Multiple Choice Questions on Which one of the following sets of economists strongly favoured a market economy ........ for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Which one of the following sets of economists strongly favoured a market economy ........

Economic Affairs Introduction
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    Which one of the following sets of economists strongly favoured a market economy?

    Adam Smith, Keynes, Hicks

    Incorrect Answer

    Adam Smith, Marx, Strumlin

    Incorrect Answer

    Adam Smith, Hayek, Friedman

    Correct Answer

      Adam Smith, Ricardo, J.K. Galbraith

    Incorrect Answer
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    Explanation:

    Keynes had been an advocate of government intervention through fical policy.

    Marx had opposed capitalism and encouraged socialism resulting in communism. 

    Economists Adam Smith (invisble hand theory), Ronald Coase, Milton Friedman, Ludwig von Mises, and Friedrich A. Hayek, have argued for the robustness of markets because they can adjust to or internalize supposed market failures in many situations.

    By: Kamal Kashyap
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