Question

Rearrange the given statements in proper chronological sequence in an ascending order (earliest to latest) :
(A) General theory of Employment, Interest and Money by Keynes.
(B) Mahalanobis was made a fellow of Britain's Royal Society.
(C) An Inquiry into the Nature and Cause of the Wealth of Nations by Adam Smith.
(D) The Economic Consequences of the Peace by Keynes.
Choose the correct answer from the options given below :

• A. (C), (D), (A), (B)
• B. (A), (B), (C), (D)
• C. (A), (C), (B), (D)
• D. (D), (A), (C), (B)

Answer 1

The Correct Option is A

Adam Smith’s “Wealth of Nations” was published in 1776, followed by Keynes’s “Economic Consequences” (1919), “General Theory” (1936), and Mahalanobis becoming a fellow of Britain’s Royal Society in 1945.

Answer 2

Adam Smith is often regarded as the father of modern economics. His groundbreaking work, "The Wealth of Nations", was published in 1776. In this work, Smith introduced the concept of the invisible hand, which suggests that individuals, pursuing their own self-interest, unintentionally contribute to the economic well-being of society. His ideas on free markets, competition, and the division of labor laid the foundation for classical economic thought.

John Maynard Keynes profoundly impacted economic theory with several significant works. His first major contribution was "The Economic Consequences of the Peace" (1919), in which he critiqued the Treaty of Versailles and its economic implications for Europe post-World War I. In "The General Theory of Employment, Interest, and Money" (1936), Keynes introduced ideas that reshaped macroeconomic thought, emphasizing the importance of aggregate demand in determining national income and advocating for government intervention to manage economic downturns.

P.C. Mahalanobis, an influential Indian statistician and economist, became a fellow of Britain’s Royal Society in 1945, recognizing his outstanding contributions to statistical theory and its applications in economics. Mahalanobis is known for his work on the development of India's statistical system and his involvement in shaping India’s economic planning after independence.