1. Topic: What Contribution Did Adam Smith And John M. Keynes Make To The Study Of Economics?
Adam Smith was the founder of economics, as we know it today. ... Smith laid the intellectual framework that explained the free market (which still holds true today) and laissez-faire. ... Smith's analysis is not confined to showing the interrelation between the different elements of a continually maintained system. ... Around the world today, government monopolies and other bad practices are under major assault from Adam Smith's ideas. ... John M. ...
These economists are Adam Smith, Karl Marx, and John Maynard Keynes. ... Adam Smith's theory of economics established capitalism as the only moral economic system. ... Smith is always a proponent of justice. Never does Smith allow for any sort of theft or breach of respect. ... John Maynard Keynes is best known for his classic book The General Theory of Employment, Interest, and Money that was published in 1936. ...
Although Smith believes in free markets, he doesn't necessarily need the government to be inactive, but limited. ... However, Smith emphasizes on education as a public good. ... Smith also points out that wages are best regulated by supply and demand, but who controls wages? ... Unlike Adam Smith, Polanyi gives much credit to the state's role in the economy. ... John Stuart Mill questions, "what are the distinctive characteristics of the form of government best fitted to promote the interests of any given society" (Mill, pg.120)? ...
John Law (1705) elaborated upon Davanzati's distinction between "value in exchange" and "value in use", which led him to introduce his famous "water-diamond" paradox: namely, that water, which has great use-value, has no exchange-value while diamonds, which have great exchange-value have no use-value. However, contrary to Adam Smith (who used the same example but explained it on the basis of water and diamonds having different labor costs of production), Law regarded the relative scarcity of goods as the creator of exchange value. ...
John Locke's Two Treaties on Government written in 1694 were the root of political ideas that developed during the Enlightenment. ... Smith perceived people as selfish who only worked harder and produced more when given an incentive. ... Smith believed that there was no need to regulate markets because people's greed combined with the law of supply and demand would regulate markets by themselves. ... Adam Smith became the father of modern economics during the Enlightenment. ... Smith is also responsible for the development of the invisible hand metaphor and early stages of laissez-fa...
The advantages of this market system were first introduced by Adam Smith. ... However, as economic conditions deteriorated even more, governments were influenced by the writings of John Keynes and became more involved in the state of the economy. ...