Determination of Income and Employment

Economics (CUET)

Title

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Indian Economy - Understanding the basics of Indian economic system

“Supply creates its own demand”. This statement was given by the economist:

Keynes

Pigou

J. B.Say

Adam Smith

- Option 1: Keynes

- John Maynard Keynes is known for Keynesian economics, which emphasizes government intervention in managing economic cycles.

- He countered Say's Law by proposing that demand drives supply, especially during recessions.

- Option 2: Pigou

- Arthur Pigou was a British economist known for his work on welfare economics.

- He focused on externalities and economic welfare, not directly related to Say's Law.

- Option 3: J. B. Say

- Jean-Baptiste Say, a French economist, proposed the idea that "supply creates its own demand."

- This idea became known as Say's Law, suggesting that production inherently creates market demand.

- Correct Answer: J. B. Say

- Option 4: Adam Smith

- Adam Smith is known as the father of modern economics.

- He focused on the invisible hand and free markets but did not specifically propose Say's Law.