A. "Theory of Economic Growth" by Arthur Lewis
B. "A Contribution to the Theory of Economic Growth" by Robert Solow
C. "The Stages of Economic Growth: A Non Communist Manifesto" by Walt Rostow
D. "Asian Drama: An Inquiry into the Poverty of Nations" by Gunnar Myrdal
Ε. "Strategy of Economic Development" by Albert Hirschman
Choose the correct answer from the options given below :
Identifying Key Economic Growth Publications
To arrange the given publications in chronological order, we first need to identify each publication, its author, and its year of publication. Understanding these foundational works helps trace the evolution of economic growth theories.
| Publication Title | Author | Publication Year |
|---|---|---|
| Theory of Economic Growth | Arthur Lewis | 1955 |
| A Contribution to the Theory of Economic Growth | Robert Solow | 1956 |
| The Stages of Economic Growth: A Non Communist Manifesto | Walt Rostow | 1960 |
| Asian Drama: An Inquiry into the Poverty of Nations | Gunnar Myrdal | 1968 |
| Strategy of Economic Development | Albert Hirschman | 1958 |
Ordering Publications by Publication Year
Now, we arrange these publications based on their publication dates, starting from the earliest to the latest:
- Arthur Lewis's "Theory of Economic Growth" was published in 1955. This work is considered a seminal contribution, focusing on the factors driving growth in developing economies.
- Robert Solow's "A Contribution to the Theory of Economic Growth" followed in 1956. This paper introduced the Solow growth model, a cornerstone of neoclassical growth theory, emphasizing capital accumulation, labor, and technological progress.
- Albert Hirschman's "Strategy of Economic Development" was published in 1958. Hirschman focused on unbalanced growth and the role of strategic development decisions.
- Walt Rostow's "The Stages of Economic Growth: A Non Communist Manifesto" came out in 1960. Rostow proposed a historical model of economic development with five stages.
- Finally, Gunnar Myrdal's extensive work, "Asian Drama: An Inquiry into the Poverty of Nations," was published in 1968. This study provided a detailed analysis of development issues in South Asia.
Establishing the Chronological Sequence
Based on the publication years, the correct chronological order from oldest to latest is:
1. Arthur Lewis (1955)
2. Robert Solow (1956)
3. Albert Hirschman (1958)
4. Walt Rostow (1960)
5. Gunnar Myrdal (1968)
This sequence corresponds to the order: A, B, E, C, D.
Important Questions from Economic Growth & Development
- According to Rostow, any industry can play the role of leading sector in the take-off stage provided following conditions are met.
A. The market for the product is expanding rapidly
B. The leading sector generates secondary expansion
C. The sector has an adequate and continual supply of capital from ploughed-back profits.
D. Introduction of new techniques into the sector to increase productivity
Ε. Changes in industrial structure should be structural ones
Choose the most appropriate answer from the options given below : Match List-I with List-II:
List-I
(Concepts)List-II
(their expression)
(where, gm=manufacturing output growth, gGDP=GDP growth, Pnm=productivity in outside manufacturing,
Pm=Productivity in manufacturing)A. Kaldor's first law of growth I. Pnm = f(gm), f' > 0 B. Kaldor's second law of growth II. ȳ = ε · (u − u*) C. Kaldor's third law of growth III. gGDP = f(gm), f' > 0 D. Okun's law IV. Pm = f(gm), f' > 0 Choose the correct answer from the options given below :
- The idea of constructing poverty-weighted indices of growth is.
- In the context of neoclassical growth model, the effects of an increase in population growth rate is/are.
A. Reduction in steady-state level of capital per head
B. Increase in per capita output
C. Increase in steady state rate of growth of aggregate output
D. Decrease in capital-output ratio
Ε. An inward shift in production possibility curve.
Choose the most appropriate answer from the options given below: - According to neoclassical growth theory, an increase in saving rate.
