Discussion
Match the items of List - I with items of List - II from the given code :
| List - I | List - II |
|---|---|
| I. Law of increasing State activities | 1. R.N. Bhargava |
| II. Displacement effect | 2. Adolph Wagner |
| III. Federal Finance | 3. Weisman and Peacock |
| IV. Functional Finance | 4. A.P. Lerner |
Answer: B
The matching is: law of increasing State activities with Adolph Wagner (2), displacement effect with Weisman and Peacock (3), federal finance with R. N. Bhargava (1), and functional finance with A. P. Lerner (4), giving 2 3 1 4. Wagner's law says public expenditure grows as a society develops. Peacock and Wiseman explained the jump in public expenditure after a crisis as a displacement effect. Lerner proposed functional finance, judging fiscal measures by their effects. Options A, C and D mispair at least two items.
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