Match List–I with List–II. List–IList–II a. Iron law of wages 1. J.S. Mill b. Wage-funds theory 2. John…
The conventional textbook matches are Ricardo–iron/subsistence wage tradition, J.S. Mill–wages fund, Marx–surplus value, Hicks–marginal-productivity wage theory:3,1,4,2.…
Choose your answer
Match List–I with List–II.
| List–I | List–II |
|---|---|
| a. Iron law of wages | 1. J.S. Mill |
| b. Wage-funds theory | 2. John R. Hicks |
| c. Surplus-value theory | 3. David Ricardo |
| d. Marginal productivity theory | 4. Karl Marx |
Codes ordered a,b,c,d:
Answer and explanation
Correct answer D
The conventional textbook matches are Ricardo–iron/subsistence wage tradition, J.S. Mill–wages fund, Marx–surplus value, Hicks–marginal-productivity wage theory:3,1,4,2. 'Iron law' as a named phrase is more directly associated with Lassalle, absent from the list, so the first attribution is simplified.
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UGC NET Economics