Who among the following economists assume dualism in the economy ? I. Ranis and Fei II. D. Ricardo III.…
Ranis and Fei divide the economy into an agricultural sector and an industrial sector, with development involving labour transfer between them. Ricardo also distinguishes…
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Who among the following economists assume dualism in the economy ?
I. Ranis and Fei
II. D. Ricardo
III. Robert Solow
IV. R. Harrod Answer from the codes given below :
Answer and explanation
Correct answer B
Ranis and Fei divide the economy into an agricultural sector and an industrial sector, with development involving labour transfer between them. Ricardo also distinguishes agriculture from manufacturing in his analysis of production, wages and profits. Harrod and Solow instead formulate aggregate growth models rather than this agricultural–industrial division. Ranis–Fei and Ricardo therefore form the required pair.
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UGC NET Economics