1. What Contribution Did Adam Smith and John M. Keynes Make to the Study of Economics?
Smith's analysis is not confined to showing the interrelation between the different elements of a continually maintained system. ... And since, according to Smith, this process is most successful when left to the play of natural forces, his analysis leads him to urge governments to let well alone. ... "In civilized society he [man] stands at all times in need of the cooperation and assistance of great multitudes, while his whole life is scarce sufficient to gain the friendship of a few persons. ... But man has almost constant occasion for the help of his brethren, and it is in vain for...
- Word Count: 1471
- Approx Pages: 6
- Grade Level: Undergraduate