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Question
Write the V.K.R.V.Rao’s contribution on multiplier concept.
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Solution
- Rao’s examination of the “interrelation between investment, income, and multiplier in an underdeveloped economy (1952)” was his major contribution to macroeconomic theory.
- In it he asserts that the Keynesian multiplier principle remains inoperative in underdeveloped countries.
- V.K.R.V. Rao was the best equipped of all Keynes's pupils.
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