Match the following List – I with List – II List – IList – II (i) Robinson (a) Theory of Innovations…
The correct matching is (i) – b, (ii) – d, (iii) – a and (iv) – c. Joan Robinson introduced the concept of the 'Golden Age' growth equilibrium in The Accumulation of Capital…
Choose your answer
Match the following List – I with List – II
| List – I | List – II |
|---|---|
| (i) Robinson | (a) Theory of Innovations |
| (ii) Harvey Leibenstein | (b) Golden Age |
| (iii) Schumpeter | (c) Drive to Maturity |
| (iv) Rostow | (d) Critical Minimum Effort Thesis |
Answer and explanation
Correct answer A
The correct matching is (i) – b, (ii) – d, (iii) – a and (iv) – c. Joan Robinson introduced the concept of the 'Golden Age' growth equilibrium in The Accumulation of Capital (1956), where the desired rate of capital accumulation equals the natural growth rate of the labour force at full employment (b). Harvey Leibenstein propounded the Critical Minimum Effort Thesis in 1957 (d). Joseph Schumpeter developed the Theory of Innovations as the engine of capitalist development (a). W. W. Rostow identified the 'Drive to Maturity' as the fourth stage in his five stages of economic growth (c).
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Andhra Pradesh SET (APSET)