Sign In Question: Question 240: Match list I with list II and select the correct answer using the code given below:List I (Theories)List II (Scientists)A. Golden age1. PhelpsB. Model of long-run growth2. KaldorC. Stylized facts of growth3. RM SolowD. Golden rule of accumulation4. Joan Robinson
✅ Explanation:
-Golden age – Joan Robinson: Joan Robinson, a British economist, introduced the concept of the Golden Age in economic growth theory. It refers to a theoretical state of balanced economic growth where consumption per worker is maximized in the long run.
-Model of long-run growth – Kaldor: Nicholas Kaldor, a British economist, developed a model of long-run economic growth that focused on the role of technical progress and capital accumulation.
-Stylized facts of growth – RM Solow: Robert Solow, an American economist, identified several key empirical regularities or "stylized facts" about economic growth, such as the convergence of per capita incomes among countries over time.
-Golden rule of accumulation – Phelps: Edmund Phelps, an American economist, formulated the Golden Rule of Accumulation, which states that the optimal saving rate in an economy is the one that maximizes consumption per worker in the long run.
-Golden age – Joan Robinson: Joan Robinson, a British economist, introduced the concept of the Golden Age in economic growth theory. It refers to a theoretical state of balanced economic growth where consumption per worker is maximized in the long run.
-Model of long-run growth – Kaldor: Nicholas Kaldor, a British economist, developed a model of long-run economic growth that focused on the role of technical progress and capital accumulation.
-Stylized facts of growth – RM Solow: Robert Solow, an American economist, identified several key empirical regularities or "stylized facts" about economic growth, such as the convergence of per capita incomes among countries over time.
-Golden rule of accumulation – Phelps: Edmund Phelps, an American economist, formulated the Golden Rule of Accumulation, which states that the optimal saving rate in an economy is the one that maximizes consumption per worker in the long run.
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