Match the following List – I with List – II List – IList – II (i) Arthur Lewis (a) Division of Labour…
The correct matching is (i) – b, (ii) – a, (iii) – d and (iv) – c. W. Arthur Lewis formulated the dual-sector model of economic development with unlimited supplies of labour…
Choose your answer
Match the following List – I with List – II
| List – I | List – II |
|---|---|
| (i) Arthur Lewis | (a) Division of Labour |
| (ii) Adam Smith | (b) Unlimited Labour Supply |
| (iii) Karl Marx | (c) Distribution theory based on marginal and surplus principles |
| (iv) Ricardo | (d) Labour surplus |
Answer and explanation
Correct answer C
The correct matching is (i) – b, (ii) – a, (iii) – d and (iv) – c. W. Arthur Lewis formulated the dual-sector model of economic development with unlimited supplies of labour (b). Adam Smith placed the division of labour at the centre of his theory of productivity and growth in The Wealth of Nations (a). Karl Marx analysed capitalist accumulation through labour surplus (surplus value and the reserve army of labour) (d). David Ricardo's classical theory of income distribution—famously characterised by Nicholas Kaldor (1955–56)—rests on the marginal principle (determining rent as the surplus over marginal land) and the surplus principle (dividing the remaining product between wages and profits) (c).
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Andhra Pradesh SET (APSET)