Question : Who defined investment as "the construction of a new capital asset like machinery or factory building" ?
Option 1: Hansen
Option 2: J.M. Keynes
Option 3: Harrod
Option 4: J.R. Hicks
Correct Answer: J.M. Keynes
Solution : The correct option is J.M. Keynes
The characterization of investment as "the creation of a fresh capital asset such as machinery or the construction of a factory building" is often attributed to the distinguished economist John Maynard Keynes. Keynes, a prominent figure in 20th-century economics, is acclaimed for his contributions to macroeconomics and his advocacy for government intervention in economic affairs to regulate overall demand.
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