Question

Match the following Western Economic Thinkers with their Key Contributions:

Adam Smith	Focused on the exploitation of labor and 'surplus value' in 'Das Capital'
Karl Marx	Advocated for limited government intervention ('Laissez Faire')
Alfred Marshall	Stressed prioritizing wants for efficient resource utilization
Lionel Robbins	Emphasized welfare orientation in economic activities in 'Principles of Economics'

• A. A-2, B-1, C-4, D-3
• B. A-3, B-4, C-1, D-2
• C. A-4, B-3, C-2, D-1
• D. A-1, B-2, C-3, D-4

Answer 1

Answer:

A. A-2, B-1, C-4, D-3

Adam Smith – the father of Economics

• His book, “An Enquiry into the Nature and Causes of the Wealth of Nations” has laid a strong foundation for Economics.

• He described Economics as the study of wealth and wanted limited government intervention in the economic activities and argued for more freedom to individuals. This is known as the theory of ‘Laissez Faire’.

Karl Marx

• Marx gave importance to the role of labourers in the production process.

• The basis of production is the manpower of labourers and the price of a product is the reward for it. However, the labours get only a portion while the lion’s share goes to the capitalist as profit. Marx calls this surplus value.

• He dreamed about a society where there is no difference between the “haves” and the “have-nots”. The ideas of Marx are contained in his magnum opus ‘Das Capital’.

Alfred Marshall

• Economic activities must be welfare oriented. These principles are contained in his work ‘Principles of Economics’.

Lionel Robbins

• He suggested that we should prioritize our wants for the judicious utilization of limited resources