Match the following List-I with List-II List I A. Absolute Advantage B. Theory of Big Push C. Theory of low level Equilibrium trap D. Balanced Growth Theory List II 1. Paul Rosenstein Rodan 2. Adam Smith 3. Richard R. Nelson 4. Ragner Nurkse Choose the correct answer from the options given below:

Theory of Absolute Advantage

• The Theory of Absolute Advantage was introduced by Adam Smith in his seminal work, The Wealth of Nations (1776).
• This theory is a fundamental concept in international trade economics and explains how and why countries benefit from trade by specializing in the production of goods where they have an absolute advantage.

Theory of the Big Push

• The Theory of the Big Push is an economic development theory that suggests that underdeveloped or developing economies need a significant and coordinated investment effort (a "big push") across various sectors to overcome the barriers to industrialization and achieve economic growth.
• The theory was proposed by economist Paul Rosenstein-Rodan in the 1940s.

Theory of Low-Level Equilibrium Trap

• The Theory of Low-Level Equilibrium Trap is an economic concept that explains why some economies remain in a state of low-level equilibrium, where they are unable to escape poverty and underdevelopment despite various efforts.
• This theory highlights the self-perpetuating nature of poverty and underdevelopment.

Balanced growth theory

• Balanced growth theory is an economic theory that suggests that an underdeveloped country's government should invest in many industries at once.
• The theory is based on the idea that the different sectors of an economy should develop simultaneously and in harmony. The theory's main arguments are based on scale economies, which suggest that the profitability and productivity of individual firms may depend on market size.
• Some of the economists who supported the theory include Ragnar Nurkse, Arthur Lewis, Rosenstein Rodan, and Allyn Young.