Match List-I with List-II:List-IList-II(A)Adam Smith(I)All labourers…

Match List-I with List-II:

List-I		List-II
(A)	Adam Smith	(I)	All labourers ready to work find employment and all factories work at full capacity
(B)	Classical tradition	(II)	Prominent thinkers of political economy before Smith
(C)	John Maynard Keynes	(III)	Buyers and sellers following only their own self-interest; no separate thinking on the country's welfare needed
(D)	Physiocrats of France	(IV)	Examining the working of the economy in its entirety and the interdependence of its sectors

Choose the correct answer from the options given below:

Answer & explanation

Correct answer: option 4

The correct answer is Option (4) → (A) - (III), (B) - (I), (C) - (IV), (D) - (II)

Each thinker or school is matched with the idea linked to it.

List-I	List-II	Reason
(A) Adam Smith	(III) Buyers and sellers following only their own self-interest; no separate thinking on the country’s welfare needed	Smith held that self-interest in each market would take care of the country’s welfare.
(B) Classical tradition	(I) All labourers ready to work find employment and all factories work at full capacity	This was the dominant thinking before Keynes.
(C) John Maynard Keynes	(IV) Examining the working of the economy in its entirety and the interdependence of its sectors	Keynes looked at the economy as a whole, unlike his predecessors.
(D) Physiocrats of France	(II) Prominent thinkers of political economy before Smith	They wrote on political economy before Smith.

NCERT (2026-27): “Introduction … Adam Smith, the founding father of modern economics, had suggested that if the buyers and sellers in each market take their decisions following only their own self-interest, economists will not need to think of the wealth and welfare of the country as a whole separately. …”

“Adam Smith … The Physiocrats of France were prominent thinkers of political economy before Smith.”

“1.1 Emergence of Macroeconomics … The dominant thinking in economics before Keynes was that all the labourers who are ready to work will find employment and all the factories will be working at their full capacity. This school of thought is known as the classical tradition. … Unlike his predecessors, his approach was to examine the working of the economy in its entirety and examine the interdependence of the different sectors. The subject of macroeconomics was born.”