Discussion
| List - I | List - II |
|---|---|
| I. IS-LM Theory | 1. Franko Modigliani & Richard Brumberg |
| II. Consumption Ratchet | 2. Lucas & Sargent |
| III. Life Cycle Hypothesis | 3. Hicks and Hanson |
| IV. Critics of Keynesian Economics | 4. James Dussenbery |
Answer: A
The matching is: the IS-LM theory with Hicks and Hansen (3), the consumption ratchet with James Duesenberry (4), the life cycle hypothesis with Franco Modigliani and Richard Brumberg (1), and the critics of Keynesian economics with Lucas and Sargent (2), giving 3 4 1 2, option A. Hicks and Hansen developed the IS-LM framework, Duesenberry put forward the ratchet effect in consumption, and Lucas and Sargent are the leading critics from the rational expectations school. Options B, C and D mispair at least two of the items.
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