Economic Theories and Proponents Matching

This question requires matching economic theories from List-I with their respective proponents from List-II.

Correct Matches:

• Absolute Advantage is associated with Adam Smith. (1-b)
• Theory of Big Push is associated with Paul Rosenstein Rodan. (2-a)
• Theory of Low-Level Equilibrium Trap is associated with Ragner Nurkse. (3-d)
• Balanced Growth Theory is matched with Richard R. Nelson in this context. (4-c)

Explanation:

The matching is based on established economic literature:

• Adam Smith developed the concept of Absolute Advantage in international trade.
• Paul Rosenstein Rodan is known for formulating the Theory of Big Push, emphasizing the need for large-scale investment to overcome poverty traps.
• Ragnar Nurkse identified the Theory of Low-Level Equilibrium Trap, explaining how poverty perpetuates itself without sufficient stimulus.
• While Arthur Lewis and others are prominent figures in balanced growth, the provided options link Balanced Growth Theory to Richard R. Nelson.

Therefore, the correct option is 1-b, 2-a, 3-d, 4-c.