In a quest for developing the ideal society, economists like Karl Marks and Adam Smith have developed extremist's economic models that propose the recipe for structure, balance and social welfare. ... The way Adam Smith described it on his Theory of Markets: Supply and demand determine the quantity of a good or service produced as well as the price. ...
The Physioctrats and the Doctrine of Adam Smith were two economic developments that help pave the way to modern capitalism. ... The ideas of Adam Smith were an attack on the doctrines of mercantilism. Smith saw the division of labour and the addition of markets almost limitless, possibilities for society to expand its wealth through manufacture and trade. ... Smith says the governments only duty was to provide services such as the building of roads and schools that could not be lucrative. Although Smith spoke of the principles of capitalism, Karl Marx introduced the term. ...
