Which economist took the subject of economics away from approaches that focus exclusively on income, growth and utility,
with an increased emphasis on individual entitlements, capabilities, freedoms and rights?
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SSC MTS 2nd Nov 2021 Shift-2
Robert Lucas
Incorrect AnswerAmartya Sen
Correct AnswerMilton Friedman
Incorrect AnswerAdam Smith
Incorrect AnswerExplanation:
- Amartya Sen: Correct answer. He shifted the focus of economics to include entitlements, capabilities, freedoms, and rights. Sen introduced ideas like the Human Development Index, emphasizing well-being beyond mere income.
- Robert Lucas: Renowned for work on rational expectations and macroeconomic theory. His work is more traditional, focusing on economic growth and policy impacts.
- Milton Friedman: A champion of monetarism and free-market policies. He emphasized individual choice and is known for his work on consumption analysis and monetary policy.
- Adam Smith: The "Father of Economics." He introduced classical economics concepts like the invisible hand and focused on markets and economic growth.