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)? ...
Adam Smith, one of the great economists of the time pretty much paid no attention to monopolies and if he did he said they were due to special rules granted by the state. ... Smith agrees that without government intervention, it will form into a laissez-faire environment, and public well-being would increase from competition organizing production to benefit the public. ... Smith quotes, "Nothing can be done about the instances of monopoly and collusion of small numbers of rivals". Even John Stuart Mill noted that when there is a small group of producers (restricted supply) they always end up ...
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. ...