1. What Contribution Did Adam Smith and John M. Keynes Make to the Study of Economics?
It simply encourages businesses to provide what consumers want and at the same time it discourages government involvement. He believed that the only responsibilities of the government should be to define property rights, set up honest courts, impose minor taxes and subsides to compensate for well defined and narrowly specified "market failures". ... He believed in a democratic partnership between government and the people, but knew that each should do what it does best - businessmen should not control the justice system, nor should government try to run businesses. ... In his view, governmen...
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- Approx Pages: 6
- Grade Level: Undergraduate