activities. Harrod, “An economy in which rates of output are constant is called static.” Economic activities are repeated in different time periods in a static economy. For example, India’s national income increased by 5% in 1977-78. The study of national income is called a static analysis because the rate of increase in national income is the same.In other words, this study of India’s national income shows that Indian economy passed through a stationary state during these years. Hicks, “Economic statics covers that part of economic theory where we do not trouble about dating.” Prof.
The word ‘static’ has been taken from physical science. In other words, by static is meant a position where there is the absence of any movement.
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In this essay we will discuss about Economic Statics. “It is to this active but unchanging process” writes Marshall, “that the expression static economics should be applied.” Static economy is thus a timeless economy where no changes occur and it is necessarily in equilibrium.
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Let us make an in-depth study of Static Economics:- 1. It does not point to a position of complete rest or no movement.