Question

Match List-I with List-II

List-I	List-II
(A) The Optimistic Theory of Economic Growth	(II) Adam Smith
(B) The Pessimistic Theory of Economic Growth	(IV) Ricardo, Malthus
(C) The Moderate Theory of Economic Growth	(I) J.S. Mill
(D) The Dependency Theory	(III) A Gunder Frank

• (A) - (IV), (B) - (II), (C) - (I), (D) - (III)
• (A) - (II), (B) - (IV), (C) - (I), (D) - (III)
• (A) - (III), (B) - (I), (C) - (II), (D) - (IV)
• (A) - (I), (B) - (II), (C) - (III), (D) - (IV)

Hint:

For classical growth theories, remember the core outlook: Adam Smith = Optimist (division of labor, free markets); Malthus/Ricardo = Pessimists (population growth, diminishing returns); J.S. Mill = Moderate (stationary state as a positive outcome).

Answer 1

The Correct Option is B

Step 1: Understanding Classical Theories of Economic Growth:
Classical economists had varying views on the long-term prospects of economic growth. These views can be broadly categorized as optimistic, pessimistic, and moderate.

Step 2: Analyzing and Matching Each Theory:


(A) The Optimistic Theory of Economic Growth: Adam Smith is considered an optimist. In "The Wealth of Nations," he argued that the division of labor, capital accumulation, and free markets would lead to continuous economic progress and prosperity. This matches with (II).
(B) The Pessimistic Theory of Economic Growth: David Ricardo and Thomas Malthus are considered pessimists. Malthus argued that population growth would outstrip food supply, leading to subsistence-level wages. Ricardo's theory of diminishing returns on land and the eventual arrival of a "stationary state" where growth ceases also presented a pessimistic long-run view. This matches with (IV).
(C) The Moderate Theory of Economic Growth: J.S. Mill, while building on Ricardo's ideas, had a more moderate or nuanced view. He accepted the idea of a stationary state but viewed it not as a bleak end but as a desirable state where society could focus on social and moral progress rather than just material accumulation. This matches with (I).
(D) The Dependency Theory: This is a modern theory of development, not a classical one. It argues that resources flow from a "periphery" of poor and underdeveloped states to a "core" of wealthy states, enriching the latter at the expense of the former. A key proponent of this theory is Andre Gunder Frank. This matches with (III).

Step 3: Forming the Correct Combination:
The correct pairings are: A $\rightarrow$ II, B $\rightarrow$ IV, C $\rightarrow$ I, D $\rightarrow$ III.

Step 4: Final Answer:
Looking at the options, option (B) matches our derived sequence.