Question
Who among the following, originally, formulated the ‘Turnpike Theorem’ ?
The correct answer is
Dorfman, Samuelson and Solow
The 'Turnpike Theorem' addresses optimal economic growth paths, specifically how capital accumulation should proceed over time to maximize welfare or reach a target state efficiently.
Originators of the Turnpike Theorem
The foundational work and original formulation of the Turnpike Theorem are attributed to the collective research of economists Robert Dorfman, Paul A. Samuelson, and Robert M. Solow.
Their contributions established key insights into the dynamics of optimal economic growth, influencing subsequent research in mathematical economics and resource allocation.
Correct Answer: Dorfman, Samuelson and Solow
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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 :
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