Who among the following economists assume dualism in the economy ? Codes :
I. Ranis and Fei
II. D. Ricardo
III. Robert Solow
IV. R. Harrod
Answer from the codes given below :
Economists Assuming Economic Dualism
Economic dualism refers to the coexistence of two distinct economic structures within a single economy, often a traditional subsistence sector and a modern capitalist sector.
Analyzing the economists mentioned:
- I. Ranis and Fei: Their prominent model explicitly addresses economic dualism, focusing on the shift of surplus labor from the agricultural (subsistence) sector to the industrial (capitalist) sector.
- II. D. Ricardo: While not focusing explicitly on dual sectors like Ranis and Fei, classical economists like Ricardo laid groundwork by analyzing different economic classes and factors of production, which some interpretations connect to foundational ideas relevant to economic stratification and dualistic perspectives.
- III. Robert Solow: The Solow Growth Model is a neoclassical model that analyzes factors like capital accumulation, labor growth, and technology, but it does not fundamentally assume a dualistic economic structure.
- IV. R. Harrod: The Harrod-Domar model focuses on the dynamics of economic growth driven by savings and investment, dealing with concepts like the warranted and natural growth rates, rather than economic dualism.
Based on the analysis, economists I (Ranis and Fei) and II (D. Ricardo) are considered to assume dualism in the economy within the context of this question.
Therefore, the correct option identifies I and II.
Final Answer Derivation
The question asks to identify economists who assume dualism. Ranis and Fei are known for their explicit dual-economy model. David Ricardo's classical framework, focusing on different economic actors and factors, is also considered relevant to concepts of economic stratification underpinning dualism by some economic thought traditions. Solow and Harrod's growth models do not center on this concept.
Thus, only I and II fit the description.
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 :
