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      Question

      Who is the author of the book The Political Economy of

      Growth?
      A Paul Baran Correct Answer Incorrect Answer
      B Sir James Steuart Correct Answer Incorrect Answer
      C Adam Smith Correct Answer Incorrect Answer
      D Lionel Robbins Correct Answer Incorrect Answer
      E None of these Correct Answer Incorrect Answer

      Solution

      Following thinkers have given the definition of Political Economy: Adam Smith: Political Economy describes the actual working of the economy (positive aspect), and also the way the economy should work (normative aspect). Lionel Robbins: Political Economy analyses the political effects of economic actions, and economic effects of political actions. Shows interaction between economic and political systems. The term political economy first used by Antonine Montchiestien (1575-1621). Later used by Sir James Steuart (1767).

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