2019 · Q61
Who coined the concept of "Paradox of Thrift"?
indian-polity-economyeconomy-fundamentals
- AAdam Smith
- BAlfred Marshall
- CJohn Maynard Keynes
- DPaul A. Samuelson
Explanation
Keynes coined the 'paradox of thrift' in The General Theory (1936): if everyone tries to save more during a downturn, aggregate demand falls and total saving may not rise at all. Adam Smith, Alfred Marshall and Paul Samuelson are not associated with this concept. Hence C.