Question
‘Reserve Army of labour’ term was used by who among the following economists ?
The correct answer is
Karl Marx
Marx and the 'Reserve Army of Labour'
The term 'Reserve Army of Labour' was conceptualized and popularized by the economist and philosopher Karl Marx.
In his seminal work, Das Kapital, Marx used this term to describe the segment of the working class that is consistently unemployed or underemployed, existing as a pool of available labour power.
- This reserve army is essential for the functioning of capitalism, according to Marx.
- It helps keep wages low, as the threat of unemployment keeps the employed workers compliant.
- It provides a flexible workforce that capitalists can draw upon during economic booms and shed during downturns.
- Marx argued that capitalism inherently generates this surplus population or 'reserve army' to maintain its profit-making mechanisms.
Therefore, Karl Marx is the economist associated with the term 'Reserve Army of Labour'.
Was this answer helpful?
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: - Arrange the following publications in chronological order starting from the oldest to the latest.
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 :
Need Expert Advice?
