Description

1. INTRODUCTION

The history of any society is a standing proof of the fact

that households have played a vital role in the economic

the activity of early stages of, development by making villages

self-sufficient. But traditional price theory in Economics

has not recognized households as economic units rather they

have treated individuals and firms as basic economic units.

Sen(1984)- has rightly observed that in the standard theory

of prices and equilibrium, individuals and firms are visible

but definitely no families.