The concept of ‘reserve army of labour’ is due to

✅ Explanation: The term "reserve army of labor" was coined by Karl Marx in his critique of capitalism. It refers to the unemployed and underemployed in capitalist society, who can be called upon to work during periods of economic growth and laid off during downturns.

🔑Key Points:

• Adam Smith – Division of Labour:
-According to a famous statement made by Adam Smith in The Wealth of Nations, the division of labour is limited by the size of the market.
– This is so that each person can specialise in their line of work while still having access to a wide variety of goods and services
-Therefore, lowering trade barriers causes the division of labour to rise, which in turn promotes economic growth.

• R. Rodan – Theory of Big Push:
– In development economics or welfare economics, the big push model highlights that a firm's choice to industrialise or not depends on its expectations of what other enterprises would do.
-It describes when industrialization would occur and makes use of oligopolistic market structure and economies of scale.
-This theory proposes that a 'bit by bit' investment programme will not impact the process of growth as much as is required for developing countries.
-The originator of this theory was Paul Rosenstein-Rodan in 1943.

• W. W. Rostow – Traditional Society:
-Rostow's stages of economic growth model is one of the major historical models of economic growth.
-It was published by American economist Walt Whitman Rostow in 1960.
-The model postulates that economic growth occurs in five basic stages, of varying length: The traditional society, The preconditions for take-off, The take-off, The drive to maturity, The age of high mass-consumption.
Karl Marx – Reserve army of labour
-Reserve army of labour is a concept in Karl Marx's critique of political economy.
-Marxists referred to the ranks of the unemployed who, in the absence of any serious options, are willing to work for extremely low wages in temporary positions as the reserve army of labour.
-The presence of a reserve army of labour promotes bourgeois interests and exploits proletariat members.